Union COVID-19 Personal Loan

Covid-19 has created a huge economical and financial implications all over the world including India. In order to counter the problems by Covid-19, various banks in India introduced Covid-19 personal loan schemes which would allow their customers to take care of their immediate financial needs and liquidity mismatch as the outbreak of coronavirus has affected business and made it difficult for people to take care of their financial needs.

Union Bank of India offers Union Covid-19 Personal Loan Scheme to its customers and allows them to take care of their immediate financial requirements.

Union Covid-19 Personal Loan interest rate

Key highlights of Union Covid-19 Personal Loan scheme

You can avail this loan at affordable interest rate provided you meet the eligibility criteria. The documentation process is also minimal and easy. Given below are the details of the personal loan scheme:

• Maximum loan amount of Rs.5 lakh, or six times the last credit salary, or difference in amount of original sanction limit and the outstanding amount of the current existing loan.
• Repayment tenure of 5 years.

• Moratorium period of 3 months.

Eligibility criteria

• If you are a government, non-government employee, or someone who works at a reputed firm and is drawing salary or pension from Union Bank of India for one year will fall in the Category 1 and can apply for this personal loan scheme.
• If you are an existing borrower who has availed a loan from the lender previously with a minimum repayment history of one year and has not defaulted on the payments during the period will qualify under Category 2 and will be eligible for this scheme.
• NRIs are not eligible for this scheme.

Documents required

• Proof of identity such as Passport, PAN Card, Employee Identity Card, Aadhaar Card, etc.
• Proof of address such as Aadhaar, utility bill, etc.
• Proof of income such as income tax returns for the last three years, Form 16 for the last three years or letter of your employment, or salary slip for the previous 6 months.

• Proof of outgoes such as loan repayment statement, LIC policy documents, etc.
• Two passport photographs.
• PAN Card.

How to apply

• You can apply for this personal loan scheme by visiting the Union Bank of India official website. Under the ‘personal loan’ section you will be able to find this loan scheme where on its information page you will find the ‘Online Loan Application’ link.

• Click on ‘Apply Online’ and you will be directed to a new page.
• Click on ‘New’ and the application form page will open on your screen. Duly provide the details as asked and make sure they are correct. Once you have provided all the information, authorise the bank to contact you through call or SMS by ticking the box and click on ‘Apply Loan’.
• You will be provided with a reference link number. The bank will then get in touch with you and will take you further with the application process. Once you have completed all the formalities, the bank will verify the documents and if they are found to be correct, the loan amount will be disbursed to your account.
• If you had previously applied for the loan and want to check the status or not completed the loan application process, you can click on ‘Existing’ after you click on ‘Apply Online’ on the loan scheme page.
• You will have to provide your reference number and mobile number to check the status of your application.

You can apply for this loan scheme if you are facing any cash crunch. It is, however, recommended you compare the loan scheme with other similar loan schemes to check its suitability. If you are convinced the scheme meets your requirement, you can go ahead and apply for this loan scheme.