Sometimes when we are looking for financial help, it comes unusually. Take, for instance, Union Bank's personal loan. Not many borrowers would opt for this loan, considering other lenders are more popular, HDFC or ICICI.
However, to get the best deal. We must look at some unpopular options. And Union Bank of India personal loan is such one option. Today, we will check out its details. Then you can pick whether to opt for this loan or not.
Union Bank Personal Loan Details
To get help during a financial crisis, Union Bank personal loan is one of the best choices out there in the market.
Union Bank offer loan amount up to Rs 15 lakhs.
The interest rate starts at 8.90% per annum, which is one of the lowest in the financial market.
The loan repayment tenure is up to 5 years.
The processing charge is up to 0.50% of the loan amount. The minimum fee is Rs 500.
The foreclosure charge is NIL.
The Prepayment charge is NIL.
It does not require collateral to apply for the loan.
What is the eligibility criteria for a Union Bank of India personal loan?
The Union Bank personal loan eligibility criteria are divided into scheme A( Tie-up) And Scheme (Non-Tie-up).
Scheme A ( Tie up)
The applicant should be a confirmed/permanent employee of a reputed company in India.
The applicant is not bound to have a salary account with Union Bank.
The borrower's minimum income should be at least Rs 15,000 per month.
For Delhi, Mumbai, Chennai, Kolkata, Ahmedabad, Bengaluru and Pune, the minimum salary requirement is Rs 20,000 per month.
The minimum age should be 18 years, a maximum one year before retirement age.
Scheme B ( Non tie up )
The borrower should be an confirmed/ permanent employee of an organization.
The applicant should be bank customers for minimum 6 months before applying.
The applicant salary account should be associated with the Union bank.
The salary structure is same as above.
The age requirement is same as above.
Types of Union Bank Personal Loan
Here Union Bank has again divided it into parts. The interest rate on various types of loans depends upon your CIBIL Score.
If your CIBIL Score is above 700, you will get these rates with the schemes.
Type of Union Bank of India Personal Loan - Interest Rate
Union Bank Personal loan (under salary tie-up) 10.90% onwards
Employer undertaking not available (Govt. employee) 10.40% onwards
Union Personal (no tie-up) 11.90% onwards
Union Personal (non-salaried) 12.90% onwards
Employer undertaking available (Govt. employee) 8.90% onwards
If the CIBIL score is below then 700, then these rates will apply.
Type of Union Bank of India Personal Loan - Rate of Interest (p.a.)*
Union Personal (under salary tie-up) 11.00% onwards
Employer undertaking not available (Govt. employee) 10.50% onwards
Union Personal (no tie-up) 12.00% onwards
Union Personal (non-salaried) 13.00% onwards
Employer undertaking available (Govt. employee) 9.00% onwards
Required Documents for Union Bank Personal Loan
You will need these documents upon applying.
Identity proof- Aadhar card, PAN card
Address proof – Driving license, Passport, electricity proof
Bank statement and salary slips
Form 16
Two passport size photographs
How to apply?
You can apply for Union Bank personal loan via its website. Another way is to use an online financial marketplace such as Afinoz.com to apply.
How to check Union Bank personal loan status after applying?
To check the personal loan status, visit the official website. There on the homepage, click on "apply online', then choose 'Loan Application status'. Follow the steps from there, it will show the latest Union Bank personal loan status.
Conclusion
We can see Union Bank personal loan is offered on a low interest rate with a higher loan amount. Make sure you have read the loan documents you sign on them.
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