What is Union Cash?
Union Bank is a government owned bank in India. The bank was established in 1919 and has its headquarters in Mumbai, India. The bank was mentioned in Forbes 2000 and has assets worth USD 13.45 billion. The bank has over 6420 ATMs located in all the places it has its presence. The bank has representative offices in Dubai, Abu Dhabi, Shanghai, Sydney, London and many other places. The bank is known in the country for its wide range of financial products and services designed to suit different sections of the society.
Union Cash is a personal loan product offered by the bank to retired employees in India. The finance granted for the personal loan plan will help borrowers meet their medium and small term financial requirements. It is a term loan and offers flexible repayment tenures along with an attractive rate of interest. This personal loan option requires no security or collateral.
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Purpose of Union Cash Loan
The sole purpose of Union Cash loan plan is to provide finance to retired individuals to help them meet their medium and short term financial goals. The loan is specially designed for retired employees who draw pension or family pensioners.
Eligibility criteria for Union Cash
Given below is the eligibility criteria for Union Cash
- The applicant must be a retired individual
- The retired employee should draw income from Union Bank or be a family pensioner who draws family pension through the bank
- Should be capable of submitting the required documents
Features of Union Cash Loan
Listed below are some of the important features of Union Cash
- It is a personal loan granted for the sole purpose of meeting medium term finance goals
- The personal loan is designed especially for retired employees who draw pension from Union Bank
- It is a term loan
- The loan offers a fixed rate of interest of 12.90%
- The loan offers loan amount up to Rs.3 lakh for pensioner’s up to the age of 70 years
- For pensioner’s above the age of 70 years, the banks offers a loan amount of Rs.2 lakh
- The bank offers Rs.1 lakh for family pensioners as the loan amount
- The banks offers a repayment period of 5 years for individuals upto 70 years and for those above 70 years, the repayment tenure offered is 3 years
- There is no need for security
- Personal guarantee of spouse or the person nominated under pension scheme is required.
- There is no insurance required
- Easy application process
- Minimal documentation
Documents required for Union Cash
Given below is a list of documents that need to be provided in order to avail Union Cash loan
- Application form
- Proof of Identity
- Address proof
- PAN card
- Bank statement of the last 12 months
- 3 photographs
- Proof of out goes for loan repayment and any other out-go