Union Bank of India personal loan – Find Documents List, Eligibility, Interest Rates 2016 and Fees charges. Union Bank offers availed for any purpose, be it a wedding expenditure, meet financial requirements, a holiday or purchasing consumer durables, personal loan is very handy & caters to all your needs.
Union Bank Personal loan Interest Rates 2016
✓ Union Personal – For Salaried individuals = 14.40% (fixed)
✓ Union Personal – under Tie-up = 13.40% (fixed)
✓ Union Personal – For Housing Loan Borrowers = 11.65% (floating)
✓ Union Personal – For KVS/NVS Employees = 12.90% (Floating)
✓ Union Personal – For employees working under Home & Defence ministries, Officers in all India Services & Top executives of PSUs = 12.90% (Floating)
✓ Union Personal – For employees working under accredited GOI ministries (Labour & Employment, Environment & Forest,
Science & Technology, Statistics & Programme Implementation) = 12.90% (Floating)
There are many among us who might be facing difficulty in purchasing goods by paying a lumpsum amount. But we would be comfortable paying small installments on a monthly basis. The Union Personal loan plays an important role here. It helps you avail loans to meet personal expenses such as purchase of consumer durable, etc.
Eligibility Criteria for Union Bank Personal Loan
To avail “Union Personal” you need to meet the following criteria:
- Should be from the salaried class, having regular source of income and having salary account with our bank.
- The applicant has reasonable residual service to ensure that the entire loan is repaid one year prior to retirement.
Processing Fees on Personal Loan of Union Bank of India as Follows:
✓ Processing charges are 0.50% of the loan amount, subject to a minimum of Rs. 500 plus service tax
Union Bank Personal Loan EMI Calculator
You Can Calculate Personal Loan EMI with this Calculator by Just Enter your Loan Amount, Interest Rates and Loan Period/Tenure
QUANTUM OF LOAN
✓ Up to Rs. 5 Lakh MARGIN, I.E. YOUR SHARE – Nil
✓ MORATORIUM PERIOD – Nil
What are the stages involved in taking a loan?
There are three main stages –
✓ Application – Whereby you submit a completely filled in application with all necessary documents.
✓ Sanction – Whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities.
✓ Disbursement – Whereby the loan amount is disbursed.
How much time will it take for my loan to be approved?
It takes 3 days for your loan to be sanctioned, after you have submitted all the required documents.
How is the interest charged/calculated?
Interest will be applied in the account on the basis of reducing balance method at monthly rests.
What is the maximum loan amount for Union Personal?
The maximum amount of loan is Rs. 5 Lakhs. However it would be depends on the repayment capacity.
What are the loan tenure options?
The repayment period is maximum of 5 years.
Content Updated as on 16 January 2016
Other Available Products of Union Bank of India are -
- Union Bank Home Loan
- Union Bank Car Loan
- Union Bank Credit Card
- Union Bank Education Loan
- Union Bank Loan Against Property
Source: Union Bank of India Website
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