The eligibility to avail a personal loan from the Union Bank of India depends on the income category and the occupation of the borrower. The bank offers personal loans under 4 categories - salaried individuals except for government employees, government employees, non-salaried, and top employees of the government of India ministries. The maximum amount that can be availed under the personal loan is Rs.15 lakh while the repayment tenure can be extended up to 5 years.
|Particulars||Tie-Up (A1)||Non Tie-Up (A2)|
|Who can avail||Confirmed or permanent employees of reputed private firms and institutions in India||Confirmed or permanent employees of reputed private firms and institutions in India|
|Salary Account||Applicants need not maintain salary account with Union Bank of India||Applicants should hold a salary account with Union Bank of India|
|Nature of service||Should have sufficient years of service left to repay the entire loan|
|Minimum age||18 years|
|Who can avail||Self-employed and non-salaried applicants with a regular source of income|
|Minimum age||25 years|
|Maximum age||60 years during loan maturity|
|Relationship with the bank||Should be a customer of the Union Bank of India for a minimum of 2 years before applying for a loan|
|Savings account requirement||Should maintain current or savings account with Union Bank of India with AQB of more than Rs.25,000 for the previous 4 quarters with good account history|
All the above-mentioned employees should hold an account with the Union Bank of India to avail this loan.
|Who can avail||Permanent/confirmed employees of central and state governments, officers in All India Services, teaching and non-teaching staff at government colleges and schools|
|Minimum age||18 years|
|Salary Account||Need not have a salary account with Union Bank of India|
|Other||The government employee should be the main applicant|
Though Union Bank of India does not stress on the minimum credit score for a personal loan, having a credit score of over 750 is recommended. So, even if your score may not affect your eligibility for a personal loan, it may help you get lower interest rates if your credit score is high.
As stated in the above sections, Union Bank of India offers personal loans under different categories which means that though some categories may require you to hold a salary account with the bank, others do not. For instance, the personal loan scheme for salaried applicants other than government employees can be availed irrespective of whether you hold a salary account with Union Bank of India or not.
Under the personal loan scheme for government employees, you must have a salary account with the Union Bank of India to avail a personal loan. If you do not, you will still be eligible for the term loan facility.
No, you do not need to provide security for availing personal loans from Union Bank of India. However, you will have to provide the guarantee of one co-employee and spouse to avail the loans.
The repayment tenure that you choose will not affect your eligibility for a personal loan from Union Bank of India. However, if you choose a shorter repayment tenure, you may end up with a lower interest rate, the discretion of which, will lie with the bank.
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