Union Bank of India Personal Loan Details

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Union Bank of India provides three types of Personal Loans. The customers can apply for any type of them as per their requirement. Loans provided by bank are multi-purpose loans and can fulfil all kind of expenses which is personal.

Loanbaba.com provides all the information about Union Bank of India Personal Loan.

Below given are three types of personal loan provided by the bank:-

Union Personal for Already Existing Borrowers of Housing Loan:

• This loan are meant for expenses related house such as interiors of the house, decoration of the house, payment of insurance premium, house warming etc.
• One can get minimum 5% of housing loan and maximum 5 lakh (in some cases).
• Bank doesn’t take any margin nor there is any repayment holiday or suspension period are allowed in this loan.
• Repayment time is lower of Five years or equal to the time period of existing home loan.
• Bank doesn’t take any processing charges from customer.
• The customer can pre pay the loan from his/her own funds of lawful source. But in case the loan gets closed because of its transferring in other bank then 2% of remaining amount over last one year is charged by bank.
• Spouse can play the role of guarantor. In case the customer is widowed, not married or divorced then he or she have to provide suitable third party guarantor.
• In the form of security the customer has to declare that he/she will clear the personal loan before home loan. 

Eligibility Required:

Below are the eligibility criteria for this loan:-

• The applicant can be a non-salaried or salaried.
• Before applying for this loan, a home loan should have been taken in standard category by customer.

Union Personal Features

• Customer can get minimum of 5 and maximum of 10 lakh rupees according to terms and condition of bank.
• Customer is charged 0.50% amount of approved loan and minimum processing fees is 500 Rs. plus appropriate service tax.
• Bank doesn’t take any margin nor there is any repayment holiday or suspension period are allowed in this loan.
• Maximum time period for paying the loan is Sixth months or Five years.
• Security is not needed, but employer has to undertake the guarantee with two persons.

Personal Loan under Tie-ups with Reputed Organizations and State or Central Government:

In this scheme one can get up to 10lakhs as loan but the amount is decided by bank on the basis of ability of customer.

• Neither margin nor moratorium period is applicable in this scheme.
• One gets the time period of 5 years to pay the loan.
• Customer is charged 0.50% amount of approved loan and minimum processing fees is 500 Rs. plus appropriate service tax.
• One can prepay this loan without any charge but the condition is that prepayment should be through lawful source. However, there is penalty of 1% higher interest rate if loan is prepaid through transferring it to other bank.
• Two guarantors are needed in order to avail the loan by bank.
• In the form of security employer has to undertake the guarantee with two persons.
  

Eligibility Required:

Below given are eligibility criteria for applying this loan:-

• Borrower should be a permanent employee of State or Central Government, Joint Sector Undertakings, Indian subsidiaries of foreign companies, PSUs, education institutions, autonomous bodies, etc.
• A regular source of income should be there for payment of loan.
• Borrower should have enough years of service left so that he or she can pay the loan amount prior to One year of retirement.