Union Bank of India Personal Loan Interest Rates

Union Bank of India provides personal loans of up to Rs 15 lakhs at a rate of 10.30% p.a. for terms of up to 5 years. It also provides the Union Women Professional Personal Loan Scheme for women professionals at a rate of 10.30% p.a. for loan amounts of up to Rs 50 lakh for a period of up to 7 years.

Information on the Union Bank of India Personal Loan Schemes

Union Bank of India Personal Loan Interest Rate

10.30% - 14.40% p.a.

Amounts

Up to Rs. 15 lakhs

Tenures

Up to a Period of 7 Years

Charges and Fees

1%

Types of Union Bank Personal Loan Schemes

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

1) Personal Loan for the Salaried from the Private Sector and Unorganized Sector

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

2) The Union Bank of India Personal Loan for the Special Retail Lending Scheme for Government Employees

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.

3) The Union Cash Scheme for Pensioners

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.

4) Union Women Professional Personal Loan Schemes

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.

5) The Union Personal Scheme for Non-Salaried Persons

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.

Union Bank of India Personal Loan Interest Rate 2022

Following are the Union Bank of India Personal Loan Interest Rate 2022-

1) UBI Personal Loan Interest Rate

Type of Scheme

The Personal Loan Interest Rates Union Bank of India

Union Personal – Under Tie-up

12.30% - 12.40%

Union Personal – Under Non-Tie-up

13.30% - 13.40%

Union Personal- For Non-Salaried Individuals

14.30% - 14.40%

2) Personal Loan Interest Rate of Union Bank of India for Professional Personal Loan Scheme

Type

Interest Rates

Salaried with Tie-Up

10.70% - 10.95%

Salaried but not in a Tie Up

11.20% - 11.45%

Non-Salaried

11.70% - 11.95%

3) Union Bank of India Government Employees Personal Loan Scheme

CIBIL

Rate of Interest

700 & above

10.30% - 11.80%

Below 700

10.40% - 11.90%

From 650-699

10.60% - 12.10%

Less than 650

10.90% - 12.40%

4) Union Bank of India Professional Personal Loan for Women

CIBIL

Interest Rate

700 & above

10.30% - 11.20%

Below 700

10.45% - 11.25%

Charges of the Union Bank of India Personal Loan

  • 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.

Who is Eligible for the Union Bank of India Personal Loan Schemes?

  • 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.

Comparison of Different Bank Personal Loans Interest Rates

Banks

Interest Rates

SBI

10.30%-15.10%

HDFC Bank

11.00% onwards

ICICI Bank

10.75% onwards

Axis Bank

10.25% onwards

IndusInd Bank

10.49% onwards

Kotak Mahindra Bank

10.99% onwards

IDFC First Bank

10.49% - 25.00%

Tata Capital

10.99% onwards

Bajaj Finserv

13.00% onwards

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