Union Bank of India, a trusted name in the Indian banking sector, offers a range of financial products and services to meet the diverse needs of its customers. One of its notable offerings is the Union Bank Personal Loan.
Union Bank of India offers you personal loans up to Rs. 20 lakh with a longer repayment tenure ranging from 12 months to 60 months. Union Bank of India offers personal loans with competitive interest rates starting at 11.49% p.a. with flexible tenure.
Union Bank Personal Loan Details
Banks provide loans for various purposes, and for all loans there are several rates, charges and interest rates that are important to know about. Check the table below for all information about Union bank personal loan interest rates and other fees
| Interest rate | 11.40% – 15.50 %p.a |
| Loan Amount | Up to 15 lakh (For women up to 50 lakh) |
| Tenure | 5 Years (For women up to 7 years) |
| Processing Fee | 1% of the loan amount (Max: Rs.7,500) |
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.
Union Bank Personal Loan Interest Rates & Charges
Union Bank provides personal loans to individuals for a wide range of purposes. As with financial institutions, Union Bank also charges for their personal loans. The table provided below outlines the interest rates and associated charges applicable to Union Bank’s personal loans:
| Description | Charges |
|---|---|
| Interest Rate | 11.40% – 15.50 %p.a |
| Processing Fee | 1% of the loan amount (Max: Rs.7,500) |
| Overdue Charges | 2% p.a. ( over and above the applicable interest rate) |
| Prepayment penalty | NIL |
| Foreclosure Statement | NIL |
Note- For all charges Tax will be charged extra wherever applicable. The charges are also subject to change.
Union Bank Personal Loan EMI Calculator
The Union Bank Personal Loan EMI Calculator is a valuable financial tool that helps individuals plan and manage their personal loans effectively. Repayment of your loans in time creates a great bridge for future personal loans and also helps increase your credit score.
An EMI calculator will help you estimate how much you can pay towards repayment of your loan without breaking your pocket.
Get an immediate estimate of your monthly instalment by entering the loan amount, interest rate, and term to successfully manage your budget and make educated financial decisions.
Your Amortization Schedule (Yearly/Monthly)
Comparison of Union Bank Personal Loan Vs Other Banks
There are so many options for personal loans, it might get confusing to choose. The table above provides a comparison of interest rates for personal loans among different providers. These rates are crucial for individuals seeking instant loans, as they determine the cost of borrowing and impact the overall affordability of the loan.
| Lender | Interest Rates(p.a) | Processing Fees |
|---|---|---|
| Union Bank | 11.40% – 15.50 %p.a | Up to 1% |
| Bandhan Bank | Starting at 11.55% p.a | Up to 3% |
| IndusInd | 10.49%p.a | 3% onwards |
| SBI | 10.30%-15.10% p.a | Up to 1.50% |
| HDFC | 11.00%p.a onwards | Up to 2.50% |
| ICICI | 10.75% p.a onwards | Up to 2.50% |
| Citibank | 9.99% p.a. To 16.49% p.a. | 0.25% to 3.00% |
| Axis | 10.25%p.a onwards | 1.5% to 2% |
| Yes Bank | 10.99% p.a onwards | 2.50% (one-time fee) |
| Shriram City | 11.49% p.a. To 23% p.a. | 2.50% |
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.
Union Bank Personal Loan Eligibility
Union bank personal loan eligibility is simple and accommodative to everyone above the age of 18. Both salaried and self-employed can take a Union bank loan. The table below provides an overview of eligibility criteria for Union bank personal loan.
| Factors | General Eligibility Criteria |
|---|---|
| Age | 18 -25 yrs(minimum) |
| Monthly Income(Salaried) | ₹15,000 to ₹20,000 (based on city) |
| Work Experience | Varies based on type of loan. |
Union Bank Personal Loan Documents Required
For different types of candidates, different types of documentation are needed. Employers in the governmental sector and applicants who are salaried require the following documents:
| Identity Proof | PAN Card, Voter ID, Driving License, Passport |
| KYC | Valid identity/Residence/Signature proof |
| Income Proof | Refer below table for detailed info |
| Photo | Two passport size photograph |
Documents Based on Employment status-
For Salaried Employee – Last 6 months’ salary slip and letter from employer or Form -16 for 3 years
For Self Employed – ITR for the last 3 years with computation of income, balance sheet, and P & L a/c.
Scheme wise Union Bank Personal Loan Interest Rates
Union Personal:
| Schemes | Interest Rates(p.a.) based on your CIBIL score |
|---|---|
| Union personal salaried (tie up) | 13.40% – 13.50 %p.a |
| Union personal salaried (non tie up) | 14.40% – 14.50 %p.a |
| Union personal (non salaried) | 15.40%-15.50% p.a. |
Union Professional Personal Loan Scheme:
| Schemes | Interest Rates(p.a.) based on your CIBIL score |
|---|---|
| Union professional personal salaried (tie up) | 11.80% – 12.05 %p.a |
| Union professional personal salaried (non tie up) | 12.30% – 12.55 %p.a |
| Union professional personal (non salaried) | 12.80% – 13.05 %p.a |
Union Ashiyana Personal loan Scheme :
| Schemes | Interest Rates(p.a.) based on your CIBIL score |
|---|---|
| Union Ashiyana Personal (salaried) | 11.80% – 12.05 %p.a |
| Union Ashiyana Personal (non salaried) | 12.30% – 12.55 %p.a |
Union Ashiyana Overdraft Scheme :
| Schemes | Interest Rates(p.a.) based on your CIBIL score |
|---|---|
| Union Ashiyana Overdraft (salaried) | 11.00% – 11.35 %p.a |
| Union Ashiyana Overdraft (non salaried) | 11.05% – 11.40 %p.a |
Union Women Professional Personal Loan Scheme :
| Schemes | Interest Rates(p.a.) based on your CIBIL score |
|---|---|
| Union women professional personal loan | 12.30% – 12.55 %p.a |
Union Cash :
| Schemes | Interest Rates(p.a.) based on your CIBIL score |
|---|---|
| Pensioner | 11.40% p.a. |
| Family Pensioner | 11.40% p.a. |
Features of Union Bank Personal Loan
There are many reasons to choose a Union bank online loan, they can be versatile and offer several types of loans for all needs. The diagram shows a of features and benefits:
Types of Union Bank Personal Loans
Union Bank offers a diverse and unique selection of personal loans to generate the ideal financial solution for all your needs.
Union Personal Salaried loan ; tie- up (Non- government)
Goal: to help salaried individuals with their financial needs for various personal expenses like weddings, vacations, travel, durable goods purchases, etc.
Eligibility:
- Should be permanent employees of reputed Pvt. institution or organisation in India
- Minimum monthly income- Rs 15,000 to Rs 20,000 (based on cities)
Age: 18 years to one year prior to retirement.
Credit/CIBIL score: 650 & above.
Loan amount: maximum of Rs. 15 lakh
Interest rates :
- For CIBIL score 700 & above : 13.40% p.a.
- For CIBIL score below 700 : 13.50 %p.a
Tenure: A maximum of 5 years.
Union Personal Salaried loan ;Non tie- up (Non- government)
Goal: to help salaried individuals with their financial needs for various personal expenses like weddings, vacations, travel, durable goods purchases, etc.
Eligibility:
- Should be permanent employees of reputed Pvt. institution or organisation in India
- Applicants should be a customer of the bank for 6 months prior to loan application.
- Should maintain a salary account with the bank.
Minimum monthly income: Rs 15,000 to Rs 20,000 (based on cities)
Age: 18 years to one year prior to retirement as maximum.
Credit/CIBIL score: 650 & above
Loan amount: Rs. 5 to 15 lakh( based on existing records of repayment)
Interest rates :
- For CIBIL score 700 & above : 14.40% p.a.
- For CIBIL score below 700 : 14.50 %p.a
Tenure: A maximum of 5 years.
Union Personal loan (Non-salaried)
Goal: Collateral-free personal loan program for the self-employed is to cover all of their personal financial demands.
Eligibility:
- Non salaried individuals with a regular income source.
- Applicants should be a customer of the bank for 24 months prior to loan application.
- Should maintain a savings account with the bank with a satisfactory balance Rs 25,000 & above.
Minimum monthly income: Rs 15,000 to Rs 20,000 (based on cities)
Age: 25 – 75 years
Credit/CIBIL score: 650 & above
Loan amount:
- New borrowers – Rs. 5 to
- Old borrowers with 2 years of satisfactory repayment records – Rs. 15 lakh
Interest rates :
- For CIBIL score 700 & above : 15.40% p.a.
- For CIBIL score below 700 : 15.50 %p.a
Tenure: A maximum of 5 years or up to 75 years of age (whichever is earlier)
Union Personal – Special Retail Lending Scheme for Government Employees
Goal: Personal loans for government employees help them pay for their personal needs while working for the government. Government personnel may also use this loan program to transfer their current personal loans from other banks or NBFCs to Union Bank of India.
Eligibility:
- Permanent employees of government organisations.
- Employee should be the main applicant for the loan.
Age: Minimum 18 years
Loan amount: maximum of Rs. 15 lakh
Tenure: A maximum of 5 years or up to 75 years of age (whichever is earlier)
Union Professional Personal Loan Scheme (salaried & non-salaried)
Goal: The goal of the personal loan program is to help professionals with yearly incomes of at least Rs. 12 lakh, including doctors, CAs, CSs, cost accountants, and engineers, with their personal financial needs.
Eligibility:
- Salaried/non salaried engaged individuals working in CA, Company Secretary, Cost Accountant, Doctors, Engineers.
- Annual income of 12 Lakh & above
Age:
- Salaried- minimum 18 years
- Non salaried – minimum 25 years
Loan amount: maximum of Rs. 20 lakh
Interest rates :
- For CIBIL score 700 & above : 11.80% – 12.80% p.a.
- For CIBIL score below 700 : 12.05 – 13.05%p.a
Tenure: A maximum of 5 years & (65 years if you are not salaried or until you reach retirement age)
Union Ashiyana Personal Loan Scheme
Goal: For home loan customers to meet incidental or miscellaneous expenses related to property purchase and for personal expenses, and to repay loans from other banks.
Eligibility:
- Should be a new home owner.
- Should show satisfactory payment of previous loans.
Age: 18 years – 65 years
Loan amount: maximum of Rs. 15 lakh
Interest rates :
- For CIBIL score 700 & above : 11.80%p.a. (salaried) ; 12.30%p.a.(non- salaried)
- For CIBIL score below 700 : 12.05%p.a. (salaried) ; 12.55%p.a.(non- salaried)
Tenure: A maximum of 7 years.
Union Ashiyana Overdraft Scheme
Goal: This loan is for anyone wanting a personal loan for personal or business needs, or for repayment of high cost loans.
Eligibility:
- Applicants should be existent or new home loan owners.
Age:
- Minimum (salaried/ non-salaried) – 18 years
- Maximum – retirement age(salaried), 65 (non-salaried)
Loan amount: maximum of Rs. 20 lakh
Interest rates :
- For CIBIL score 700 & above : 11.00%p.a. (salaried) ; 11.05%p.a.(non- salaried)
- For CIBIL score below 700 : 11.05%p.a. (salaried) ; 11.40%p.a.(non- salaried)
Tenure: A maximum of 5 years
Union Cash (For Pensioners)
Goal: In order to pay for personal needs like medical care, travel, or any other emergency, pensioners and family pensioners may use this pension loan service.
Eligibility:
- Pensioners who draw pension from Union bank.
Age:
- 75 years (for pensioner)
- 70 years (family pensioner)
Loan amount:
- Up to 70 years – Rs 10 lakh (pensioner)
- Above 70 years – Rs 5 lakh (pensioner)
- Family pensioner (any age group) – Rs 3 lakh
Interest rates : 11.40% p.a.
Tenure:
- Up to 70 years – 5 years
- Above 70 years – 3 years
Union Women Professional Personal Loan Scheme (UWPPL)
Goal: To fulfil the personal needs of women professionals, including those related to weddings, the acquisition of durable goods, holidays, and travel.
Eligibility:
- Salaried, non-salaried
- Age – 21 (for salaried) , 23 (non – salaried) to 65 years
- Credit/CIBIL score: 650 & above
Maximum loan amount: Rs. 50 lakh
Interest rates :
- For CIBIL score 700 & above : 12.30% p.a.
- For CIBIL score below 700 : 12.55 %p.a
Tenure: A maximum of 7 years.
Processing Charge: Rs.0
Overdue Charges: 2% p.a. For delayed/ default payment, over and above applicable interest rate.
Prepayment Penalty: NIL
Steps to Apply Online for Union Bank Personal Loan with Buddy Loan
Here’s the step-by-step process that you can follow to apply for Union Bank personal loan on Buddy Loan:
Step 1 – Visit buddyloan.com or Download the Buddy Loan app and compare features.
Step 2 – Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 – Fill out the eligibility form and provide:
- Email Address
- Employment Type : Salaried/ Self-Employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 – Cross verify the given information and submit the application.
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