Union Bank of India Personal Loan

Union Bank of India offers a range of personal loan options to meet various financial needs. For general personal loans, customers can borrow up to 15 lakh with interest rates starting from 11.35% per annum. The repayment tenure for these loans is flexible, extending up to 5 years.

In addition, the bank provides a specialised loan scheme tailored for women professionals, known as the Union Women Professional Personal Loan Scheme. This scheme offers higher loan amounts, up to 50 lakh, at the same starting interest rate of 11.35% per annum. The tenure for these loans is extended to a maximum of 7 years, providing women professionals with a longer period to repay.

Both types of personal loans come with processing fees that can go up to 1% of the loan amount, with a maximum cap of 7,500. It’s important to note that loan repayment periods should ideally align with the borrower's retirement date to ensure financial planning is in sync with long-term goals.

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  • Employment Type

    Union Bank Personal Loan Interest Rates

    Union Personal Scheme

     

    SchemesCIBIL score

    Interest Rate (p.a.)

    Union Personal – Under Tie-up700 & above

    13.35%

    below 700

    13.45%

    Union Personal – Under Non Tie-up700 & above

    14.35%

    below 700

    14.45%

    Union Personal- For Non-Salaried Individuals700 & above

    15.35%

    below 700

    15.45%

     

    Union Professional Personal Loan Scheme

     

    SchemesCIBIL Score

    Interest Rate (p.a.)

    Union Professional Personal Loan – Salaried Applicants covered under Salary Tie-up700 & above

    11.75%

    Below 700

    12.00%

    Union Professional Personal Loan – Salaried Applicants not covered under Salary Tie-up700 & above

    12.25%

    Below 700

    12.50%

    Union Professional Personal Loan – Non-salaried Applicants700 & above

    12.75%

    Below 700

    13.00%

    Union Bank Special Personal Scheme for SRLGE and Government Employees

    Employer undertaking is available

     

    CIBIL Score

    Interest rate (p.a.)

    750 & above

    11.35%

    From 700-749

    11.45%

    From 650-699

    11.65%

    Less than 650

    11.95%


    Employer undertaking is unavailable

     

    CIBIL Score

    Interest rate (p.a.)

    750 & above

    12.85%

    From 700-749

    12.95%

    From 650-699

    13.15%

    Less than 650

    13.45%

    Guarantee Policy for Union Bank of India Salary Accounts

    In the absence of an employer undertaking, a co-employee can provide a guarantee, with each co-employee eligible to offer a maximum of one guarantee.

     

     

    CIBIL Score

    Interest rate (p.a.)

    750 & above

    11.95%

    From 700-749

    12.05%

    From 650-699

    12.25%

    Less than 650

    12.55%

    Union Women Professional Personal Loan Scheme (UWPPL)

    The scheme offers personal loans up to 50 lakh tailored for women applicants. For salaried women, those with a CIBIL score of 700 or above can avail an interest rate of 11.35% per annum, while those with a score below 700 will face an interest rate of 11.50% per annum.


    Non-salaried women with a CIBIL score of 700 or above will be offered an interest rate of 12.25% per annum, whereas those with a score below 700 will have an interest rate of 12.50% per annum.


    Union Cash Loan Offer for Pensioners

    Union cash is pleased to offer special loan terms for pensioners. For those up to 70 years of age, a loan amount of up to 10 lakh is available at an interest rate of 11.35% per annum.Pensioners above 70 years can avail a loan of up to 5 lakh, also at an interest rate of 11.35% per annum.


    Additionally, family pensioners, regardless of age, can secure a loan of up to 3 lakh with the same interest rate of 11.35% per annum.

    Union Bank of India Personal Loan Interest Rates vs Other Bank Loan

    Banks/NBFCsInterest Rates(p.a.)
    IndusInd Bank10.49% onwards
    HDFC Bank10.50% onwards
    ICICI Bank10.80% onwards
    IDFC First Bank10.99% onwards
    Kotak Mahindra Bank10.99% onwards
    Tata Capital10.99% onwards
    Aditya Birla10.99% onwards
    Federal Bank12.00% onwards

    (Source: Bank website)

    Union Bank of India Personal Loan Options

    Union Bank of India offers a diverse range of personal loans designed to cater to different needs and categories of individuals. Here's an overview of the various personal loan schemes available:


    1. Union Personal Loan for Salaried Individuals

    Purpose: This loan is tailored for private sector employees to address personal financial needs such as weddings, vacations, and the purchase of durable goods.


    • Loan Amount:

      • For employees of partner companies: Up to 15 lakh

      • For employees of non-partner companies:

        • First-time borrowers: Up to 5 lakh

        • Existing borrowers: Up to 15 lakh


    1. Union Personal Loan for Non-Salaried Individuals

    Purpose: Available to non-salaried individuals with a steady income, this loan can be used for personal expenses including marriage, travel, holidays, and durable goods purchases.


    • Loan Amount:

      • Existing borrowers: Up to 15 lakh

      • First-time borrowers: Up to 5 lakh

    • Tenure: Up to 5 years, aligned with the borrower’s retirement age.


    1. Union Personal Loan - Special Retail Lending Scheme for Government Employees

    Purpose: This scheme is designed specifically for government employees to cover personal expenses such as marriage, travel, and purchases. It also offers the option to transfer existing personal loans from other banks or NBFCs at reduced interest rates.


    • Loan Amount: Up to 15 lakh

    • Tenure: Up to 5 years, co-terminus with the retirement age.


    1. Union Professional Personal Loan Scheme

    Purpose: Aimed at professionals like Chartered Accountants, Doctors, Engineers, Company Secretaries, and Cost Accountants, this scheme provides financial support for personal needs.


    • Loan Amount: Up to 20 lakh

    • Tenure: Up to 5 years, or up to the retirement age for salaried individuals and 65 years for non-salaried individuals.


    1. Union Women Professional Personal Loan Scheme (UWPPL)

    Purpose: This loan is offered to women professionals in various fields including healthcare, fashion, art, law, and education, supporting personal expenses such as travel, marriage, and other purchases.


    • Loan Amount: Up to 50 lakh

    • Tenure: Up to 7 years


    1. Union Ashiyana Personal Loan Scheme

    Purpose: Designed for both new and existing home loan borrowers, this scheme helps with personal expenses such as marriage, travel, and durable goods, and can also be used to cover incidental costs associated with property purchases.


    • Loan Amount: Up to 15 lakh

    • Tenure: Up to 7 years


    1. Union Ashiyana Overdraft Scheme

    Purpose: Available to new and existing home loan borrowers, this overdraft facility assists with personal or business needs and can also be used to repay high-interest loans.


    • Loan Amount: Up to 20 lakh

    • Tenure: Limited to the remaining tenure of the home loan. The maximum age for repayment is the retirement age for salaried borrowers and 65 years for non-salaried borrowers.


    Each of these personal loan schemes is designed to meet specific needs and provide financial support for various personal and professional expenses.


    Eligibility Criteria for Union Bank of India Personal Loans

    Union Bank of India offers a variety of personal loan schemes tailored to different applicant profiles. Below is a detailed overview of the eligibility criteria for each type of personal loan offered:


    1. Union Personal Loan - Salaried Employees (Excluding Government Employees)

    Tie-up with Union Bank of India:


    • Eligibility: Permanent employees of reputable private organisations or institutions in India.

    • Salary Requirements:

      • Minimum gross monthly salary of 15,000.

      • For employees in major cities (Delhi, Mumbai, Bangalore, Kolkata, Pune, Chennai, Ahmedabad), the minimum salary is 20,000.

    • Bank Account: Applicants may or may not hold a salary account with Union Bank of India.


    Non-Tie-up with Union Bank of India:


    • Eligibility: Permanent employees of reputable private organisations or institutions in India.

    • Bank Relationship: Must be a Union Bank of India customer for at least 6 months.

    • Account Requirements: Must maintain a salary account with Union Bank of India.

    • Salary Requirements:

      • Minimum gross monthly salary of 15,000.

      • For major cities (Delhi, Mumbai, Bangalore, Kolkata, Pune, Chennai, Ahmedabad), the minimum salary is 20,000.


    1. Union Personal Loan - Non-Salaried Individuals

    • Eligibility: Non-salaried individuals with a regular source of income.

    • Age Requirements:

      • Minimum age at application: 25 years.

      • Maximum age at loan maturity: Up to 75 years.

    • Bank Relationship: Must be a customer of Union Bank of India for at least 2 years before applying.

    • Account Requirements: Must maintain a current or savings account with Union Bank of India, with an average quarterly balance of 25,000 over the past 4 quarters. No cheque returns or adverse features should be reported.


    1. Union Personal Loan - Special Retail Lending Scheme for Government Employees

    • Eligibility: Permanent employees of central/state government, defence, armed forces, PSUs, and government-related organisations, including teaching and non-teaching staff at government institutions.

    • Age Requirements:

      • Minimum age at application: 18 years.

    • Bank Account: Applicants may or may not hold an account with Union Bank of India, but must be government employees.


    1. Union Professional Personal Loan

    • Eligibility: Salaried and non-salaried professionals, including doctors, engineers, chartered accountants, company secretaries, and cost accountants.

    • Age Requirements:

      • Salaried individuals: Minimum age 18 years, with maximum age at retirement.

      • Non-salaried individuals: Minimum age 25 years, with maximum age of 65 years.

    • Income Requirements: Must have an annual salary or earnings of 12 lakh or above.


    1. Union Women Professional Personal Loan Scheme (UWPPL)

    • Eligibility: Women professionals with an annual income of 5 lakh or more.

    • Professionals Covered: Includes fields like healthcare, accountancy, audit, art and culture, fashion designing, financial services, coaching, counselling, filmmaking, photography, media, legal services, aviation, education, and research.

    • Age Requirements:

      • Salaried applicants: Minimum age 21 years, with maximum age at retirement.

      • Non-salaried applicants: Minimum age 23 years, with maximum age of 65 years.


    1. Union Ashiyana Personal Loan Scheme

    • Eligibility: Available to new and existing home loan borrowers.

    • Age Requirements:

      • Minimum age at application: 18 years.

      • Maximum age at loan repayment: Retirement age for salaried individuals, 65 years for non-salaried individuals.

    • Conditions for New Home Loan Borrowers: Loan disbursal occurs after property completion or possession.

    • Conditions for Existing Home Loan Borrowers: Must have a satisfactory repayment track record with no classification under SMA category for the last 6 months.


    1. Union Ashiyana Overdraft Scheme

    • Eligibility: Available to both existing and new home loan borrowers, including those who transfer home loans from other banks or NBFCs.

    • Age Requirements:

      • Minimum age at application: 18 years.

      • Maximum age at loan repayment: Retirement age for salaried individuals, 65 years for non-salaried individuals.


    Union Bank of India Personal Loan Interest Rates FAQs

    Yes, Union Bank of India provides preferential interest rates for government employees, especially those with an employer undertaking.

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

    Your interest rate is primarily based on your credit score, income, and existing liabilities.

    Yes, a processing fee of 0.50% of the loan amount applies, which is deducted at the time of loan disbursal.

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