Union Bank of India Personal Loan

Please Note: Union Bank of India is not a Paisabazaar partner. Offers would be from partner Banks/NBFCs only.

Union Bank of India Personal Loan Highlights
Interest rate	11.40%-15.50% p.a.
Loan Amount	Up to Rs 15 lakh For Women- Up to Rs 50 lakh
Loan Tenure	Up to 5 years (repayment should be co-terminus with retirement) For Women- Up to 7 years
Processing Fees	Up to 1% (Maximum Rs 7,500)

Note: Rates as of 31st March 2023

Union Bank Personal Loan Interest Rates 

Union Personal Scheme

Union Professional Personal Loan Scheme

Schemes	CIBIL Score	Interest Rate (p.a.)
Union Professional Personal Loan – Salaried Applicants covered under Salary Tie-up	700 & above	11.80%
	Below 700	12.05%
Union Professional Personal Loan – Salaried Applicants not covered under Salary Tie-up	700 & above	12.30%
	Below 700	12.55%
Union Professional Personal Loan – Non-salaried Applicants	700 & above	12.80%
	Below 700	13.05%

Union Bank Special Personal Scheme for Government Employees and SRLGE

Where employer undertaking is available

CIBIL Score	Interest rate (p.a.)
750 & above	11.40%
From 700-749	11.50%
From 650-699	11.70%
Less than 650	12.00%

Where employer undertaking is unavailable

CIBIL Score	Interest rate (p.a.)
750 & above	12.90%
From 700-749	13.00%
From 650-699	13.20%
Less than 650	13.50%

Where salary account is with Union Bank of India and employer undertaking is not available but guarantee of another co-employee is obtained. One Co-employee will be eligible to offer maximum 1 guarantee.

CIBIL Score	Interest rate (p.a.)
750 & above	12.00%
From 700-749	12.10%
From 650-699	12.30%
Less than 650	12.60%

Union Women Professional Personal Loan Scheme (UWPPL)

For Loan Amount of up to Rs 50 lakh

For Salaried Applicants

CIBIL Score	Interest Rate (p.a.)
700 & above	11.40%
Below 700	11.55%

For Non-Salaried Applicants

CIBIL Score	Interest Rate (p.a.)
700 & above	12.30%
Below 700	12.55%

Union Cash

For Pensioners

Age	Loan Amount	Rate of Interest (p.a.)
Up to 70 years	Rs 10 lakh	11.40%
Above 70 years	Rs 5 lakh	11.40%

 For Family Pensioners (any age group)

Loan Amount	Rate of Interest (p.a.)
Rs 3 lakh	11.40%

Also Read: How Step UP Credit Card Co-branded with SBM Bank India Ltd. can be helpful in building/improving your credit score

Comparison Table of Personal Loan Interest Rates for Different Lenders

Banks/NBFCs	Interest Rates(p.a.)
HDFC Bank	10.50% onwards	Apply Now
SBI	11.00%-15.00%
ICICI Bank	10.75% onwards	Apply Now
Axis Bank	10.49% onwards	Apply Now
Kotak Mahindra Bank	10.99% onwards	Apply Now
IndusInd Bank	10.49% onwards	Apply Now
IDFC First Bank	10.49% onwards	Apply Now
Bajaj Finserv	11.00% onwards	Apply Now
Tata Capital	10.99% onwards	Apply Now

Know more about personal loan interest rates offered by top lenders

Types of Union Bank of India Personal Loans

Union Personal- For Salaried (other than government employees)

Purpose: Personal loan for salaried is offered to meet the financial requirements of private sector salaried individuals pertaining to their various personal needs like wedding, holiday, travel, purchase of durables, etc.

Loan Amount: For employees of companies having tie-up with the bank: Maximum-Rs 15 lakh For employees of companies not having any tie-up with the bank-

• New first time borrower- Rs 5 lakh
• Existing borrower- Rs 15 lakh

Tenure: Up to 5 years (co-terminus with retirement)

Union Personal- For Non-salaried

Purpose: Personal Loan for self-employed, a collateral-free personal loan scheme, for meeting all the personal financial needs of non-salaried individuals

Loan Amount: Existing borrower- Up to Rs 15 lakh First time borrower- Up to 5 lakh

Tenure: Up to 5 years (co-terminus with retirement)

Union Personal- Special Retail Lending Scheme for Government Employees

Purpose: Personal loan for government employees meets the personal expenses of individuals employed in government sector This loan scheme can also be availed by government employees to transfer their existing  personal loans from other banks/NBFCs to Union Bank of India.

Loan Amount: Up to Rs 15 lakh

Tenure: Up to 5 years (co-terminus with retirement)

Union Professional Personal Loan Scheme

Purpose: Personal loan scheme to meet the personal financial needs of professionals like doctors, CA, CS, cost accountants and engineers having annual income of Rs 12 lakh and above.

Loan Amount: Up to Rs 20 lakh

Tenure: Up to 5 years (up to retirement age of salaried individuals and 65 years of age for non-salaried individuals)

Union Cash (For Pensioners)

Purpose: This pension loan facility finances the personal expenses of pensioners/family pensioners including medical, travel or any emergency

Loan Amount: Pensioner- Rs 10 lakh (up to 70 years) Rs 5 lakh (Above 70 years) Family Pensioner- Rs 3 lakh (any age group)

Tenure (age at the time of application): Up to 70 years- up to 5 years Above 70 years- up to 3 years

Union Women Professional Personal Loan Scheme (UWPPL)

Purpose: To meet the personal requirements such as wedding, purchase of consumer durables, holiday, travel, etc. of women professionals

Loan Amount: Up to Rs 50 lakh

Tenure: Up to 7 years

Processing Fee: NIL

Eligibility for Union Bank of India Personal Loan

For Union Personal- Salaried Eligibility (other than government employees)

Loans under this scheme are divided into two categories:

Tie-up

• Permanent employees of reputed private organization/institutes in India
• May or may not be a salary account holder
• Minimum monthly gross salary of Rs 15,000 (Rs 20,000 for those in Delhi, Mumbai, Bangalore, Kolkata, Pune, Chennai, Ahmedabad)

Non Tie-up

• Confirmed employees of reputed private institutes/organization in India
• Should be a bank customer for at least 6 months before applying for the loan
• Should maintain salary account with the bank
• Should be earning at least a gross monthly salary of Rs 15,000 (Rs 20,000 for those personal loan applicants residing in Ahmedabad, Pune, Bangalore, Delhi, Kolkata, Mumbai, Chennai)

For Union Personal Loan – Non-salaried

• Non-salaried applicants with regular source of income
• Minimum age- 25 years
• Maximum age- Applicant should repay the loan by the age of 75 years
• Borrower should be the bank customer for at least 2 years prior to applying for the loan
• The  borrower should maintain a current /savings account with the bank with an average quarterly balance of Rs 25,000 for the last 4 quarters. There should also be no reporting of cheque returns or any other adverse features

For Union Personal – Special Retail Lending Scheme for Government Employees

• Permanent employees of government organizations (central government/ state government), defense, armed personnel, PSUs, central/state government undertakings, ministries or departments under them, All India Services officers, non-teaching and teaching staff at government colleges and schools)
• Minimum age – 18 years
• May or may not have an account with the bank
• The primary applicant should be the government employee

For Union Professional Personal Loan

• Salaried and non-salaried individuals working under the following professions:

Doctors, Engineers, Chartered Accountant, Company Secretary and Cost Accountants

• Minimum entry age -18 years for salaried individuals; 25 years for non-salaried individuals

• Maximum exit age – Retirement age for salaried individuals and 65 years of for non-salaried individuals

For Union Cash (Pensioners)

• Maximum age is 75 years for pensioner and 70 years for family pensioner
• Pensioner/family pensioner must draw pension/family pension through Union Bank of India

For Union Women Professional Personal Loan Scheme (UWPPL)

• Minimum age of salaried applicant at the time of loan application should be 21 years
• Minimum age of non-salaried applicants at the time of loan application should be 23 years
• Maximum age at the time of loan maturity should be 65 years for non-salaried applicants, whereas retirement age for salaried applicants
• Salaried and non-salaried women income tax assesse having annual salary or income of Rs 5 lakh and above are eligible for this scheme
• Women professionals in the field of healthcare, accountancy, audit, art and culture, fashion designing, wealth management/financial services, coaching, counselling, film making, photography, mass media, publicity, communications, beauty and cosmetics, legal services, aviation, education and research are also eligible for Union Bank Personal Loans
• Credit score: Applicants having a minimum credit score of 650 and above have higher chances of availing Union Bank Personal Loans

Know more about the personal loan eligibility criteria set by top personal loan lenders

Documents Required for Union Bank of India Personal Loan

• Complete application form and credit information
• Two latest passport size photographs
• KYC documents (applicant and co-applicant both): ID Proof (Passport/PAN/Aadhaar/Voter ID), Address Proof (Passport/Aadhaar/Driving License)
• Business/Office address proof
• Bank statement for past 12 months
• For salaried individuals – last 3 months salary slips, last 2 years ITR/Form 16

Union Bank of India Personal Loan Processing fees and Charges

Processing Charges for Union Personal Loan

• Union Personal non-salaried/salaried/government employees with or without tie-up- 1% of the loan amount subjected to a minimum of Rs 500 to a maximum of Rs 7500
• SRLG- NIL

Processing Charges for Union Cash (Pensioners)

• 0.10% of loan amount subject to minimum of Rs 100

Processing Charges for Special Union Cash Scheme (BSNL/MTNL VRS optee/Retired employee)

• Up to Rs 4 lakh- Rs 500
• Above Rs 4 lakh to 6lakh- Rs 1000

For Union Women Professional Personal Loan Scheme (UWPPL)

Processing charges	NIL
Overdues Charges	In case of default/delayed payment, penal interest should be recovered @2% p.a. (over and above the applicable interest rate) on the overdue amount for the period of default
Prepayment penalty	There is no prepayment penalty if the loan is adjusted by the borrower from his/her own verifiable legitimate sources.

Know about the personal loan processing fees charged by various banks/NBFCs

Union Bank of India Personal Loan EMI Calculator

Union Bank of India Customer Care

All-India Toll Free number: 1800 22 22 44 / 1800 208 2244

Charged Numbers :080-61817110

Dedicated Number for NRI: +91-8061817110

Know more about Union Bank Personal Loan Customer Care Numbers and Grievance Redressal in detail.

FAQs

Q. What is the time required for disbursal of Union Bank Personal Loan?

A. Union Bank of India claims to disburse the personal loan within 3 working days after the submission of required documents. The bank also offers pre-approved instant personal loans to existing customers.

Q. How does Union Bank of India decide the loan eligibility of personal loan applicants?

A. The loan eligibility of Union Bank personal loan applicants depends upon their repayment capacity and income. Other factors include their age, credit score, continuity of occupation, etc.

Q. What is the minimum credit score at which the applicants can avail Union Bank Personal Loan?

A. Union Bank of India has not specified any cut-off credit score for personal loan applicants. However, the bank offers lower interest rates to personal loan applicants with credit score of 700 and above.

Q. Can I choose between a fixed or floating rate for the personal loan?

A. Union Bank of India offers only floating interest rates on personal loans.

Q. Can the government employees who do not have a salary account with Union Bank of India avail a personal loan from the bank?

A. Yes, the government employees not having a salary account with Union Bank of India can avail personal loan from the bank under the Special Retail Lending Scheme for Government Employees. However, such applicants are only eligible for the term loan facility. Click here to know personal loan schemes offered by other banks/NBFCs to government employees and other categories.

Q. Does Union Bank of India offer preferential interest rates for personal loans to government employees?

A. Yes, Union Bank of India offers preferential interest rates to the personal loan applicants employed with the government. Among the government employees, applicants having the employer undertaking are offered the lowest interest rates.