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.

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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:
1. Employee identity card
2. Permanent Account Number (PAN) Card
3. Passport
4. Pension Payment Number
5. Any other valid identity proof
Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
1. Ration Card
2. Telephone bill
3. Electricity bill
4. Any other valid address proof
5. PAN Card
6. 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:
1. LIC Policies (if any)
2. Loan repayment statement (if any)
3. Any other proof of out-goings that are valid
4. 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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