• Union Cash Loan

    A special scheme that is designed by Union Bank of India to its customers is the Union Cash. Under the scheme, a loan can be availed to meet your financial requirements for the medium term.

    Features of Union Cash

    Feature Details
    Eligibility
    • A retired employee who receives a pension via Union Bank of India.
    • Family pensioner who receives a family pension via Union Bank of India.
    Quantum of Loan
    • Age of pensioner is up to 70 years: Rs.3 lakh
    • Age of pensioner is more than 70 years: Rs.2 lakh
    • Family pensioner: Rs.1 lakh
    Nature of Loan Term Loan
    Rate of Interest Contact the bank
    Processing Fees 1% of the loan amount. However, the minimum fee is Rs.100
    Security Security is not required
    Insurance Insurance is not required
    Margin Nil
    Repayment Tenure
    • Borrower is below the age of 70 years: 60 months
    • Borrower is above 70 years: 36 months
    Penalty for Prepayment
    • No prepayment charges are levied in case the borrower adjusts the loan using his/her legitimate sources.
    • In case the loan is taken over by another Financial Institution (FI) or bank, the penalty will be 2% of the average balance over the last 1 year.
    Guarantee Personal guarantee of the nominated person or spouse must be provided to avail a loan under this scheme.

    Documents Required

    • Application Form
    • Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
      • Employee identity card
      • Permanent Account Number (PAN) Card
      • Passport
      • Pension Payment Number
      • Any other valid identity proof
    • Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
      • Ration Card
      • Telephone bill
      • Electricity bill
      • Any other valid address proof
      • PAN Card
      • Bank statement for the last 12 months
    • Income Proof
    • Proof of out-goings: Any of the below-mentioned documents can be submitted as proof of out-goings:
      • LIC Policies (if any)
      • Loan repayment statement (if any)
      • Any other proof of out-goings that are valid
      • Any other documents that are requested in the application form must be submitted as well.

    You can visit the nearest Union Bank of India branch for further details.

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