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Personal Loan Balance transfer to Union Bank of India

Refinance Union Bank of India Personal Loan

Last Updated 07th Jun 2021

Interest Rate 11.00%
Processing Fee 0.5%, Min Rs. 500
Lowest EMI per lakh ₹ 2,174
Loan Tenure 5 years
  • Union Bank of India Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to Union Bank of India.
  • Avail top up from Union Bank of India at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for Union Bank of India personal loan balance transfer at 11.00%.
  • Union Bank of India offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare Union Bank of India Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

Union Bank of India Personal Loan Balance Transfer

Union Bank of India Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to Union Bank of India to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on Union Bank of India balance transfer ranges from 11.00% to 12.40%, while the repayment tenure ranges between 12 Months to 60 Months.

Union Bank of India Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to Union Bank of India must be taken keeping in mind the interest rate of the current Bank and Union Bank of India.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the Union Bank of India balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

Union Bank of India Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to Union Bank of India

The benefits of transferring the Personal loan to Union Bank of India are as follow:

  • Union Bank of India offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • Union Bank of India Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the Union Bank of India and avail better facilities.
  • Union Bank of India offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

Union Bank of India Eligibility Criteria and Documents required

Eligibility criterion of the Union Bank of India is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the Union Bank of India Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for Union Bank of India Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare Union Bank of India Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare Union Bank of India Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to Union Bank of India?

Steps for the personal loan balance transfer to Union Bank of India are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the Union Bank of India personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the Union Bank of India start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the Union Bank of India in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, Union Bank of India charges lowest interest rate on personal loan balance transfer.

How do I check my Union Bank of India personal loan balance?

You can check your personal loan balance of Union Bank of India by below mentioned ways:

  • By visiting the Union Bank of India branch.
  • By calling the customer care of the Union Bank of India.
  • By logging on into the Union Bank of India mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my Union Bank of India loan application?

You can get update about Union Bank of India loan application via the ways mentioned below:

  • Net banking : You are required to login into Union Bank of India net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the Union Bank of India : You can also visit the Union Bank of India branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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Union Bank Personal Loan News - Jun 2021
  • 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.
  • 2019-09-20 : Union Bank of India co-originates with Capital India Finance to grant loans
    Union Bank of India signed a Memorandum of association with Capital India Finance Limited to grant retail loans and MSME loans. The collaboration might enable easy accessibility of credit at affordable rates to borrowers. The merger is done, keeping in mind RBI’s instruction to co-originate funds and provide loans.
*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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