Union Bank of India Personal Loan

Union Bank of India star star star star star 3.75 / 5.04 users

Union Bank of India provides three types of Personal Loans. The customers can apply for any type of them as per their requirement. Loans provided by bank are multi-purpose loans and can fulfil all kind of expenses which is personal.

Loanbaba.com provides all the information about Union Bank of India Personal Loan.

Below given are three types of personal loan provided by the bank:-

Union Personal for Already Existing Borrowers of Housing Loan:

  • This loan are meant for expenses related house such as interiors of the house, decoration of the house, payment of insurance premium, house warming etc.
  • One can get minimum 5% of housing loan and maximum 5 lakh (in some cases).
  • Bank doesn’t take any margin nor there is any repayment holiday or suspension period are allowed in this loan.
  • Repayment time is lower of Five years or equal to the time period of existing home loan.
  • Bank doesn’t take any processing charges from customer.
  • The customer can pre pay the loan from his/her own funds of lawful source. But in case the loan gets closed because of its transferring in other bank then 2% of remaining amount over last one year is charged by bank.
  • Spouse can play the role of guarantor. In case the customer is widowed, not married or divorced then he or she have to provide suitable third party guarantor.
  • In the form of security the customer has to declare that he/she will clear the personal loan before home loan. 

Eligibility Required:

Below are the eligibility criteria for this loan:-

  • The applicant can be a non-salaried or salaried.
  • Before applying for this loan, a home loan should have been taken in standard category by customer.

Union Personal Features

  • Customer can get minimum of 5 and maximum of 10 lakh rupees according to terms and condition of bank.
  • Customer is charged 0.50% amount of approved loan and minimum processing fees is 500 Rs. plus appropriate service tax.
  • Bank doesn’t take any margin nor there is any repayment holiday or suspension period are allowed in this loan.
  • Maximum time period for paying the loan is Sixth months or Five years.
  • Security is not needed, but employer has to undertake the guarantee with two persons.

Personal Loan under Tie-ups with Reputed Organizations and State or Central Government:

In this scheme one can get up to 10lakhs as loan but the amount is decided by bank on the basis of ability of customer.

  • Neither margin nor moratorium period is applicable in this scheme.
  • One gets the time period of 5 years to pay the loan.
  • Customer is charged 0.50% amount of approved loan and minimum processing fees is 500 Rs. plus appropriate service tax.
  • One can prepay this loan without any charge but the condition is that prepayment should be through lawful source. However, there is penalty of 1% higher interest rate if loan is prepaid through transferring it to other bank.
  • Two guarantors are needed in order to avail the loan by bank.
  • In the form of security employer has to undertake the guarantee with two persons.

Eligibility Required:

Below given are eligibility criteria for applying this loan:-

  • Borrower should be a permanent employee of State or Central Government, Joint Sector Undertakings, Indian subsidiaries of foreign companies, PSUs, education institutions, autonomous bodies, etc.
  • A regular source of income should be there for payment of loan.
  • Borrower should have enough years of service left so that he or she can pay the loan amount prior to One year of retirement.

Union Bank of India Personal Loan Review


Personal Loan
star star star star star 12.0/5
Personal loan by Union Bank of India was perfect, but the turnaround time is something they can work upon.
Mumbai November 14, 2018
Personal Loan
star star star star star 15.0/5
I had applied my personal loan in Mumbai at Union Bank of India. I was in dire need of funds and fortunately got the loan amount soon.
Mumbai November 14, 2018
Personal Loan
star star star star star 15.0/5
Taking personal loan in Gujrat by Union Bank of India through online portal of loanbaba was after all not a bad idea. This way I could communicate with the Kotak Mahindra without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.
Mumbai November 12, 2018
Personal Loan
star star star star star 13.0/5
The Union Bank of India has disbursed the loan amount required and I am satisfied with it. The interest rate and the charges are average.
Mumbai November 11, 2018

Subscribe to our newsletter

close
Top

Did not find what you were looking for?

Browse through our Knowledge Bank for more articles.

Loanbaba Blog

Check your Loan eligibility!

Apply for a Loan online: