Union Bank Personal Loan

Union Bank of India was established in the year 1919, in the city of Mumbai. Union Bank personal loans are a much sought-after financial product. The father of the nation, Mahatma Gandhi inaugurated the head office of Union bank in the year 1921. It is one of the largest nationalized banks of the country. With over 4000 branches across the length and breadth of the nation, Union Bank has been able to meet the vision of comprehensive growth and uninterrupted profit.

The bank has a large customer base of over 49 million customers and has a diversified circle of expertise that includes private banking, corporate banking, risk management, rural and agriculture banking and NRI banking. Union Bank has also been a pioneer in the inclusion of technology in banking operations. The bank has a network of core-banking branches and has been a leader in developing innovative financial products and services. Such technically advanced services have ensured cost optimization, profit maximization along with substantial speed in transactions and convenience for customers.

The bank not only has a massive customer base but also a highly dedicated team of bankers who are spread throughout the nation and show an exceptional willingness to learn and adhere to values that the bank stands for.

Why choose Union Bank Personal Loan?

Whether it is a wedding in the family or an exotic vacation or house renovation, Union Bank personal loans make sure you never have to think twice before spending on your loved ones or on their dreams. Any major spending needs to be planned in advance but not now; with Union Bank personal loans you can fulfill your wishes instantly and can then pay in a relaxed way via monthly EMIs.

Union Bank offers various types of personal loans. Some of the major categories of personal loans by Union Bank are –

Personal Loan for existing Home Loan borrowers
As the name of the loan indicates, these are meant for customers who already have an ongoing Home Loan with the Union Bank. These personal loans are specially sanctioned for house related expenses like house warming party, house interiors, insurance premium payment etc. The maximum loan amount that can be availed is 5% of the housing loan amount up to a maximum of Rs.5 lakhs
Personal Loan for KVS and NVS employees
This personal loan scheme is meant for employees who have been employed for 3 or more years with either Kendriya Vidyalaya Sangathan or with Navodalaya Vidayalaya Sangathan. The applicant is required to have a regular income along with a bank account with the Union Bank. Also, it is required that the applicant has a substantial period of service remaining in order to pay off the whole loan. The maximum loan amount offered under this personal finance scheme is Rs.10 lakhs.
Personal Loan for Govt./PSU employees
State Government and Central Government employees can now easily avail cash for miscellaneous expenses by applying for a personal loan scheme designed especially for them. The maximum loan amount under this personal finance scheme is Rs.10 lakhs. The applicant needs to have a regular salary and a substantial period of employment remaining so that the loan amount is paid off one year before the applicant retires.

Low Rate of Interest: The applicable rate of interest on Union Bank personal finance products is considerably competitive with respect to personal loans from other banks. The rate varies form 12.75% per annum to 14.75% per annum.

No Securities or Collaterals required: Union Bank does not require applicants to submit any kind of security or collaterals for availing the personal finance scheme by Union Bank. The documentation is minimum with just some basic documents required for age, income and employment proof.

Features of Union Bank Personal Loan

Union Bank Personal Loans come with assurance of the state-owned institutions. The rates of interest are attractive as well as lower as compared to other competitor banks. Personal loans from Union Bank are available in different categories to suit best the employment type and loan needs of different personal loan applicants.

Flexible Tenure: The loan repayment tenure is flexible and can be repaid in a maximum of 5 years. The loan tenure can range between 12 months and 60 months. The EMI date is directly dependent on the date when your personal loan disbursement happened.

Eligibility for Union Bank Personal Loan: Eligibility criteria for Union Bank Personal Loans is as listed below.

Applicant should be an existing customer of Union Bank
Applicant should be a resident of India
Customer should have a regular income and should be a salaried employee (Government service or a regular corporate job)
Applicant’s minimum age should be 21 years

Document’s required for Union Bank Personal Loan: Here is a list of documents that you need to be ready with if you are planning to avail a personal loan from Union Bank–

Duly-filled Loan Application form
Any one proof of identity, for e.g. Voter’s Card/ Passport/Aadhar Card/Photo Ration Card or any other ID proof
Any Residence Proof like Gas bill, Passport and so on
Any Age Proof like Driving License, Birth Certificate etc.
Latest Salary Slips or Form 16
Last 3 months salary account statements
3 passport sized photographs
Proof of all investments and savings like LIC payments, other loan repayment statements and so on