Union Bank Personal Loan Details

Minimum loan amountNo minimum limit
Maximum loan amountUp to Rs. 20 Lakhs
Rate of interest9.30% - 13.40% p.a.
TenureUp to 84 months
Lowest EMI per lakhRs. 2,090
Processing feeUp to 0.50% + GST
Age Minimum 18 years
Margin requiredNil

Features & Benefits of Union Bank Personal Loan

The main features and benefits of Union Bank Personal Loan are highlighted below:

  • Minimum loan amount: There is no limit on the minimum loan amount.
  • Maximum loan amount: The maximum loan amount that can be borrowed is up to Rs. 15 Lakhs (Rs. 20 Lakhs in some cases).
  • Tenure: The maximum repayment tenure is up to 60 months and can go up to 84 months in some cases.
  • Interest rate: The Union Bank personal loan interest rate can vary depending on the scheme and ranges from 9.30% to 13.40% p.a. The current Personal Loan Interest Rates are lower than union bank loan interest rate 2020.
  • Processing fee: The processing fee is very low and can be up to 0.50% of the sanctioned loan amount, subject to a minimum of Rs. 500 + applicable GST.
  • Collateral: No collateral or security is required for unsecured personal loans.
  • Guarantee: In case the borrower is single, widow or divorcee, the personal guarantee of one of the co-employees with sufficient means is required.
  • EMI Calculator: The bank offers free-to-use Online Personal Loan EMI Calculator to calculate the loan EMI.
  • Type of facility: The loan is available as Term Loan as well as Overdraft facility.
  • Personal loan types: The bank offers the following types of personal loan schemes:
    • Union Personal - Salaried
    • Union Personal - Non-Salaried
    • Union Personal Loan Scheme for Covid Treatment (UPLCT)
    • Special Retail Lending Scheme for Government Employees
    • Union Ashiyana Overdraft Scheme
    • Union Ashiyana Personal Loan Scheme
    • Union Professional Personal Loan Scheme

Union Bank Personal Loan Interest Rate

Union Bank of India personal loan interest rates vary for different schemes. Below is the list of interest rates for different personal loan schemes: 

Personal Loan SchemeCIBIL ScoreEffective Rate of Interest 
Where employer undertaking available 700 & above9.30%
below 7009.40%
Where employer undertaking not available700 & above10.80%
below 70010.90%
Special retail lending scheme for government employee (SRLGE) - Wherever employer undertaking is available700 & above9.30%
below 7009.40%
Special retail lending scheme for government employee (SRLGE) - Wherever employer undertaking is notavailable700 & above10.80%
below 70010.90%
Union Personal - Under Tie-up 700 & above11.30%
below 70011.40%
Union Personal – Under Non Tie-up 700 & above12.30%
below 70012.40%
Union Personal- For Non-Salaried Individuals 700 & above13.30%
below 70013.40%

How to Apply for an Union Bank Personal Loan

If you are looking for a Union Bank personal loan apply online through MyMoneyMantra with the following easy steps:

  • Fill the online loan application form in the Personal Loan page, which is given under the Loans dropdown menu on our portal.
  • Enter your personal details as required, including the name, age, gender, residence city, employment type, annual income, contact details, loan requirement, etc.
  • An OTP will be sent to your registered mobile number, use this OTP to verify your identity.
  • Now you will get access to the best personal loan deals according to your preferences and eligibility. 
  • Apply or e-connect for a loan at the preferred lending partner from the given options on MyMoneyMantra website. Your loan application will be initiated instantly. 
  • Our personal loan executive will call you to answer all your loan queries and assist you at each step from application to disbursal.
  • A doorstep pick-up of documents will be scheduled for you. Keep the required documents ready at this stage.
  • After submitting your loan application and required documents, we will follow up with the lender on your behalf for a timely loan disbursal.

You can call at the Union Bank personal loan customer care number regarding any queries before applying for the loan.

Union Bank Personal Loan Eligibility Criteria

  • Minimum age: You must be at least 18 years old when applying for the Union Bank loan if you are salaried. Non-salaried applicants must be at least 25 years old at the time of application.
  • Maximum age: The loan should be repaid at least one year prior to your retirement age if you are salaried. For non-salaried, the maximum age at the end of tenure should not be above 75 years and 65 years for professionals.
  • Occupation: The loan is available to salaried government and private employees, professionals (Chartered Accountants, Cost Accountants, Company Secretary, Doctors, and Engineers), self-employed, pensioners, and existing customers of the bank. 
  • Tie up with the bank: The bank offers personal loans to individuals working with companies having or not having tie-ups with the bank.
  • Account with the bank: Salaried employees must have a salary account with the bank in non tie-up cases. Non-salaried applicants must have a savings or current account with the bank with average quarterly balance of at least Rs. 25,000 and there should be no cheque returns and no adverse feature reported.
  • Relationship with the bank: The salaried applicant should be a customer of the bank for at least the last 6 months. Non-salaried applicants should be customers of the bank for at least the last 24 months. For Union Ashiyana Overdraft Scheme and Union Ashiyana Personal Loan Scheme, the applicant should be an existing/ new home loan borrower.
  • Income: The minimum monthly gross salary should be Rs. 20,000 for Delhi, Mumbai, Pune, Chennai, Kolkata, Bengaluru and Ahmedabad, and Rs. 15,000 for other cities. For the Union Professional Loan scheme, applicants must have a minimum annual salary/ earning of Rs. 12 Lakhs.
  • Guarantee: In case the borrower is single, widow or divorcee, the personal guarantee of one of the co-employees with sufficient means is required.

Union Bank Personal Loan Document Required

Applicants must submit the following documents along with the duly filled and signed Union Bank of India loan application form and recent photographs in passport size.

Documents for Salaried:

  • Identity, Address, Age Proof - any one 
    • Passport
    • Driving license
    • Voter ID card
    • Job card issued by NREGA (signed by State Government officer)
    • Aadhaar card
    • National Population Register 
  • Income, Job, Work Continuity Proof
    • Last 2 payslips
    • Last 3 months bank statement
    • Letter from employer
    • Form 16

Documents for Non-salaried:

  • Identity, Address, Age Proof - any one 
    • Passport
    • Driving license
    • Voter ID card
    • Job card issued by NREGA (signed by State Government officer)
    • Aadhaar card
    • National Population Register 
  • Income, Occupation, Business Continuity Proof
    • 1 year’s ITR
    • Computation of Income Schedule
    • Audited P&L of last 1 year
    • Bank statements of last 3 months
    • Lease deed or rent receipts
    • Utility bills
    • Ownership document

Union Bank Personal Loan Verification Process

Once your Union Bank of India personal loan application is submitted on MyMoneyMantra online, the verification process involves the following steps:

  • We forward your loan application to the preferred lender and you will receive a call from their representative usually within 2 working days.
  • The lender schedules a pickup of your documents. We offer free documents pick-up service to our customers.
  • Your application is then considered by the lender based on the submitted documents.
  • On successful verification as well as approval of your loan request by the bank, you will get another call for verification of the loan offer and get your confirmation for disbursal.
  • Once the loan request is successfully approved and verified, it is  usually disbursed to your bank account within 2 working days.

Check  Union Bank Personal Loan Application Status

You can easily check your Union Bank personal loan application status by following the steps given below:

  • Go to the Union Bank of India’s official website. 
  • Click on ‘Apply Online’ on the right hand side of the homepage and then select ‘Many more’.
  • A page will open, click on the ‘Loan Application Status’.
  • Enter the ‘Acknowledgement No’ and then click on the ‘Search’ button to check the status of your loan application.

How to Calculate  Union Bank Personal Loan EMI?

You can easily and instantly calculate the Union Bank of India Personal Loan EMI online using our Personal Loan EMI Calculator. All you need to do is enter the following loan details in the calculator ad hit the Enter button:

  • Loan Amount
  • Union Bank of India personal loan interest rate 2021
  • Tenure

Union Bank Personal Loan Statement Online

You can check the statement of your Union Bank personal loan online by logging into the bank’s netbanking portal using your login credentials.

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Union Bank Of India Personal Loan FAQs

✅How can I get a personal loan from Union Bank?

If you want to get Union Bank loan apply through any of the following ways:

  • Applying online on the bank’s website or on our portal
  • Calling at the Union Bank of India personal loan customer care number, i.e. 1800 22 22 44 and 1800 208 2244.
  • Visiting your nearby Union Bank of India branch.

✅How much time will the Union Bank take to make a decision on my personal loan?

Once you have submitted the personal loan application along with the required documents, the bank will inform you about its decision within a few working days, subject to completion and accuracy of the submitted documents.

✅ What happens to the post-dated cheques if I change the repayment mode/account for my Personal Loan?

The already submitted post-dated cheques can be adjusted towards the repayment or cancelled by the bank. The cheques will be sent back to your mailing address.

✅ What are the modes of repayment of Union Bank Personal Loan?

You can make repayment of Union Bank personal loan via any of the following ways:

  • Post-dated cheques
  • Netbanking
  • Automatic debit through standing instructions 
  • Credit/debit card

✅ Can I calculate my EMI before Personal Loan sanction?

Yes. You can calculate your EMI before Personal Loan sanction using our online free-to-use Personal Loan EMI Calculator. You will have to enter the loan amount, tenure and Union Bank personal loan interest rate 2021 to complete the calculation.

✅ Is part-prepayment allowed for Union Bank Personal Loan?

Yes, the bank allows part-prepayment of personal loans.

✅ Do I need to pay any additional charges for Union Bank Personal Loan repayment?

No. You just need to pay your EMIs (consisting the principal and interest amount) for Union Bank online loan on time.

✅ Does Union Bank offer a pre-approved Personal Loan facility?

Yes, the bank offers a pre-approved personal loan facility to its select customers. The union bank of india personal loan interest rate can be different for a pre-approved offer.