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Union Bank of India Personal Loan

As with many banks the Union Bank of India only provides loans to the salaried person, there are many loans like a car loan, home loan, and ...

Union Bank of India Personal Loan


As with many banks the Union Bank of India only provides loans to the salaried person, there are many loans like a car loan, home loan, and educational loan offered by the UBI bank. In this guide, we will see the entire procedure for Union Bank of India Personal Loan, in which we will try to explain all the basic details which help you to guide for the UBI personal loan.

There could be many reasons for the people who apply for the personal loan it could be personal expenses such as illness or marriage, it could be for travel or purchasing anything. There are basic criteria for Union Bank of India personal loan by we are going to discuss in the below part.

There is some requirement and eligibility for the UBI bank personal loan, let's see one by one, fulfill the following requirements for UBI personal loan before applying for the loan:

Also read: Axis bank near me

Things required for Union Bank of India Personal Loan:

Before applying for the UBI personal loan the customer must have the following document:

  • Proof of Identity:
    • PAN Card
    • Voter ID card
    • Driving License
  • Proof of Address:
    • Aadhaar Card
    • Electricity or Telephone Bill
  • PAN Card is mandatory for every person who wants the personal loan
  • Proof of Income:
    • Last three years ITR
    • Last six months salary slip
    • Last three-year form -16
  • Two newly or 6 months older passport size photographs
  • Duly filled UBI personal loan application form

The Union Bank of India provides many loans and Fixed Deposit facilities for their account holder or customer the customer can use them to take a loan from UBI bank or from another bank.

Eligibility Criteria for Union Bank of India Personal Loan:

The UBI bank divides the personal loan scheme into two categories, we will discuss them one by one:

  • Eligibility Criteria for Salaried: Now the eligibility criteria here further divided into two categories which are Scheme A (tie-up) & Scheme B (non-tie-up)
  1. Scheme A (tie-up):
    • The permanent or confirmed employees from the reputed private company or financial institute are eligible for the loan.
    • The applicant may or may not have a salary account in UBI bank is doesn't matter
    • The employee must get a minimum of Rs. 15000/- P.M. and if the employees are from the metro cities like Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad & Pune they must have a minimum of Rs. 20000/- P.M.
  2. Scheme B (non-tie-up):
    • The permanent or confirmed employees from the reputed private company or financial institute are eligible for the loan.
    • The applicant should be a customer of the bank for at least 6 months prior to applying for the personal loan, and the applicant should necessarily maintain a salary account with Union Bank of India.
    • The employee must get a minimum of Rs. 15000/- P.M. and if the employees are from the metro cities like Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad & Pune they must have a minimum of Rs. 20000/- P.M.
Also read: DOP Bank
  • Eligibility Criteria for Non-Salaried:
    • The applicant must have a regular source of income, with a minimum age of 25 years
    • The applicant must be a UBI bank customer at least for two years then he or she is eligible for the UBI personal loan.
    • Applicant should necessarily maintain savings or current account with us with the average quarterly balance of Rs.25000 & above for immediately preceding 4 quarters and conduct of the account should be satisfactory, i.e. no cheque returns for financial reasons, no adverse feature reported, etc.

Features for Union Bank of India personal loan:

  • Loan Amount: There is no limit on the minimum amount on Union Bank of India Personal loan, the UBI bank provides up to Rs. 15 lakh for Scheme A (tie-up). In Scheme B (non-tie-up) the new or first borrower gets up to Rs. 5 lakh, if the borrower repays the loan amount without delay or bounces the loan installment then the borrower is eligible for Rs. 15 lakh after 2 years.
  • Repayment Tenure: The borrower can repay the loan amount in flexible tenure which is about 60 months.
  • No Security: There will be no security needed for the Union Bank of India Personal loan but subject to the condition that the spouse of the applicant must join as co-applicant for the personal loan.

If you want more details about the UBI bank personal loan then the applicant can contact the nearest branch of UBI bank there the bank executive will help you to guide for the personal loan procedure, or you can just simply call the UBI customer care services regarding the UBI personal loan they definitely help you.

Union Bank of India Interest Rate 2021:

The rate of interest for the UBI bank is varied when the loan amount increases which is from 8.90% to 25%, by the following chart you understand the UBI bank personal loan structure:

Loan Amount with an interest rateFor 1 year tenureFor 2 year tenureFor 3 year tenureFor 4 year tenureFor 5 year tenure
5 lakh@ 10.10%43981.2230955516157.0812705.3210648.14
7 lakh@ 12%62194.1532951.4323250.0218433.6815571.11
10 lakh@ 14%89787.1248012.8834177.6327326.4823268.25

Union Bank of India Personal loan COVID-19

Due to this Covid-19 Corona Virus, there are many people who are affected due to this outbreak, so to help these people the bank introduced the Union Covid-19 personal loan scheme (UCPLS), you can understand the entire process by reading the given PDF file:

Union Covid-19 Personal Loan Scheme (UCPLS)

Union Bank of India Personal Loan Application Form PDF:

The online application procedure is down the reason behind this is unknown, so there is another way to apply for the Union Bank of India Personal Loan for this you have to visit your nearest UBI Bank branch there the bank executive help you to understand the procedure for the UBI bank personal loan process.

There is an alternative way for the applicant which is by downloading the Union Personal Application Form but we recommend you to visit the UBI bank personally and enquire about the UBI bank personal loan application details.

Union Bank of India Personal Loan Calculator:

As we already discuss the Union Bank of India interest rate 2021, we think you understand the what rate of interest they applying on the UBI bank personal loan but if you want you can check the following official Union Bank link to calculate the EMI.

Union Bank of India EMI Calculator

Conclusion:

In this guide, we discussed the Union Bank of India Personal Loan, we also mentioned the things require to apply for the UBI bank personal loan, if you have internet access then you can download the application form for UBI personal loan.

By using the above methods you can easily apply for the Union Bank of India Personal Loan, please let us know if you have any queries regarding the article.

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