Union Bank Personal Loan

Comparison of Union Bank Personal Loan Vs Other Banks

There are so many options for personal loans, it might get confusing to choose. The table above provides a comparison of interest rates for personal loans among different providers. These rates are crucial for individuals seeking instant loans, as they determine the cost of borrowing and impact the overall affordability of the loan.

Union Bank Personal Loan Eligibility

Union bank personal loan eligibility is simple and accommodative to everyone above the age of 18. Both salaried and self-employed can take a Union bank loan. The table below provides an overview of eligibility criteria for Union bank personal loan.

Union Bank Personal Loan Documents Required

For different types of candidates, different types of documentation are needed. Employers in the governmental sector and applicants who are salaried require the following documents:

Documents Based on Employment status-

For Salaried Employee - Last 6 months’ salary slip and letter from employer or Form -16 for 3 years

For Self Employed - ITR for the last 3 years with computation of income, balance sheet, and P & L a/c.

Scheme wise Union Bank Personal Loan Interest Rates

Union Personal:

Union Professional Personal Loan Scheme:

Union Ashiyana Personal loan Scheme :

Union Ashiyana Overdraft Scheme :

Union Women Professional Personal Loan Scheme :

Union Cash :

Features of Union Bank Personal Loan

There are many reasons to choose a Union bank online loan, they can be versatile and offer several types of loans for all needs. The diagram shows a of features and benefits:

Minimal Documentation

Get instant loans with minimal documentation

Personal Loan for Women

Enjoy special interest rates and tenure for females.

Fast Credit

Get your loan credited within days

Low Interest Rates

Starting from 11.40 - 15.50% p.a.

Longer Tenure

Get loan tenure up to 84 months

Zero Hidden Charges

No hidden charges and extra penalties.

Types of Union Bank Personal Loans

Union Bank offers a diverse and unique selection of personal loans to generate the ideal financial solution for all your needs.

Union Personal Salaried loan ; tie- up (Non- government)

Goal: to help salaried individuals with their financial needs for various personal expenses like weddings, vacations, travel, durable goods purchases, etc.

Eligibility:

• Should be permanent employees of reputed Pvt. institution or organisation in India
• Minimum monthly income- Rs 15,000 to Rs 20,000 (based on cities)

Age: 18 years to one year prior to retirement.

Credit/CIBIL score: 650 & above.

Loan amount: maximum of Rs. 15 lakh

Interest rates :

• For CIBIL score 700 & above : 13.40% p.a.
• For CIBIL score below 700 : 13.50 %p.a

Tenure: A maximum of 5 years.

Union Personal Salaried loan ;Non tie- up (Non- government)

Goal: to help salaried individuals with their financial needs for various personal expenses like weddings, vacations, travel, durable goods purchases, etc.

Eligibility:

• Should be permanent employees of reputed Pvt. institution or organisation in India
• Applicants should be a customer of the bank for 6 months prior to loan application.
• Should maintain a salary account with the bank.

Minimum monthly income: Rs 15,000 to Rs 20,000 (based on cities)

Age: 18 years to one year prior to retirement as maximum.

Credit/CIBIL score: 650 & above

Loan amount: Rs. 5 to 15 lakh( based on existing records of repayment)

Interest rates :

• For CIBIL score 700 & above : 14.40% p.a.
• For CIBIL score below 700 : 14.50 %p.a

Tenure: A maximum of 5 years.

Union Personal loan (Non-salaried)

Goal: Collateral-free personal loan program for the self-employed is to cover all of their personal financial demands.

Eligibility:

• Non salaried individuals with a regular income source.
• Applicants should be a customer of the bank for 24 months prior to loan application.
• Should maintain a savings account with the bank with a satisfactory balance Rs 25,000 & above.

Minimum monthly income: Rs 15,000 to Rs 20,000 (based on cities)

Age: 25 - 75 years

Credit/CIBIL score: 650 & above

Loan amount:

• New borrowers - Rs. 5 to
• Old borrowers with 2 years of satisfactory repayment records - Rs. 15 lakh

Interest rates :

• For CIBIL score 700 & above : 15.40% p.a.
• For CIBIL score below 700 : 15.50 %p.a

Tenure: A maximum of 5 years or up to 75 years of age (whichever is earlier)

Union Personal - Special Retail Lending Scheme for Government Employees

Goal: Personal loans for government employees help them pay for their personal needs while working for the government. Government personnel may also use this loan program to transfer their current personal loans from other banks or NBFCs to Union Bank of India.

Eligibility:

• Permanent employees of government organisations.
• Employee should be the main applicant for the loan.

Age: Minimum 18 years

Loan amount: maximum of Rs. 15 lakh

Tenure: A maximum of 5 years or up to 75 years of age (whichever is earlier)

Union Professional Personal Loan Scheme (salaried & non-salaried)

Goal: The goal of the personal loan program is to help professionals with yearly incomes of at least Rs. 12 lakh, including doctors, CAs, CSs, cost accountants, and engineers, with their personal financial needs.

Eligibility:

• Salaried/non salaried engaged individuals working in CA, Company Secretary, Cost Accountant, Doctors, Engineers.
• Annual income of 12 Lakh & above

Age:

• Salaried- minimum 18 years
• Non salaried - minimum 25 years

Loan amount: maximum of Rs. 20 lakh

Interest rates :

• For CIBIL score 700 & above : 11.80% - 12.80% p.a.
• For CIBIL score below 700 : 12.05 - 13.05%p.a

Tenure: A maximum of 5 years & (65 years if you are not salaried or until you reach retirement age)

Union Ashiyana Personal Loan Scheme

Goal: For home loan customers to meet incidental or miscellaneous expenses related to property purchase and for personal expenses, and to repay loans from other banks.

Eligibility:

• Should be a new home owner.
• Should show satisfactory payment of previous loans.

Age: 18 years - 65 years

Loan amount: maximum of Rs. 15 lakh

Interest rates :

• For CIBIL score 700 & above : 11.80%p.a. (salaried) ; 12.30%p.a.(non- salaried)
• For CIBIL score below 700 : 12.05%p.a. (salaried) ; 12.55%p.a.(non- salaried)

Tenure: A maximum of 7 years.

Union Ashiyana Overdraft Scheme

Goal: This loan is for anyone wanting a personal loan for personal or business needs, or for repayment of high cost loans.

Eligibility:

• Applicants should be existent or new home loan owners.

Age:

• Minimum (salaried/ non-salaried) - 18 years
• Maximum - retirement age(salaried), 65 (non-salaried)

Loan amount: maximum of Rs. 20 lakh

Interest rates :

• For CIBIL score 700 & above : 11.00%p.a. (salaried) ; 11.05%p.a.(non- salaried)
• For CIBIL score below 700 : 11.05%p.a. (salaried) ; 11.40%p.a.(non- salaried)

Tenure: A maximum of 5 years

Union Cash (For Pensioners)

Goal: In order to pay for personal needs like medical care, travel, or any other emergency, pensioners and family pensioners may use this pension loan service.

Eligibility:

• Pensioners who draw pension from Union bank.

Age:

• 75 years (for pensioner)
• 70 years (family pensioner)

Loan amount:

• Up to 70 years - Rs 10 lakh (pensioner)
• Above 70 years - Rs 5 lakh (pensioner)
• Family pensioner (any age group) - Rs 3 lakh

Interest rates : 11.40% p.a.

Tenure:

• Up to 70 years - 5 years
• Above 70 years - 3 years

Union Women Professional Personal Loan Scheme (UWPPL)

Goal: To fulfil the personal needs of women professionals, including those related to weddings, the acquisition of durable goods, holidays, and travel.

Eligibility:

• Salaried, non-salaried
• Age - 21 (for salaried) , 23 (non - salaried) to 65 years
• Credit/CIBIL score: 650 & above

Maximum loan amount: Rs. 50 lakh

Interest rates :

• For CIBIL score 700 & above : 12.30% p.a.
• For CIBIL score below 700 : 12.55 %p.a

Tenure: A maximum of 7 years.

Processing Charge: Rs.0

Overdue Charges: 2% p.a. For delayed/ default payment, over and above applicable interest rate.

Prepayment Penalty: NIL

Steps to Apply Online for Union Bank Personal Loan with Buddy Loan

Here’s the step-by-step process that you can follow to apply for Union Bank personal loan on Buddy Loan:

Step 1 - Visit buddyloan.com or Download the Buddy Loan app and compare features.

Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.

Step 3 - Fill out the eligibility form and provide:

• Email Address
• Employment Type : Salaried/ Self-Employed
• Company Type
• Industry Type
• Current Company Name
• Company Address
• Year of Employment
• Net Income
• Mode of Salary
• PAN Card Details
• Full Name (As Per Pan Card)
• Current Address with PIN Code
• Mobile Number

Step 4 - Cross verify the given information and submit the application.