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    Union Bank Personal Loan Eligibility Calculator

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    14.4% Floating
    0.5% (min. ₹500) One time fee
    5L Max
    1-5 Years
    Response Time Within 30 minutes
    Documents
    Perks
    Think about
    Eligibility Criteria
    Personal Loan BYTES FROM OUR KITCHEN

    About Union Bank Personal Loan

    Most customers take personal loans when they are in urgent need for cash. Personal loans are considered the easiest route to get funds to meet short-term financial requirements of any nature. From going abroad for a vacation and planning weddings to home renovation and purchasing hitech gizmos, a personal loan can be used for any purpose including emergencies. Union Bank offers personal loans to salaried persons, KVS employees, PSU employees and state/central government employees.

    Union Bank Personal Loan Eligibility

    The eligibility criteria for salaried persons is as follows:

    • For salaried individuals
    • Minimum Age: 21 years

      Maximum Age: 58 years

      Income: Salaried with regular income

      Maximum Loan Amount: Rs. 5 lakh

      Guarantor: Required

      Loan Tenure: 5 years

    • For KVS and NVS Employees
    • The eligibility criteria for KVS and NVS Employees is as follows:

      Employment Profile: Permanent employee of Kendriya Vidyalaya Sanghatan (KVS) or Navodaya Vidyalaya Sanghatan (NVS) employee.

      Minimum Income: Regular source of income with a salary account with Union Bank.

      Experience: A minimum of three years of service is required. Customer should ensure there is enough residual service so he or she can repay the loan one year before retirement.

      Maximum Loan Amount: Up to Rs. 10 lakh

      Repayment: 5 years

      Guarantee: Two guarantees required

    • For Government / PSU Employees
    • Union Bank provides personal loans to employees of labour and employment, environment and forest, science and technology, statistics programme implementation, All India Services’ officers, state and central PSUs executives, home and defense ministries’ employees.

      The eligibility criteria for government employees is as follows:

      Employment Profile: Permanent employee of Public Sector Undertakings and Central or State Government departments with a salaried account with Union Bank.

      Maximum Loan Amount: Up to Rs. 10 lakh

      Repayment: 5 years

      Guarantee:Two guarantees required

    • For Existing Housing Loan Borrowers
    • Union Bank offers personal loans for various home related expenses such as buying furniture and interiors among others.

      The eligibility criteria for existing housing loan borrowers is as follows:

      Employment profile: Salaried or non-salaried customers who acquired housing loan from Union Bank.

      Maximum Loan Amount: 5% of housing loan amount, subject to a maximum Rs. 5 lakh.

      Repayment: 5 years

      Guarantee: Spouse’s guarantee is required. If the borrower is a widow/widower or unmarried, a third party guarantee is required.

      Security: Undertaking that borrower will repay the personal loan account prior to the home loan account.

    Factors Affecting Eligibility Of Union Bank Personal Loans

    • Stable employment: Banks are wary of customers who change their jobs frequently- do not strive to consolidate their position in one company. Frequent change of jobs makes employees more vulnerable to layoffs in addition to weakening their prospects of getting promotions and increments. Customers who have been with a company for a longer period of time will have little trouble acquiring personal loans.
    • Number of loans: Loan eligibility of a customer will take a beating if he or she has taken several loans at a given point of time. CIBIL report will reflect the credit behaviour of the loan applicant. If a customer is too credit hungry, his or her CIBIL report will reflect his lack of fiscal prudence. Consequently, most banks will not entertain customers who are not aware of the perils of excessive credit which may eventually lead to a debt trap and defaults.
    • Relationship with Union Bank: Many customers usually tend to be loyal to one bank or another over a period of time. Loyalty to a bank leads to an easy rapport with a bank which may result in attractive interest rates on personal loans for the benefit of customers. More often than not, customers who have been associated with a bank can avail of personal loans without any hassles.
    • Income: Banks have to ascertain the ability of a customer to repay the loan. Union Bank has set a minimum monthly net salary as one of the eligibility criteria to ensure that customers have a sound financial strength or base in terms of income.

    How CIBIL score affects your Union Bank Personal Loan Eligibility?

    • Credit score: One of the most important factors which affect a customer’s loan eligibility- credit score, gives banks an accurate data of credit behaviour of the loan applicant. A bad credit may effectively mar the chances of availing a personal loan by Union Bank. Alternatively, a very good Cibil score can boost the chances of acquiring a personal loan.
    • Repayments: Customers have to ensure that they pay their EMIs on time. If customers have more than one loan, they will find it difficult to repay loan instalments on schedule. Payment of bills regularly without fail is, therefore, of seminal importance since it has a bearing on cibil score, which is reviewed by banks before approving a loan.

    How to increase Union Bank Personal Loan Eligibility?

    • Creditworthiness: Timely payment is an important determinant of the creditworthiness of a customer. CIBIL score of 750 score and above shows creditworthiness of a customer. In most cases, banks easily approve loans for customers who have a CIBIL score of over 700. Customers should ensure that they have a robust track record in terms of repayments to increase their eligibility to avail of personal loans.
    • Clean record: Customers have to ensure that they have a clean repayment history. CIBIL score is adversely affected if a customer defaults or makes late payments. Banks will take serious note of any defaults by the customer in the recent past.

    FAQs on Union Bank Personal Loan Eligibility

    1. What is the maximum loan amount offered by Union Bank as per Union Personal scheme?

      The maximum amount of loan offered under the scheme is Rs. 5 lakhs.

    2. What are the loan tenure options as per Union Personal scheme?

      The repayment period is maximum of 5 years.

    3. What is the maximum loan amount offered for KVS employees?

      KVS employees can avail of personal loans from Union Bank for up to Rs. 10 lakh.

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