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Union Bank Personal Loan

Online Union Bank of India Personal Loans

Last Updated 25th Nov 2021

  • Union Bank of India Personal Loan interest rate starts from 8.90%. Check Best Offers
  • The processing fee charged on Union Bank personal loan is 0.5%, Min Rs. 500.
  • Union Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your Union Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • Union Bank has special schemes for different income and occupation groups.
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Union Bank Personal Loan Details

  • Interest Rate on Union Bank personal loan ranges from 8.90% to 13.00%.
  • Lowest EMI per lakh works out to be ₹ 2,071 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by Union Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 21 to 58 years.
  • Loan amount can range from ₹ 50,000 to ₹ 5 Lakh
  • Union Bank Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by Union Bank on personal loan is 0.5%, Min Rs. 500
  • Union Bank of India allows personal loan foreclosure and part prepayment at Nil prepayment charges.

How to Get the Best Offer on Union Bank Personal Loan?

There are various factors that impact your chances to get the best offers on Union Bank Personal Loan, as listed follows:

  • Loan Amount - Union Bank of India offers loans between ₹ 50,000 and ₹ 5 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - Union Bank of India offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - Union Bank of India has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for Union Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - Union Bank of India offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 8.90%
  • Credit Score - Union Bank of India checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

Union Bank Personal Loan Documents

You require the following documents to avail personal loan from Union Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for Union Bank Personal Loan?

The step-by-step procedure to get a personal loan online from Union Bank of India is mentioned below:

  • Visit the official website of Union Bank Or contact your nearest Union Bank of India branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, Union Bank of India will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by Union Bank of India, and on successful approval of the loan, the funds will be disbursed to your Union Bank of India account immediately.

You can also apply for Union Bank of India personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest Union Bank of India branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The Union Bank of India representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your Union Bank of India Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan Union Bank
Maximum Annual Percentage Rate (APR) 9% to 13.1%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • Union Bank of India Personal Loan Interest Rate: 8.90% to 13.00%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,071 for 60 Months ₹ 1,00,000 loan at 8.90% (lowest rate, longest time period) to ₹ 8,932 for 12 Months ₹ 1,00,000 loan at 13.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9% to 13.1%
  • Total cost payable over loan tenure: ₹ 1,05,386 for 12 Months loan to ₹ 1,24,759 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the Union Bank of India take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from Union Bank of India ?

Below-mentioned is the reason why you must avail a personal loan from Union Bank of India.(1) Less documentation required for personal loan (2) Reasonable interest rates (3) Quick disbursal of loan

How much interest is charged by Union Bank of India on personal loan?

Personal loan interest rates in Union Bank of India are 8.90% to 13.00%. Union Bank of India personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from Union Bank of India ?

If you apply for loan from Union Bank of India, your lowest Personal Loan EMI per lakh will be ₹ 2,071 which corresponds to lowest interest rate of 8.90% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in Union Bank of India?

Union Bank of India personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from Union Bank of India?

Union Bank of India offers you loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 5 Lakh

Can I add my spouse's income while applying for personal loan from Union Bank of India?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from Union Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get Union Bank of India personal loan?

You can get a personal loan from Union Bank of India by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with Union Bank’s application process.

How can I check my Union Bank of India personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from Union Bank of India, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at Union Bank of India's website. In case you are unable to track your application online, you can get Union Bank of India loan assistance at Union Bank of India loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a Union Bank of India personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from Union Bank of India. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from Union Bank of India?

No, Union Bank of India does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my Union Bank of India personal loan after 1 year?

You can close your personal loan from Union Bank of India after 0 months by paying charges: Nil prepayment charges

Can I negotiate with Union Bank of India on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your Union Bank of India personal loan EMI?

You can pay your Union Bank of India personal loan EMI by using ECS facility or through Standing Instruction.Union Bank of India also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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Union Bank of India Personal Loan Reviews 3/5  by 1 customers
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Reviewed on 23rd Aug 2015
3 / 5 stars
Union Bank of India Personal Loan Availed in Jun-17

I was looking for personal loan but I did not know where to apply. One of my friend suggested me aboRead more...

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Union Bank Personal Loan News - Nov 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-01-03 : Union Bank completes integration of all branches of Corporation Bank
    Union Bank of India has completed the IT integration after which all the branches of former Corporation Bank have come fully under its fold as part of the amalgamation exercise. Union Bank offers retail loans like home, personal, car, two-wheeler, gold loan along with business and mudra loans.
  • 2020-11-10 : Union Bank of India net profit ₹517 cr in Q2
    Union Bank of India reported a net profit of Rs 517 crore in the September quarter as against a loss of Rs 994 crore in the same period last year. The net interest income (NII) rose 6.05% to Rs 6,293 crore on the back of retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans. Further, the net interest margin (NIM) dipped to 2.51% in Q2FY21 from 2.68% in the year-ago quarter.
  • 2020-08-24 : Union Bank of India posted Rs. 340.95 crore net profit in Q1FY21
    Union Bank of India posted a net profit of Rs.340.95 crores for the period ended June 30, 2020, as against a net loss of Rs.2713.03 crores for the period ended March 31, 2020. Further, the Bank reported total income of Rs.20487.01 crores bolstered by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
  • 2020-02-12 : Union Bank posted a Q3 profit of Rs. 575 Crores
    Union Bank reported an increase in Q3 profit to Rs. 575 crores on the back of higher recoveries. Net interest income grew by 23% year-on-year basis at Rs. 3,134 crores against Rs. 2,493 crores in the year-ago period driven by an increase in Home Loan and Personal Loan.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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