Union Bank of India Personal Loan Interest Rates

There are various kinds of personal loans from the Union Bank of India, and they are the following-

Personal loans for salaried individuals are available to address the financial needs of private sector salaried individuals for a variety of personal demands such as weddings, vacations, travel, the purchase of durables, and so on. Employees of companies who have a tie-up with the bank: Maximum of Rs. 15 lakh Employees of companies that do not have a banking relationship-

• First-time borrowers: Rs. 5 lakhs
• Existing borrower: Rs. 15 lakh

Personal loans for government employees cover the personal expenses of government personnel. Government personnel can also use this loan scheme to transfer existing personal loans from other banks/NBFCs to Union Bank of India. The loan amount value for this scheme is Rs. 15 lakh.

This pension loan program covers retirees'/family pensioners' personal needs such as medical, travel, or any other emergency. You can avail of up to an amount of Rs. 10 lakhs in this scheme. The tenure for this scheme ranges from 3 years to 5 years.

This personal loan scheme aims at meeting personal loan needs like weddings, purchases, holidays, travel, and more for professional women. This loan ranges to a value of Rs. 50 lakhs. The tenure for this loan is up to a period of 7 years.

This is a loan scheme for the self-employed, and it is a collateral-free personal loan. This loan can be availed to meet all of the personal financial needs of self-employed or non-salaried persons. The loan amount for this scheme is Rs. 15 lakhs. The tenure for this loan will range from a period of 5 years.

Following are the Union Bank of India Personal Loan Interest Rate 2024-

• Processing fees are 0.50% of the loan amount, with a minimum of Rs. 500 + service tax.
• Union Personal has no processing fees for employees of Government Organizations/PSUs and Central/State governments.

• If you are salaried, you must be at least 18 years old when applying for a Union Bank loan. Non-salaried applicants must be at least 25 years old when they apply.
• Maximum age: If you are salaried, you should repay the loan at least one year before your retirement age. The maximum age at the end of tenure for non-salaried employees should be 75 years and 65 years for professionals.
• Tie-up with the bank: The bank provides personal loans to individuals who work for companies that have or do not have tie-ups with the bank.
• An account with the bank: In non-tie-up situations, salaried personnel must have a salary account with the bank. Non-salaried applicants must have a savings or current account with a minimum quarterly balance of Rs. 25,000, with no cheque returns and no unfavourable features reported.
• Occupation: Salaried government and private employees, professionals (Chartered Accountants, Cost Accountants, Company Secretaries, Doctors, and Engineers), self-employed, pensioners, and existing bank clients are eligible for the loan.
• Relationship with the bank: The salaried candidate must have been a customer of the bank for at least the previous six months. Non-salaried applicants must have been bank customers for at least the last 24 months. The applicant must be an existing or new home loan borrower under the Union Ashiyana Overdraft Scheme and Union Ashiyana Personal Loan Scheme.
• Income: The least monthly gross salary in Delhi, Mumbai, Pune, Chennai, Kolkata, Bengaluru, and Ahmedabad should be Rs. 20,000, and Rs. 15,000 in other cities. Applicants for the Union Professional Loan scheme must have a minimum yearly salary/earning of Rs. 12 lakhs.
• If the borrower is unmarried, widowed, or divorced, a personal guarantee from one of the co-workers with sufficient resources is necessary.