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Key Features of Union Bank of India Personal Loan

  • Loan Amount Flexibility: General personal loans: Up to ₹15 lakh for salaried and non-salaried individuals.
    Union Women Professional Personal Loan Scheme (UWPPL): Up to ₹50 lakh for women professionals.
    Union Ashiyana Personal Loan (home loan top-up): Up to ₹20 lakh for home loan borrowers.
    Pensioner Loan Scheme: Up to ₹10 lakh for pensioners.
    Digital Pre-Approved Personal Loan (PAPL): Amount based on eligibility, credited instantly to existing customers’ accounts.
  • Competitive Interest Rates: Starting from 10.30% p.a. for government employees and 11.35% p.a. for general personal loans and women professionals.
    Rates for salaried individuals: 12.30%–13.40% p.a.
    Rates for self-employed: Starting at 14.30% p.a.
    Pre-approved customers may get rates as low as 11.8%.
    Rates vary based on credit score, income, employment type, and existing relationship with the bank (e.g., salary account holders may get lower rates).
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    • Flexible Repayment Tenure:
      General personal loans: 12 to 60 months (up to 5 years).
      Union Women Professional Personal Loan: Up to 84 months (7 years).
      Pensioner Loan: 3 to 5 years.
      Union Ashiyana Personal Loan: Linked to the remaining tenure of the home loan.
      No moratorium period; repayment starts the month after disbursement.
    • Collateral-Free Loans:
      All personal loans are unsecured, requiring no collateral or security.
      For non-salaried individuals, a co-applicant (spouse) or a guarantor (for single/widowed/divorced borrowers) may be required.
    • Quick and Hassle-Free Process:
      Online application with minimal documentation.
      Digital Pre-Approved Personal Loan (PAPL) offers instant disbursal with no paperwork or branch visits for eligible existing customers.
      Loan disbursal typically within a few hours to 3 days.
    • No Prepayment Penalties:
      Borrowers can prepay or foreclose the loan without charges if paid from verifiable legitimate sources.
    • End-Use Flexibility:
      Personal loans can be used for various purposes, including weddings, travel, holidays, medical emergencies, education, home renovation, purchase of consumer durables, or debt consolidation.
      Union Ashiyana Personal Loan can also be used for down payments on new homes or repaying high-cost loans.
    • EMI Calculator:
      Union Bank provides an online EMI calculator to help borrowers estimate monthly installments based on loan amount, interest rate, and tenure.
      Formula: EMI = [P x R x (1+R)^N] / [(1+R)^(N-1)], where P = principal, R = monthly interest rate, N = number of installments.
    • Processing Fees:
      General personal loans: 0.50%–1% of the loan amount (minimum ₹500, maximum ₹7,500 + GST).
      Union Women Professional Personal Loan: No processing fees.
      Pensioner Loan: 0.10% of the loan amount (minimum ₹100).
      Special Retail Lending Scheme (SRLG) for government employees: No processing charges.
      Penal interest of 2% p.a. on overdue amounts in case of late payments.
    • Mandatory Insurance:
      Insurance is mandatory for personal loans, with the premium included in the loan amount.
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Benefits of Union bank of India Personal Loans

  • Competitive Interest Rates: Interest rates start as low as 10.30% p.a. for government employees and 11.35% p.a. for salaried individuals and women professionals, making borrowing affordable.
    Pre-approved customers may enjoy rates as low as 11.8% p.a., reducing the overall cost of the loan.
    Rates are tailored based on credit score, income, and banking relationship, ensuring cost-effectiveness for eligible borrowers.
  • Collateral-Free Financing: All personal loans are unsecured, requiring no collateral, property, or assets to be pledged, making them accessible to a wide range of borrowers.
    • Flexible Loan Amounts: Loan amounts range from ₹5 lakh to ₹50 lakh depending on the scheme. Suitable for various needs, from small expenses to large financial requirements.
    • Versatile Usage: Funds can be used for any personal purpose, such as weddings, medical emergencies, travel, education, home renovations, debt consolidation, or purchasing consumer durables, offering complete flexibility.
    • Quick and Hassle-Free Process: Digital Pre-Approved Personal Loans (PAPL) provide instant disbursal without paperwork or branch visits for eligible existing customers.
    • Flexible Repayment Tenure: Repayment periods range from 12 months to 84 months (7 years) depending on the scheme, allowing borrowers to choose EMIs that suit their budget.
    • No Prepayment Charges: Borrowers can prepay or foreclose the loan without penalties if paid from legitimate sources, offering flexibility to settle the loan early and save on interest.
    • Low or No Processing Fees for Select Schemes: Union Women Professional Personal Loan Scheme (UWPPL) has no processing fees. Special Retail Lending Scheme for government employees also waives processing charges.
    • Tailored Schemes for Diverse Borrowers: Specific schemes cater to salaried individuals, self-employed professionals, government employees, women professionals, pensioners, and home loan borrowers, ensuring inclusivity.
    • Digital Convenience: Fully digital application and disbursal for pre-approved loans via Union Bank’s mobile app or website. Online EMI calculator helps borrowers estimate monthly installments, aiding financial planning.
    • Accessibility for Pensioners: Pensioner Loan Scheme supports retirees and family pensioners with loans up to ₹10 lakh, helping them meet medical, travel, or other personal expenses.
    • Support for Women Professionals: UWPPL empowers women professionals with higher loan amounts, longer tenures, and no processing fees, promoting financial independence.
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How to Apply for a Union Bank of India Personal Loan

  • 1. Online Application Process:
    • Visit the Official Website or Mobile App:
      • Go to the Union Bank of India website (www.unionbankofindia.co.in) or download the Union Bank mobile banking app (available on iOS and Android).
      • Navigate to the "Loans" section and select "Personal Loans."
    • Check Eligibility:
      • Use the online eligibility calculator or review the specific loan scheme to confirm you meet criteria such as age, income, and credit score.
      • For pre-approved loans, log in to your net banking or mobile app to check your eligibility.
    • Fill the Application Form:
      • Select the loan scheme and click on "Apply Now."
      • Enter personal, employment, income, and loan requirement details.
    • Upload Documents:
      • Scanned copies of identity proof, address proof, income proof, and photographs.
      • Pre-approved loans may not require documentation.
    • Submit Application:
      • Review and submit the online form.
      • Receive an application reference number for tracking.
    • Verification and Approval:
      • The bank verifies your details and documents.
      • Approval may take from a few hours to 3 days.
    • Loan Disbursal:
      • Once approved, funds are credited to your Union Bank account or the specified bank account.
      • You’ll receive a loan agreement and EMI schedule.
  • 2. Offline Application Process:
    • Visit the Nearest Branch:
      • Use the branch locator on the Union Bank website to find the nearest branch.
      • Approach the loan desk or a relationship manager.
    • Request the Application Form:
      • Get the personal loan application form for your preferred scheme.
    • Fill the Form:
      • Enter details like personal information, employment, loan amount, and tenure.
    • Submit Documents:
      • Attach required documents such as ID, address, income proof, and two recent passport-size photos.
    • Verification Process:
      • The bank verifies your application and may request additional information.
    • Loan Approval and Disbursal:
      • Receive a sanction letter after approval.
      • Sign the loan agreement and the loan amount is disbursed to your account.
  • 3. Digital Pre-Approved Personal Loan (PAPL):
    • Check Offer:
      • Log in to Union Bank’s net banking or mobile app and check the "Loans" or "Offers" section.
    • Accept Offer:
      • Select loan amount and tenure, choose EMI date, and confirm terms.
    • Instant Disbursal:
      • No documentation or branch visit required.
      • Funds are instantly credited to your Union Bank account.

Eligibility Criteria for Union Bank of India Personal Loans

  • General Personal Loan for Salaried Individuals
    • Age: 18 years minimum; maximum is 1 year before retirement or superannuation.
    • Employment: Permanent employees of reputed private institutions, MNCs, PSUs, etc. with at least 2 years of service (subject to bank discretion).
    • Income:
      • ₹15,000 (non-metro areas)
      • ₹20,000 (metro cities)
      • Net take-home salary should meet bank norms (typically 40–50% of gross).
    • Banking Relationship: Salary account with Union Bank preferred; faster approvals for existing customers.
    • Credit Score: Preferably above 700 with no adverse history.
    • Other: Must be a resident Indian citizen. NRIs not eligible.
  • General Personal Loan for Non-Salaried/Self-Employed Individuals
    • Age: 25 to 75 years (65 for professionals).
    • Income: Regular and verifiable source of income with ITRs for 2–3 years.
    • Banking Relationship: Must maintain an account with an average quarterly balance of ₹25,000 for the last 4 quarters. Minimum 2-year relationship preferred.
    • Credit Score: Preferably above 700 with a good repayment record.
    • Co-Applicant/Guarantor: Required (preferably spouse or guarantor for single/widowed/divorced applicants).
    • Other: Resident Indian citizen. NRIs not eligible.
  • Special Retail Lending Scheme for Government Employees
    • Employment: Permanent employees of government, PSUs, armed forces, or government-funded institutions.
    • Age: 18 years minimum; maximum is 1 year before retirement or superannuation.
    • Income: No specific minimum, but sufficient repayment capacity is essential.
    • Banking Relationship: Salary account with Union Bank preferred.
    • Credit Score: Preferably above 700 with a clean credit history.
    • Other: Resident Indian citizen. Loan balance transfer allowed from other lenders.
  • Union Women Professional Personal Loan Scheme (UWPPL)
    • Target Group: Women professionals (Doctors, Engineers, CAs, CSs, etc.).
    • Age: 25 to 65 years at loan maturity.
    • Income: Minimum ₹12 lakh annual income; stable and provable income source.
    • Credit Score: Preferably above 700 with no adverse credit history.
    • Banking Relationship: Preferred but not mandatory. Good financial history helps.
    • Other: Resident Indian citizen. Professional qualifications must be documented. NRIs not eligible.
  • Pensioner Loan Scheme
    • Target Group: Pensioners from central/state government, PSUs, defense, and family pensioners.
    • Age: No minimum; maximum is 80 years at loan maturity.
    • Income: Regular pension credited to Union Bank account. Repayment capacity is assessed.
    • Banking Relationship: Pension account with Union Bank mandatory.
    • Credit Score: CIBIL check may be lenient; clean history preferred.
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Documents Required for Union Bank of India Personal Loans

  • Common Documents (for Both Salaried and Self-Employed):
    Identity Proof (any one):
    - Aadhaar Card
    - PAN Card
    - Passport
    - Voter ID
    - Driving License
    Address Proof (any one, if different from Aadhaar):
    - Aadhaar Card
    - Utility bill (electricity, water, gas—not older than 3 months)
    - Rental agreement
    - Passport
    - Voter ID
    Photograph:
    - One recent passport-size photograph
  • For Salaried Individuals:
    Income Proof (any of the following):
    - Last 3 months' salary slips
    - Last 6 months' bank statements (showing salary credits)
    - Form 16 (latest)
    Employment Proof (if requested):
    - Appointment letter or employee ID
    - Recent payslip mentioning company details

Factors for Personal Loans – Union Bank of India

  • Credit Score:
    Impact: A CIBIL score of 700 or above is preferred for quick approval and lower interest rates (starting at 10.30% p.a.). Scores below 700 may lead to higher rates or rejection.
  • Income Level:
    Impact:
    Salaried: Minimum monthly income of ₹15,000 (₹20,000 in metros).
    Self-Employed: Regular income via ITRs.
    Higher income increases loan amount eligibility.
  • Debt-to-Income Ratio (DTI):
    Impact: The bank assesses your existing EMIs against your income. A DTI below 50% is ideal.
  • Employment/Business Stability:
    Impact:
    Salaried: Minimum 2 years of work experience.
    Self-Employed: At least 2 years of business/professional experience.
  • Age:
    Impact:
    Salaried: 18–60 years.
    Self-Employed: 25–75 years at loan maturity.
  • Loan Amount and Tenure:
    Impact: Union Bank offers loans from ₹5 lakh to ₹50 lakh with tenures of 12–84 months.

Frequently Asked Questions (FAQs)

What types of personal loans does Union Bank of India offer?
Union Bank offers various personal loan schemes:
  • General Personal Loan (for salaried and non-salaried)
  • Special Retail Lending Scheme (for government employees)
  • Union Women Professional Personal Loan Scheme (UWPPL)
  • Pensioner Loan Scheme
  • Union Ashiyana Personal Loan (top-up for home loan borrowers)
  • Digital Pre-Approved Personal Loan (PAPL)
What is the maximum loan amount I can get?
Loan amounts vary by scheme:
  • General Personal Loan: Up to ₹15 lakh
  • Union Women Professional: Up to ₹50 lakh
  • Pensioner Loan: Up to ₹10 lakh
  • Union Ashiyana: Up to ₹20 lakh
  • Digital Pre-Approved Loan: Based on bank's pre-approved offer
What are the interest rates for personal loans?
Interest rates range from 10.30% to 14.30% p.a.:
  • Government employees: Starting at 10.30% p.a.
  • Women professionals: Starting at 11.35% p.a.
  • Salaried: 12.30%–13.40% p.a.
  • Non-salaried: Starting at 14.30% p.a.
  • Pre-approved loans: As low as 11.8% p.a.
Who is eligible for a personal loan?
Eligibility depends on the scheme:
  • Salaried: Age 18–retirement, minimum salary ₹15,000/month (₹20,000 in metros)
  • Non-salaried: Age 25–75 years, regular income
  • Government Employees: Permanent central/state government employees
  • Women Professionals: Minimum annual income ₹12 lakh
  • Pensioners: Age up to 80 years
What documents are needed to apply?
Common documents include:
  • Identity proof (PAN, Aadhaar, passport, etc.)
  • Address proof (Aadhaar, utility bill, etc.)
  • Two passport-sized photographs
  • Income proof (salary slips/ITR)
  • Bank statements
How can I apply for a personal loan?
You can apply:
  • Online: Visit www.unionbankofindia.co.in or use the mobile app
  • Offline: Visit a Union Bank branch
  • For pre-approved loans: Accept the offer via net banking/app
What is the repayment tenure?
Tenure varies by scheme:
  • General Personal Loan: 12–60 months
  • Union Women Professional: Up to 84 months
  • Pensioner Loan: 36–60 months
  • Union Ashiyana: Linked to home loan tenure
Are personal loans secured or unsecured?
All personal loans from Union Bank of India are unsecured, requiring no collateral or asset pledge.
What are the processing fees?
Fees depend on the scheme:
  • General Personal Loan: 0.50%–1% of loan amount (min ₹500, max ₹7,500 + GST)
  • Union Women Professional: No processing fees
  • Pensioner Loan: 0.10% of loan amount (min ₹100)
  • Special Retail Lending Scheme: No processing fees
Can I prepay or foreclose the loan?
Yes, you can prepay or foreclose the loan without any charges if paid from verifiable legitimate sources.
What can I use the personal loan for?
Personal loans are flexible and can be used for:
  • Weddings and travel
  • Medical emergencies
  • Education expenses
  • Home renovation
  • Consumer durables
  • Debt consolidation
What is a Digital Pre-Approved Personal Loan?
A fully digital loan for existing Union Bank customers with pre-approved offers:
  • No documentation or branch visits
  • Instant disbursal to your Union Bank account
  • Flexible tenure and EMI date selection
Can I transfer my existing loan to Union Bank?
Yes, the Special Retail Lending Scheme allows transferring high-cost loans from other banks/NBFCs to Union Bank at lower rates (starting at 10.30% p.a.).
Is a co-applicant or guarantor required?
  • Co-applicant: Mandatory for non-salaried applicants (usually spouse)
  • Guarantor: Required for non-salaried single, widowed, or divorced applicants
  • Not required for salaried, government employees, pensioners, or pre-approved loans
How does my credit score affect the loan?
A CIBIL score above 700 ensures:
  • Faster approval
  • Lower interest rates (10.30%–11.8% p.a.)
  • Higher loan amounts
Scores below 700 may lead to higher rates, smaller amounts, or rejection.

List of Union Bank of India Personal Loans

  • Union Personal Scheme for Salaried Individuals
  • Union Personal Scheme for Non-Salaried Individuals
  • Special Retail Lending Scheme for Government Employees
  • Union Women Professional Personal Loan Scheme (UWPPL)
  • Union Professional Personal Loan Scheme
  • Union Pension Loan
  • Union Aashiyana Personal Loan
  • Digital Pre-Approved Personal Loan (PAPL)