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.
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Union Bank of India
- Union Bank of India Overview
- Union Bank of India Features
- How to Apply for a Personal Loan in the Union Bank of India?
- Union Bank of India Personal Loan Eligibility Criteria
- Union Bank of India Personal Loan Documents Required
- Types of Personal Loan offered by the Union Bank of India
- Takeaways from the Article
Union Bank of India Overview
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, whose headquarters is 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.
Union Bank of India’s Personal Loan is financial assistance utilized to finance your personal needs without offering collateral in exchange for the loan. Personal loans are multipurpose loans that can be utilized to renovate households, marriages, vacations, etc.
Union Bank of India Features
Like every other bank loan, Union Bank of India has some distinctive features and benefits that individuals can enjoy for a personal loan. Here are some of them:
- The individual is permitted to borrow up to the maximum loan amount available.
- 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 the Union Bank of India Personal Loan are relatively appealing and competitive.
- Public Sector employees 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.
How to Apply for a Personal Loan in the Union Bank of India?
Online: You can visit the Union Bank of India website, and from the loans, the tab can select the personal loan option. You will have to fill the specified form with all the necessary details and required documents.
Offline: Visit the nearest branch of the Union Bank of India with all the required documents. The employees will guide you through filling all the necessary forms and submitting all the documents to get the approval for the personal loan.
Union Bank of India Personal Loan Eligibility Criteria
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 a regular monthly income of at least Rs. 15000
- The individual must have completed at least three years in the current job, business, or profession.
- The individual must have a CIBIL score of 700 and above.
Union Bank of India Personal Loan Documents Required
- Two passport size photographs of the individual will be required.
- As proof of identity, the individual must submit a copy of any of the following: Passport, Driving License, Aadhar Card, and 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 slips of the past six months, and a bank statement of the past three months (for salaried applicants).
- All financial documents, from company documents to Income Tax Return files, are required (for self-employed applicants).
Types of Personal Loan offered by the Union Bank of India
The Union Bank of India provides various 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
Government employees can apply for a Union Bank of India personal loan to meet their financial obligations. 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 fulfill 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 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 percent.
- 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 quickly help you plan your dream holiday. This UBI personal loan will help with various 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 20, 00, 000 can be utilized 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.
- There is the presence of 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 NRI personal loans, 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.
Takeaways from the Article
In this particular article, we have given you information about the Union Bank of India Personal Loan, about the Union Bank of India Personal Loan interest rate, and about what a Union Bank of India Personal Loan is.