City Union Bank Personal Loan

City Union Bank is an Indian bank. The Kumbakonam Bank Limited, as it was at first called, was incorporated as a limited company on 31 October 1904. The bank initially preferred the role of a regional bank in the Thanjavur District Tamil Nadu. The main purpose of the loan is helping the deposit holders to get financial help against their deposit at the time of need, and the advance is for immediate family or business expenses. CUB provides personal loans to help the deposit holders to get financial help against their deposit at the time of need, and the advance is for immediate family or business expenses. Continue reading to view more details about this loan.

City Union Bank Personal Loan

City Union Bank was previously called, ‘The Kumbakonam Bank Limited’ and it was incorporated in the year 1904. The bank is headquartered in Kumbakonam, India. It offers various special services in products such as investment banking, commercial banking, retail banking, private banking, asset management, mortgages and Forexs. In December 2006, Larsen & Toubro bought 10% of the bank.

City Union Bank offers consumer loans, Dharani loan and Bazaar for a competitive interest rate.

Why choose City Union Bank Personal loan?

There might be a time when you maybe in a financial distress and have no means to meet the expenses. City Union Bank comes to you rescue as they offer a variety of loans for various purposes.

City Union Bank Consumer loan is given to individuals and business concerns whose net salary is not less than Rs.5,000 per month and professionals who earn not less than Rs.75,000 per annum. The loan is granted to buy durables such as television, refrigerator, wet grinders, furniture’s etc. The consumer loan is not provided for the purchase of second hand consumer products.

City Union Bank Dharani Loan is given to provide working capital assistance to business or units.

City Union Bank Bazaar is given to those earning daily income. The loan is available for fruit and vegetable vendors, barber shops, ice cream parlours, tailors, etc.

Features of personal loan from City Union Bank

• City Union Bank Consumer Loan:

Loan amount	10 months net salary or income subject to a maximum of Rs.50,000.  Salary of spouse may be added subject to a condition that the spouse becomes obligated to the loan.
Margin	10% is the margin.
Security	The articles that are to be purchased using the loan amount is held as security in itself.
Third party guarantee	The spouse or one other person has to stand as a co-obligant.
Repayment	Maximum period allowed for repayment is 36 months.
Insurance	The borrower can get the article insured at his cost.
Processing fee	1% of the loan amount. Minimum of Rs.600.
Disbursement	The loan is disbursed directly to the seller or supplier.

• City Union Bank Dharani Loan:

Loan amount	Maximum loan amount permissible is Rs.20 lakhs or 40% of the realisable value of the immovable property, whichever is less.
Margin	60% is the margin.
Processing fee	1% of the loan amount or a minimum of Rs.600.
Security	The immovable property that is owned by the borrower.  The borrower must process a clear title over the property that is offered as a security.
Repayment	Loan is to be repaid in 60 EMIs.
Insurance	The insurance is the held at the cost of the borrower.
Disbursement	The loan is disbursed after ensuring proper end use of the loan.
Conditions	The property will be valued by the bank’s approved valuer to know the correct market value. The non-encumbrance certificate for the movable property is to be offered as security. The bank’s advocate must approve of the clear marketable title of the property given as security. Third parties property cannot be used as security. Post-dated cheques must be given for repayment of the loan’s instalment.

• City Union Bank Bazaar:

Minimum loan amount	Rs.5,000
Maximum loan amount	Rs.50,000
Repayment	300 days monthly EMI.
Security	No security is needed.
Conditions	Vendor must be identified. KYC rules must be followed. The borrower must have a savings bank account.

City Union Bank Personal Loan interest rate

City Union Bank Consumer loan: The interest rate is 15%; base rate that is 9.25% plus 5.75%. The processing fee is 1% of the loan amount or a minimum of Rs.600. There scheme has no other hidden charges.

City Union Bank Dharani Loan: The interest rate for loan above Rs.50,000 up to Rs.10 lakhs is 12.50% (base rate 9.75% + 3.25%).

The interest rate for loan above Rs.10 lakhs up to Rs.20 lakhs is 13% (base rate 9.75% + 3.75%).

City Union Bank Bazaar: The interest rate is 17.50% (Base rate 9.75% + 8.25%).

Eligibility criteria for taking personal loan from City Union Bank

Eligibility criteria for City Union Bank Consumer loan:

Individual or business concerns whose net salary is not less than Rs.5,000 per months and professionals whose annual income is not less than Rs.75,000. The computation of the net salary of your spouse can also be added provided they wish to be co-obligant to the loan.

Eligibility criteria for City Union Bank Dharani Loan:

The Dharani loan is available to business or units as cash credit to provide working capital assistance.

Eligibility criteria for City Union Bank Bazaar:

To avail the City Union Bank Bazaar loan, you need to be a small vendor having regular daily income. The borrower can be fruit and vegetable vendor, barber shop owner, ice-cream parlour owner, tailor, etc.

You will need the following documents while applying for the loan:

• Signed application along with your photograph.
• Copy of passport, voter ID or driving license.
• Processing fee cheque.
• If you are a salaried applicant, you will have to submit your latest salary slip or current dated salary certificate with the latest Form 16.
• If you are self-employed, you will have to submit the latest bank statement or Form 16.

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