Personal loans are like a useful instrument in the world of banking and money helping people with various financial demands. Large bank Union Bank offers a variety of personal loans designed for diverse borrowers. In this post we will cover all you need to know about personal loans from Union Bank including their rates, eligibility requirements and application process.
About Union Bank Personal Loan
Personal loans are available from Union Bank to support you with many different kinds of purposes. Union Bank personal loans are designed to help people with many types of financial requirements, including wedding preparation, purchase of new items, traveling and paying for any other dues.
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Union Bank Personal Loan Interest Rate 2023
Personal loans are offered at competitive rates by Union Bank. Your information, such as total amount and tenure of the loan, CIBIL Score and Monthly Salary can affect these rates. Currently personal loans at Union Bank hold interest rates ranging from 10.50% to 14.00%.
Union Bank Personal Loan and Interest Rate for Salaried Individuals
Union Bank will offer you a reduced interest rate on your personal loan if you are employed and receive any income. The interest rate will be based on your financial status and ability to repay the loan.
Loan Amount | Interest Rate (%) |
Up to Rs. 1 Lakh | 10.50% |
Rs. 1 Lakh – Rs. 5 Lakh | 11.00% |
Rs. 5 Lakh – Rs. 10 Lakh | 12.00% |
Above Rs. 10 Lakh | 12.50% |
Union Bank Personal Loan and Interest Rate for Government Employees
Union Bank extends special provisions for government employees seeking personal loans. The interest rates offered to government employees are competitive and designed to accommodate the financial dynamics of this particular segment.
Loan Amount | Interest Rate (%) |
Up to Rs. 1 Lakh | 10.50% |
Rs. 1 Lakh – Rs. 5 Lakh | 10.75% |
Rs. 5 Lakh – Rs. 10 Lakh | 11.25% |
Above Rs. 10 Lakh | 11.75% |
Union Bank Personal Loan Eligibility
To avail of a Union Bank personal loan certain eligibility criteria need to be met. These criteria typically include factors such as age, employment status, income, credit history and more. The eligibility criteria for a Union Bank personal loan are here.
- The applicant must meet the minimum 18-year age requirement.
- Salaried, non-salaried and government employees are eligible.
- The applicant’s minimum annual income should meet the specified threshold.
It is important to note that meeting these criteria does not guarantee approval, and other factors may influence the final decision.
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Union Bank Personal Loan Documents
To streamline the application process Union Bank requires specific documents to be submitted along with the loan application. The list of documents provide below :
- Proof of identity (Aadhar card, passport, driving license etc.)
- Proof of residence (utility bills, rental agreement etc.)
- Proof of income (salary slips, bank statements, ITR, etc.)
- Employment proof
- Any other document as requested by Union Bank
Union Bank Personal Loan Apply Online - Step by Step Process
Applying for a Union Bank personal loan online is a very easy process. The bank provides a user-friendly interface on its official website guiding applicants through the step-by-step application process. The steps typically include:
- Visiting the Union Bank official website.
- Navigating to the personal loans section.
- Filling out the online application form with personal and financial details.
- Uploading the necessary documents.
- Submitting the application for review.
Check: Apply Now for Rs.1 lakh Personal loan
Union Bank Personal Loan Calculator
Union Bank offers a convenient personal loan calculator tool on its website. The personal loan calculator helps applicants estimate their potential loan amount, EMI and tenure based on their preferences. This tool assists individuals in planning their finances and choosing the most suitable loan option.
Union Bank Personal Loan Customer Care
Union Bank cares a lot about making customers happy. If you have questions or need help with getting a personal loan you can contact Union Bank’s customer Care service by dialing this toll-free Number 1800 22 2244. They are ready to help answer your questions and guide you through getting a loan.
Suggested Read: What is GSTIN Number?
Conclusion
Union Bank personal loans offer a valuable financial solution for individuals looking to fulfill their various personal needs. With competitive interest rates, flexible repayment options and an easy online application process, Union Bank aims to make personal financing accessible and convenient.
It is essential for potential borrowers to carefully assess their requirements, review the eligibility criteria and use the provided tools like the loan calculator, to make informed decisions. By leveraging the offerings of Union Bank’s personal loans, individuals can achieve their financial goals and aspirations.
For the most current and accurate information, it is advisable to visit Union Bank’s official website or directly contact their customer care.
FAQs related to Union Bank Personal Loan
Union Bank provides specially tailored personal loans for government employees, recognizing the stability associated with government jobs. These loans typically come with even more competitive interest rates.
Union Bank Personal Loans are typically unsecured, meaning they do not require collateral or security. However, for specific situations, such as being single, widowed, or divorced, Union Bank may require a personal guarantee from a co-employee or someone with means equivalent to the loan amount.
You can apply for a Union Bank Personal Loan online by visiting the Union Bank official website. The application process includes steps such as checking your eligibility, filling out the application form, uploading necessary documents, verification, approval, and loan disbursement.
The maximum repayment period for Union Bank Personal Loans is typically determined by two factors. For salaried individuals, it is usually five years (60 months), and the repayment should be co-terminus with retirement. For non-salaried borrowers, the maximum repayment age is 65 years.
Yes, you can use a Union Bank Personal Loan to consolidate your existing loans from other banks or financial institutions. This is often referred to as a loan takeover, and Union Bank provides this facility.
The loan approval process for Union Bank Personal Loans is usually efficient and can take anywhere from a few days to a couple of weeks, depending on factors like document submission, verification, and loan assessment. Union Bank aims to provide a quick and hassle-free experience for its customers.
Last Updated on 12 months
