Union Bank of India has launched the Union Personal Loan for Covid Treatment (UPLCT). The scheme aims to offer financial assistance to people to meet expenses relating to Covid treatment of self or family members who have tested positive on or after 1st April, 2021. The term loan can be availed up to a maximum of Rs. 5 lakh and can be repaid in easy EMIs within a maximum period of 60 months. The following sections discuss in detail key aspects relating to the Union Personal Loan for Covid Treatment (UPLCT):
Features of Union Personal Loan for Covid Treatment
- Loan Amount: You can avail a personal loan up to Rs. 5 lakh to meet expenses relating to Covid-19 treatment of self or any family member, provided they meet the bank’s eligibility criteria.
- Fixed Rate of Interest: The scheme is offered in the form of term loan with NIL margin and at a fixed rate of interest of 8.50% p.a.
- Repayment Tenure: The Union Personal Loan for Covid Treatment can be repaid in easy EMIs within a tenure ranging up to 60 months, including a moratorium period of 6 months.
- Minimal Documentation & Faster Processing: Since only existing customers of the bank can apply for this loan, it requires minimal documentation and is processed quickly.
Union Personal Loan for Covid Treatment Interest Rates
The Union Personal Loan Scheme for Covid Treatment is offered at a fixed rate of interest of 8.50% per annum.
The following categories of applicants are eligible to avail the Union Personal Loan for covid treatment:
- Category I: Customers drawing pension/ salary through Union Bank branches for last 12 months
- Category II: Existing Retail loan customers (Home, Mortgage, Vehicle, Personal and Cash Loan)
- Category III: Non-Salaried individuals maintaining CD/ SB account and filing ITR regularly
Also, the scheme can be availed only to meet Covid treatment-related expenses of self or family members who have tested Covid positive on or after 1st April 2021.
Documents Required for Union Personal Loan for Covid Treatment
No specific documentation requirements have been mentioned yet by the bank. However, Union Bank may specify documents on a case by case basis at the time of loan application.
How to Apply for Union Personal Loan for Covid Treatment?
To apply for Union Personal Loan for Covid Treatment, you need to get in touch with Union Bank. The contact details of the bank are given below:
- Branch Visit: You can visit the nearest Union Bank branch and apply for the personal loan scheme.
- Call: You can contact the bank’s customer care by calling upon the toll-free numbers 1800-222-244 / 1800-208-2244
How to Login on Union Bank of India Portal?
You can login to the Union Bank net banking portal by following the steps given below:
Step 1: Visit the Union Bank website.
Step 2: Click on ‘Online Banking’ and select ‘Union Bank Net Banking’.
Step 3: Next, click on ‘Retail User Login’
Step 4: Enter your User id and the verification code and click on ‘Login’.
Union Bank of India Personal Loan Statement
You can avail the statement of your Union Personal Loan for Covid Treatment via any of the following means:
- Online Method: You can avail your personal loan statement by logging into the Union Bank’s net banking portal using your login credentials.
- Offline Method: You can also avail a physical copy of your personal loan statement by visiting the nearest branch office or calling up customer care.
Union Personal Loan for Covid Treatment EMI Calculation
Union Personal Loan for Covid Treatment interest rate is fixed at 8.50% p.a. The table below gives a sample of EMI calculations using varying loan amounts, interest rates and tenure:
|Loan Amount (Rs.) and Interest Rate||Monthly EMI Payout (Rs.)|
|1-year loan tenure||2-year loan tenure||3-year loan tenure||4-year loan tenure||5-year loan tenure|
|25,000 @ 8.50% p.a.||2,180||1,136||789||616||513|
|1 lakh @ 8.50% p.a.||8,722||4,546||3,157||2,465||2,052|
|5 lakh @ 8.50% p.a.||43,610||22,728||15,784||12,324||10,258|
Q1. What is the maximum loan amount available through UPLCT?
You can avail up to Rs. 5 lakh under the Union Personal Loan for Covid Treatment, subject to some key terms and conditions.
Q2. I tested Covid positive on 15th March, 2021. Am I eligible to avail the personal loan scheme?
No, the Union Personal Loan for Covid Treatment can be availed by individuals to meet Covid treatment-related expenses of self or any family member who have tested positive on or after 1st April, 2021.
Q3. What are the tenure options available under the scheme?
You can repay your Union Personal Loan for Covid Treatment within a tenure ranging up to 60 months.
Q4. Is moratorium available on the personal loan scheme?
Yes, borrowers can avail a moratorium of 6 months under the scheme, within the overall 60 months repayment period. However, interest needs to be serviced during the moratorium period.