Union Bank of India Personal Loan | Purpose, Features, Eligibility, Types Documents Required

Union Bank of India Personal Loan: Are you thinking of taking a personal loan to make your ends meet? Well then, Union Bank of India Personal Loan might be the right option for you. This article gives you a brief on Union Bank Personal Loan rate of interest, Union Bank Personal Loan eligibility and how you can apply for Union Bank Personal Loan online.

Curious to check other banks’ offered Personal loan features, eligibility, interest rates, tax benefits, and a repayment plan. Go with our one-stop Personal Loan Page & swipe out your doubts within no time.

Union Bank of India

About Union Bank of India

Union Bank of India is a solely leading public sector bank in India. The bank is a publicly-traded company, with the government of India owning 83.50 percent of the total share capital.

The bank, which has it’s headquarters in Mumbai, India, was established as a limited company on November 11, 1919. Union Bank of India is the country’s first significant public sector bank to implement a 100 percent core banking system.

Purpose of Union Bank of India Personal Loan

Union Bank of India’s Personal Loan is financial assistance that can be utilised to finance your personal needs without offering collateral in exchange for the loan.

Personal loans are multipurpose loans that can be utilised for many purposes like renovation of households, marriages, vacations, etc.

Different types of Personal Loan

The Union Bank of India provides a wide variety of offers and benefits on personal loans. Any individual can choose the most suitable one for them according to the need for the loan.

UBI Doctor Loan

Doctors and medical professionals can also apply for a personal loan from Union Bank and take advantage of a variety of offers and packages tailored to their specific personal and professional requirements.

UBI Marriage Loan

Marriages are among the most expensive events in Indian households. Union Bank of India gives personal loan packages with low-interest rates and large loan amounts to cover your wedding needs.

UBI Personal Loan for Government Employees

To meet their financial obligations, government employees can apply for a Union Bank of India personal loan. The bank has personal loan offers to fulfill your various monetary requirements.

Union Bank of India Personal Loan intended for Pensioners

Employees of the public sector who have retired and earned a pension can apply for a personal loan to help them fulfil their post-retirement financial obligations. Union Bank can assist you in selecting the best financial package for your needs.

Union Bank of India Personal Loan Balance Transfer

Personal loan balance transfer refers to the procedure of moving an existing personal loan from one bank to another to obtain lower interest rates. You might apply for a Union Bank of India personal loan balance transfer to reduce your financial stress.

Union Bank of India Home Renovation Loan

Union Bank of India provides home renovation loans to those who want to remodel their homes. This personal loan would be used to cover necessary repairs or to assist the borrower in purchasing new fittings, fixtures, and furniture for their property. The following are some of the specific and essential elements of the UBI Home Renovation Loan:

  • Union Bank of India’s Home Renovation Loan has an interest rate as low as 11.25 per cent.
  • Individuals might apply for a loan of up to Rs. 20 Lakh to repair their home.
  • The Union Bank of India home remodeling loan requires minimal paperwork, making the entire financing process simple.
  • After the bank approves your application, the loan amount is usually credited to your account within 72 hours.

Union Bank of India Holiday Loan

Union Bank of India Holiday Loan will help you plan your dream holiday with ease. This UBI personal loan will help with a variety of vacation expenses, such as purchasing a plane ticket, staying in a hotel, guided tours, and so on. The following are the primary features of UBI’s Holiday Loan:

  • Holiday loan interest rates begin at 11.25 percent per annum.
  • A sum of up to Rs twenty Lakh can be utilised conveniently to ensure that a financial problem does not derail your dream vacation.
  • Simplified and minimal paperwork makes it easier and more convenient to fund your vacation.
  • Quick credit processing and disbursement, which is promptly credited to your account.

Union Bank of India NRI Personal Loan

Union Bank of India also offers personal loans to NRIs, acknowledging their hopes and desires. The principal loan applicant must be an Indian national, and the NRI co-applicant must be a close relative. The following are the features of NRI Personal Loan:

  • Union Bank of India provides NRIs with private loans of up to Rs. 10 lakh with various end-use options.
  • The interest rates on NRI Personal Loans begin at 15.49 percent per annum.
  • The loan is for a length of up to 36 months.

Features and Benefits of Union Bank of India Personal Loan

Like every other bank loans, Union Bank of India has some distinctive features and benefits which individuals can enjoy for taking a personal loan. Here are some of them:

  • The individual is permitted to borrow up to the maximum loan amount available to them.
  • There are a variety of loan repayment choices available.
  • The personal loan application is processed and approved quickly and easily.
  • The interest rates intended for Union Bank of India Personal Loan are relatively appealing and competitive.
  • Public Sector employee can enjoy special offers and discounts.
  • Generally, the bank does not require any security for the loan. It may, however, differ depending on the individual and their demands.

Eligibility Criteria of Union Bank of India Personal Loan

The eligibility criteria for the Union Bank of India Personal Loan are as follows:

  • The age criteria start from 18 years of age to 60 years of age.
  • The individual must be salaried or self-employed with regular monthly income of at least Rs. 15000
  • The individual must have completed at least 3 years in the current job or business or profession.
  • The individual must have a CIBIL score of 700 and above.

Applying for Personal Loan

Applying Online: You can visit the Union Bank of India website, and from the loans tab can selec the personal loan option. Fill up the specified form with all the necessary details and any documents required. You can also apply for the loan from your nearby ATMs if you want.

Applying Offline: Visit the nearest branch of your Union Bank of India with all the required documents. The employees will guide you through the process of filling all the necessary forms and submitting all the documents to get the approval for the loan started.

Documents Required for Applying

  • Two passport size photographs of the individual.
  • As proof of identity, the individual must submit a copy of any of the following: Passport, Driving License, your Aadhar Card and additionally Voter ID Card.
  • As proof of address, the individual must submit any of the following: Rent Agreement with a minimum of 1 year stay at the address, Utility Bills, Passport as proof of permanent residence, Ration card.
  • For proof of income, the individual must have Income Tax Returns for the prior two fiscal years, salary slip of the past six months and bank statement of the past 3 months (for salaried applicants).
  • All financial documents starting from company document to Income Tax Return files are considered (for self-employed applicants).

Leave a Comment

Your email address will not be published. Required fields are marked *