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 personal loan product. Union Bank offers you personal loans up to ₹15 lakh with a longer repayment tenure ranging from 12 months to 60 months. The bank also offers personal loans with competitive interest rates starting at 8.90% 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 | 8.90% onwards |
| Loan Amount | Up to ₹15 lakh |
| Tenure | 5 Years |
| Processing Fee | Up to 1% of the loan amount |
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 | 8.90% onwards |
| Processing Fee | Up to 1% of the loan amount |
| 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.
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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 | 8.90% onwards | Up to 1% |
| Bandhan Bank | 8.86% onwards | Up to 3% |
| IndusInd | 10.49% onwards | Up to 3.5% |
| SBI | 10% onwards | Up to 1.5% |
| HDFC | 9.99% onwards | Up to ₹6,500 |
| ICICI | 9.99% onwards | Up to 2% |
| Axis | 9.99% onwards | Up to 2% |
| Yes Bank | 10.85% onwards | Up to 2.5% |
| Shriram City | 11% onwards | Up to 5% |
| IDFC First Bank | 9.99% onwards | Up to 3.5% |
| Bank of Baroda | 10.15% onwards | Up to 2% |
| Punjab National Bank | 10.25% onwards | Up to 1% |
| Federal Bank | 10.49% onwards | Up to 3% |
| Tata Capital | 10.99% onwards | Up to 5% |
Note- The interest rates are dynamic and subject to change based on your credit history and creditworthiness.
Scheme-wise Union Bank Personal Loan Interest Rates
Here is a detailed walkthrough of the interest rates, specific to each scheme.
1. Union Personal:
| Schemes | Interest rates (p.a.) based on your CIBIL score |
| Union personal salaried (tie-up) & non-tie-up | 9.05% onwards |
| Union personal (non-salaried) | 9.10% onwards |
2. Union Professional Personal Loan Scheme:
| Schemes | Interest rates (p.a.) based on your CIBIL score |
| Union professional personal salaried (tie-up & non-tie-up) | 9.00% onwards |
| Union professional personal (non-salaried) | 9.10% onwards |
3. Union Ashiyana Personal Loan Scheme:
| Schemes | Interest rates (p.a.) based on your CIBIL score |
| Union Ashiyana Personal (salaried) | 8.95% onwards |
| Union Ashiyana Personal (non-salaried) | 8.95% onwards |
4. Union Women Professional Personal Loan Scheme:
| Schemes | Interest rates (p.a.) based on your CIBIL score |
| Union women’s professional personal loan | 8.90% onwards |
Not sure of your credit score? Check it now.
Personal Loan Eligibility Criteria
Union bank personal loan eligibility is simple and accommodative to everyone above the age of 18. Both salaried and self-employed people 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. |
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 installment by entering the loan amount, interest rate, and term to successfully manage your budget and make educated financial decisions.
Documents Required for Personal Loan
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 to the table below for detailed info. |
| Photo | Two passport-size photographs |
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.
Types of Union Bank Personal Loans
The bank offers a diverse and unique selection of personal loans to generate the ideal financial solution for all your needs.
1. 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 a reputed private institution or organization in India
- Minimum monthly income: ₹15,000 to ₹20,000 (based on cities)
- Age: 18 years to one year prior to retirement.
- Credit/CIBIL score: 650 & above.
- Loan amount: maximum of ₹15 lakh
- Interest rates:
- For CIBIL score 700 & above: 9.05% – 9.85%
- For CIBIL scores below 700: 10.10% – 9.10%
- Tenure: A maximum of 5 years.
2. Union Personal Loan (Non-salaried)
- Goal: The 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 the loan application.
- Should maintain a savings account with the bank with a satisfactory balance of ₹25,000 & above.
- Minimum monthly income: ₹15,000 to ₹20,000 (based on cities)
- Age: 25 – 75 years
- Credit/CIBIL score: 650 & above
- Interest rates:
- For CIBIL score 700 & above: 9.10% – 10.10%
- For CIBIL scores below 700: 10.40% – 12.65%
- Tenure: A maximum of 5 years or up to 75 years of age (whichever is earlier).
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3. Union Personal Loan SRLGE
- 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 organizations.
- The 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)
4. 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, and engineers.
- Annual income of 12 lakh & above
- Age:
- Salaried: minimum 18 years
- Non-salaried: minimum 25 years
- Maximum loan amount: ₹20 lakh
- Interest rates:
- For CIBIL score 700 & above: 9.00% – 10.00% p.a.
- For CIBIL scores below 700: 10.30% – 12.55% p.a.
- Tenure: A maximum of 5 years & (65 years if you are not salaried or until you reach retirement age)
5. 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: 8.90% – 10.00%
- For CIBIL scores below 700: 10.20% – 12.55%
- Tenure: A maximum of 7 years.
Not sure of your credit score? Check it now.
6. Union Women Professional Personal Loan Scheme (UWPPL)
- Goal: To fulfill 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: ₹50 lakh
- Interest rates:
- For CIBIL score 700 & above: 8.90% – 9.30% p.a.
- For CIBIL scores below 700: 10.20% – 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 the applicable interest rate.
- Prepayment Penalty: NIL
Union Bank Personal Loan with Buddy Loan
Here’s the step-by-step process that you can follow to apply for a Union Bank personal loan on Buddy Loan:
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS)
- Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount. Next, choose the Personal Loan option
- Step 4: Choose the employment type (salaried or self-employed) and the salary mode (bank or cash).
- Step 5: Enter your work details (including company name, years of service, and designation)
- Step 6: Enter your personal details (including full name, PAN, address, DOB & gender)
- Step 7: Provide your communication address and income details, and click the ‘Submit’ button.
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