• Union Natural Calamity Loan

    Established in 1919, Union Bank of India is one of the leading government-owned banks in India. The bank is headquartered in Mumbai. It provides a wide range of financial products and services which include Personal Banking, NRI Banking, International Banking, MSME Banking, Corporate Banking, Rural and Agricultural Banking etc. Union Bank has a strong international presence. It has expanded its operation to places like People's Republic of China, London, Abu Dhabi, United Arab Emirates, Sydney, Beijing, and Shanghai.

    Purpose of Union Natural Calamity Loan

    The Union Calamity Loan is particularly designed to help you finance the loss caused by natural calamities such floods, hurricanes and earthquakes. These natural calamities are quite unexpected and they can ruin you financially by destroying a lot of household things. And you end up spending a lot to compensate the loss caused by such calamities. So, to help you meet your expenses, Union Bank offers this Natural Calamity loan. The Natural Calamity Loan is mainly designed for the BSNL employees to help them recover from the after effects of natural calamities.

    Eligibility Criteria for Union Natural Calamity Loan

    An applicant needs to meet the following eligibility conditions to avail this loan:

    • He/she should be a permanent employee of BSNL or employee on permanent deputation to BSNL form the Department of Telecom.
    • Should have salary account with Union Bank.
    • An employee whose family is affected by natural disaster.

    Features and benefits of Union Natural Calamity Loan

    The Union Bank Natural Calamity Loan comes with a number of attractive features and provides excellent benefits. Listed below are the main features and benefits offered by the scheme:

    • Loan amount: The bank offers 5 times of your basic salary or a minimum of Rs. 5,000.
    • Moratorium period: Not applicable/ Nil
    • Repayment Period: The loan repayment period is up to 30 months.
    • Security – Not required.
    • Processing fees - Nil
    • Prepayment Penalty: Not applicable, provided the loan is paid by the borrower from his/her own legitimate source of income.

    Documents required for Union Natural Calamity Loan

    The following documents are required to apply for a Natural Calamity Loan offered by Union Bank:

    • Proof of identity ( Passport/ PAN Card/ Employee identity card or any other valid proof
    • Proof of address (Electricity Bill/ Telephone Bill/ Ration Card or any other valid document.)
    • PAN Card.
    • Proof of income ( ITR, Form 16 and last 6 months’ salary slips)
    • 3 photographs.
    • A proof of out-goes ( Loan repayment statement/ LIC Policies or any valid proof )

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