Union Bank personal loan

Union Bank is one of the largest nationalized banks owned by the government of India. Further, the financial institution has more than 4100+ network branches across the nation. The financial institution understands the financial need of the people and thus, offers personal loans to help them in their urgent times. The Union bank personal loan is provided to the people at competitive interest rates with flexible EMI (equated monthly installments) repayment options. Thus, people can make use of the Union bank personal loan to relieve their financial distress and repay the loan in small amounts. The Union bank personal loan rates start from 14.40% (for salaried borrowers), and 13.4% (for people applying through a tie-up). Further, these loans are offered by the financial institution at processing fees as low as 0.5%.

Further, the financial institution offers a maximum personal loan amount of 10 lakh rupees for the people working in ZLCC organizations or institutions. However, for the people applying via a non-tie-up can avail up to 5 lakh rupees; they can even obtain loan worth 10 lakh rupees, as long as, they fulfill a certain set of conditions proposed by the financial institution.

The various reasons why you should be opting for a Union bank personal loan are here as follows:

  • A Union bank personal loan is unsecured in nature; you don’t have to provide any sort of collateral other than your guarantees. Therefore, you can obtain financial assistance without having to go through the strenuous procedures of offering collateral.
  • You can make use of the Union bank personal loan amount for purchase of a new gadget, renovation of the property, debt consolidation, etc.
  • The margin amount required to obtain a personal through Union bank is nil.
  • You can also make use of the Union bank personal loan eligibility calculator at ApnaLoan to compute your EMIs (equated monthly installments). And thus, plan out and repay the loan amount without any hassles.

The Union bank personal loan rates are of two types- for the applicants under tie-up (working with State/Central Government or other Reputed Organizations) or non tie-ups. They are here as follows:

  • Union bank personal loan rate for tie-up: 1Y-MCLR + 4.00% (floating)
  • Union bank personal loan rate for non tie-up: 1Y-MCLR + 5.00% (floating)

The Union bank personal loan eligibility criteria are here as follows:

  • You need to be an Indian citizen in order to apply for a Union bank personal loan.
  • Further, the applicant needs to be above the age of 21 years old. And should repay the loan with one year prior to his or her retirement.
  • You need to be an existing customer of the bank and should have a regular source of income to apply for a personal loan through the bank.

The Union bank personal loan documents that you need to apply for the loan amount are here as follows:

  • An application form that is duly filled with correct information.
  • Your proof of identity (Passport, Aadhaar Card, driving license, etc.)
  • Your proof of residence (Passport, electricity bill, etc.)
  • Your age proof which can be your birth certificate, driving license, etc.)
  • Form 16 and proof of income (Past 3 months’ salary slips, salary certificate, last 3 months’ salary account statements, etc.)
  • 3 passport sized photographs.