Union Bank Personal Loan is easy to avail with simple Eligibility Criteria

Individuals can take out Union Bank of India personal loans of up to Rs. 15 lakhs to address a variety of personal financial demands, both scheduled and unplanned from Afinoz. Purchase of consumer durables, meeting unexpected medical needs, paying for a house renovation, and other uses of a Union Bank of India personal loan are common. This unsecured bank loan is quick to disburse and requires minimum verification, making it a popular borrowing choice. This loan has an interest rate as low as 8.90 percent per annum and a repayment period of up to 60 months.

Union Bank of India’s Personal Loan Features

• Loan Amount: The maximum loan amount for first-time personal loan borrowers with Union Bank of India is Rs. 5 lakhs, while the maximum loan amount for existing Union Bank personal loan borrowers with a strong track record is Rs. 15 lakhs.
• A tenure that can be changed: Union Bank of India repayment period of a personal loan can last up to 60 months and gives the borrower a lot of freedom.
• Processing time is short: Union Bank of India ensures that your personal loan application is processed fast (assuming you match the eligibility criteria) so that you can get funds as soon as feasible.
• Union Bank of India provides the bare minimum of documents: Personal loans can be obtained with very little documentation, such as basic KYC and proof of income documents.

Personal Loan Interest Rates at Union Bank

Union Bank of India personal loan interest rate starts at 8.90 percent per annum, but it can go higher based on the type of applicant and the personal loan option chosen. Applicants can choose from a variety of personal loan interest rates based on their particular profile. The following is the interest rate levied on Union Bank personal loans under particular schemes:

Type of Union Bank of India Personal Loan	Rate of Interest (p.a.)*
Union Personal (under salary tie-up)	10.90% onwards
Union Personal (no tie-up)	11.90% onwards
Union Personal (non-salaried)	12.90% onwards
Employer undertaking available (Govt. employee)	8.90% onwards
Employer undertaking not available (Govt. employee)	10.40% onwards

Personal Loans from Union Bank of India

Union Bank of India offers three categories of personal loans, depending on the type of employment/applicant:

1. Union Personal Scheme for Salaried Individuals Other Than Government Employees: This form of loan is available to salaried individuals other than government employees for a variety of purposes, including the purchase of consumer durables. The following are some of the elements of this loan:

• A loan of up to Rs. 15 lakhs is available. If you have a tie-up, you can borrow up to Rs. 10 lakhs, Rs. 5 lakhs (for first-time borrowers), and Rs. 15 lakhs (for existing borrowers with a satisfactory repayment record of 2 years) even if there isn’t a pay tie-up
• It has a payback duration of up to 60 months (5 years) or one year prior to the applicant’s retirement age (whichever is earlier)
• There is no requirement for collateral or security.

2. Union Personal Loan – Non-Salaried:

This form of loan is available to self-employed persons and professionals for a variety of financial needs such as travel, marriage, and the purchase of consumer durables, among others. The following are some characteristics of this sort of loan:

• Existing borrowers with a solid repayment record of two years or more can borrow up to Rs. 15 lakh, while first-time/new borrowers can borrow up to Rs. 5 lakh.
• It has a repayment duration of no more than 60 months (5 years) or until you reach the age of 75. (whichever is earlier)
• Except for a personal guarantee, an unsecured loan requires no security or collateral.

3. Personal Loan for Government Employees under a Special Retail Lending Scheme:

This form of loan is available to government employees for a variety of financial needs, including the purchase of consumer durables. The following are some characteristics of this sort of loan:

• A loan of up to Rs. 15 lakhs is available (subject to repayment capacity)
• Except for promises, no security or collateral is required.
• The maximum repayment time is either one year prior to the applicant’s retirement or 60 months.

Criteria for Eligibility

The following are the Union Bank personal loan eligibility criteria:

In the case of a Union Personal Scheme for salaried individuals who are not government employees: You must be at least 18 years old to participate.

• To ensure that the entire loan amount is repaid one year before retirement, you must have a reasonable residual service.
• Must not be a Union Bank of India employee or a government employee.

The following are some additional eligibility conditions for a Union Bank of India personal loan:

Non-salaried Union Personal Loan:

• You must have a steady source of income.
• At the time of application, you must be at least 25 years old.
• At the end of the payback period, you must be at least 75 years old.
• You must have been a Union Bank customer for at least 24 months before applying for a personal loan.
• You must have a good standing savings/current account with Union Bank of India with an AQB (average quarterly balance) of Rs. 25,000 or more for the last four quarters.
• If you are seeking a Union Bank of India personal loan under the Special Retail Lending Scheme for Government Employees, you must be at least 18 years old at the time of application.
• You must be a permanent employee of a Government organization (Central/State), a PSU, a Central/State Government undertaking, Defence, armed people, Ministries/Departments under Ministries, officers in the All India Services, teaching and non-teaching staff at Government Schools and Colleges.
• To be eligible for this loan, the employee must be the primary applicant.
• The employee might or might not have a bank account for his or her salary. Employees who do not have a salary account with the bank, on the other hand, will only be eligible for Term Loans.

Conclusion:

Lastly, Union Bank of India personal loan eligibility is easy to meet which makes it one of the best personal loan in India. You can always come to Afinoz to get the Union Bank personal loan at low charges.