City Union Bank Personal Loan Details

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City Union Bank Personal loan is a scheme to purchase new consumer durables. This facility is for salaried and self-employed individuals. The bank offers maximum funding of up to 90% of the item's cost. So, you can fulfil your dreams of renovating your house, office, or any space with necessary furniture, electronics, and gadgets. The desirable applicants are the ones with a CIBIL of 700+. Hypothecation of items you buy with the loan is mandatory as collateral with the bank.

In this post, we will discuss City Union Bank Personal Loan features, eligibility criteria, interest rates, documents required, and frequently asked questions.

Features of Personal Loans at City Union Bank

Here are the features of personal loan City Union Bank:

• With the fund, you can buy new consumer durables such as furniture, washing machines, television, wet grinders, computers, laptops, refrigerators, electronic gadgets, and others
• The loan amount is Rs. 25,000 to Rs. 1 lakh/for the non-salaried group, 50% of the gross annual income as reflected in the last ITR/for salaried individuals, the net take-home pay of the last 10 months
• The maximum loan amount is Rs. 1 lakh, and 10% is the margin (of the total value of goods purchased) retained by the bank
• The tenure is between 36 months and 60 months
• You have to get the consumer durables insured. You have to also take personal life insurance, whose limit must be equivalent to the purchased items

City Union Bank Personal Loan Eligibility Criteria

Here are the eligibility criteria for a personal loan from City Union Bank:

• If salaried, your age has to be at least 21 years. The maximum age limit at the time of loan application is 60 years.
• As a salaried person, your monthly salary must be at least Rs. 15,000
• If you are a professional/self-employed/businessperson, then your age must be at least 25 years
• The declared income for such applicants must be at least Rs. 2, 50,000 per annum
• The applicants must comply with KYC norms when making a loan application

City Union Bank Personal Loan Interest Rates

The ROI under External Benchmark-based Lending Rate (EBLR) on the consumer loan is EBLR + 4.75%. Thus, the City Union Bank Personal Loan Interest Rate is 12.75%.

Documents for City Union Bank Personal Loan

Here are the required documents for the loan application:

• Identity Proof (one of the following): Passport, Aadhaar Card, Voter’s Identity Card, PAN Card, Ration Card, Driving Licence, Confirmation/Identity Card from the employer or other bank, Letter from a recognized public servant or public authority, NREGA Job Card signed by a State Government Officer, ID card provided by a recognized educational institution or postal authority, Letter issued by UIDAI
• Address Proof (one of the following): Aadhaar Card, a rent agreement with address and registration, Passport, Driving Licence, Voter ID Card, Telephone bill not older than 2 months, Letter from a recognized public servant or public authority, Bank account statement, latest electricity bill, ID issued by postal authorities, Letter from employer, NREGA Job Card signed by a State Government officer, Letter issued by the UIDAI, Consumer passbook by gas agency
• Demand Promissory Note
• Latest passport-size photographs
• Other documents are requested by the bank