Enjoy Multifold Personal Loan benefits with Union Bank of India
Union Bank has been a trusted name in the financial & Banking sector since its launch in 1919. With its headquarters in Mumbai, it was inaugurated by Mahatma Gandhi in 1921. Since then, it has grown at multifold levels and now has become the country’s largest nationalised bank. Operating over 4000 branches across the country, the bank has managed a customer base of nearly 49 million customers and has spread its arms in all verticals – be it corporate banking, private banking, rural and NRI banking as well. The Union Bank of India has been steady as a rock and offered a huge variety of products to its customers; hence is able to manage such a huge customer base with ease. Amongst the varies, products offered by the bank are Savings and Current Accounts, Term Deposits, Personal Loan, Home Loan, Credit Cards, Education Loan etc. The Union Bank Personal Loan has been particularly popular as it is tailor made for all types of customer requirements.
To cater to the needs of various customers, the Union Bank of India has three distinct types of personal loans:
- Union Bank Personal Loan for existing Home Loan customers: This loan is provided to only those customers who have existing Home Loans in Union Bank of India, and they can take up to a maximum of 5% of the Home loan amount or 5Lakhs whichever is higher
- Personal Loan for employees of KVS (Kendriya Vidyalaya Sangathan) and NVS (Navodalaya Vidyalaya Sangathan): Only for people who have been employed in KVS or NVS for more than 3 years and the loan can be offered for maximum 10 Lakhs.
- Union Bank Personal Loan for Government and PSU employees: Can be issued to all State government and Central government employees and in this also, the maximum loan available is 10 Lakhs
Salient Features of the Union Bank of India Personal Loans:
- The Union Bank Personal Loan can be taken for a tenure of maximum 5 years. The loan term could be anything between 1 year to 5 years depending upon the applicant’s choice.
- Direct Debit option for repayment is available for customers who have an account in the same bank. For those who don’t, can either set up an ECS (Electronic Clearing System) from their bank account or can also choose to pay online or by Post Dated Cheques
- Easy Prepayment and Part payment options are also available with the bank; so whenever you have surplus funds with you, you could pay back the loan instantly.
- Simple documentation process makes the entire Loan taking the experience a less tiresome and convenient one.
- The Bank doesn’t require any security or collateral before offering the loan; however, it does ask for a few guarantors who could sign on the application form to validate the applicant’s authenticity.
Eligibility and Documentation:
Who is eligible to take the Union Bank personal loan:
- Anyone who is salaried or has a stable income can apply for a Personal Loan in Union bank.
- Minimum Age limit is 21 years, and maximum age would be 58 years, beyond which the bank will not accept the loan papers.
- If the applicant is applying under the Govt employee loan scheme, he should be employed there for a substantial amount of time; moreover should be currently working as well when the loan is applied
What documents are required for taking the Union Bank Personal Loan?
- The Application form needs to be duly filled and signed correctly
- Anyone of the documents like Passport, PAN Card, Adhaar Card, Voter ID, Driving license or Ration Card can be submitted as an Identity proof.
- An Address proof could be either of the following documents: Ration Card, Adhaar Card, Passport, Rent Agreement, Any utility bill like landline bill, water bill or electricity bill.
- For, age proof, one can submit his passport or PAN Card
- The ITR or Form 16 is required for Income documents. Additionally, you could also provide the last 3 months bank statement.
- 3 colour photographs
How to apply for the Union Bank Personal Loan:
The best way to apply for the Union Bank Personal Loan is to apply online on the Bank website itself. Visit https://www.unionbankofindia.co.in/english/personal_loans. The online application form can be downloaded. Fill in all details appropriately and sign the form at the relevant spaces. Make sure that your signatures should match at all places in the application form. Attach the photographs as well at relevant boxes provided. Then upload the filled up form as well as all the other documents in the portal itself. Once you do that, you will receive an Application number which will be your reference number for future correspondence.
Checking Status of the Personal loan application:
You can check the status of your Personal Loan application on the website itself by entering your application form number. It generally takes 4-5 working days for the Personal Loan to be sanctioned by the bank. In case you don’t get a revert from the bank within this period, you can check online for the status of the application. Alternatively, you could also call on their 24X7 Customer Service number for assistance. You may grab more details here https://www.unionbankofindia.co.in/english/customerservice_advances.aspx.
Interest Rates of Union Bank Personal Loan:
The different variants of the Personal Loan carry different interest rates depending upon the customer’s payment capacity and trends. It ranges from 12.45% to 14.45% as well. The personal loan scheme for corporate employees under tie-ups would be around 12.45% p.a. whereas the ones without the tie-ups would be 13.45%. On the contrary, the Interest Rates for people who are not salaried professionals, their rate of interest would be 14.45% per annum.
Union Bank Personal Loan EMI Calculator:
One can utilise the Union Bank Personal Loan EMI calculator to check the EMI amount payable for the Sum of Loan taken as personal Loan. You could also validate how much you would end up paying in 5 years if you take up the loan. The EMI calculator is a self-evaluation tool to prepare ourselves for the fact that this will be a recurring amount payable to the bank after the home loan is taken.
- What is the turn around time for the Bank to process my loan?
The Union Bank generally take about 3 working days to process the Personal Loan. Visit https://www.unionbankofindia.co.in to apply online.
- Are there any processing charges for the Personal Loan?
Yes, the bank charges a nominal amount of 0.5% as the processing fee towards the personal loan.
- Does the bank take a collateral security against the Personal Loan?
No there is no Collateral or Security taken.
- Does the bank need a guarantor for the Personal Loan?
Yes the bank need two guarantors for the personal loan
- What is the maximum amount of loan that can be availed?
Union Bank offers 10 Lakh as the maximum amount of Personal loan