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  • Union Bank Personal Loan

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  • Union Bank offers personal loans at attractive interest rates starting from just 12.60% and flexible repayment tenures ranging from 12 months to 60 months. The processing fee levied by the bank is just 0.50% of the loan amount, and the maximum amount you can borrow is Rs.10 lakh.
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    Union Bank Personal Loan Fees and Charges 

    Loan Schemes  Floating Rate of Interest  Loan Amount  Processing Fees 
    Union Personal (Under Tie-up)  12.60% onwards  Up to Rs.10 lakh  0.50% of the loan amount, subject to a minimum of Rs.500 + GST as applicable 
    Union Personal (Under Non Tie-up)  13.60% onwards  Up to Rs.5 lakh for first time/new borrowers, and up to Rs.10 lakh for existing borrowers who have a good repayment history of two years  0.50% of the loan amount, subject to a minimum of Rs.500 + GST as applicable 
    Union Personal (For Non-Salaried Individuals)  14.60% onwards  Up to Rs.5 lakh for first time/new borrowers, and up to Rs.10 lakh for existing borrowers who have a good repayment history of two years  0.50% of the loan amount, subject to a minimum of Rs.500 + GST as applicable 
    Special Retail Lending for Government Employees  In case employer undertaking is available: 10.60% onwards  Up to Rs.15 lakh based on the repayment capacity of the borrower  Nil 
    In case employer undertaking is not available: 12.10% onwards 
     

    Eligibility criteria

    (Under Tie-up) scheme:

    • Must be a confirmed or permanent employee of a reputed private organisation or institute in India 
    • The institute or organisation for which the applicant works must operate within the jurisdiction of the respective ZLCC 
    • Must be at least 18 years of age 
    • Must have residual service to ensure that he/she can repay the entire loan amount within the repayment tenure 
    • Staff members of the Union Bank of India and government employees are not eligible for this scheme 

    Union Personal (Under Non Tie-up) scheme: 

    • Must be a confirmed or permanent employee of a reputed private organisation or institute in India 
    • Must be a customer of the Union Bank of India for a minimum of six months before applying for the loan 
    • Must have a salary account with the Union Bank of India 
    • Must be at least 18 years of age 
    • Must have residual service to ensure that he/she can repay the entire loan amount within the repayment tenure 
    • Staff members of the Union Bank of India and government employees are not eligible for this scheme 

    For non-salaried individuals: 

    • Must be at least 25 years of age and not more than 60 years old at the end of the repayment tenure 
    • Must have a regular source of income 
    • Must be a customer of the Union Bank of India for a minimum of 24 months before applying for a loan 
    • Must have a current or savings account with the Union Bank of India with an Average Quarterly Balance of Rs.25,000 and above for the immediately preceding four quarters 

    For government employees: 

    • Must be a permanent/confirmed employee working at State or Central Government organisations, Public Sector Units, State or Central Government undertakings, Departments/Ministries under the Ministries, armed personnel, teaching or non-teaching staff at government institutions, officers in All India Services, and Defence personnel 
    • Must be at least 18 years of age 
    • Must be the main applicant to avail the loan 
    • Must open a salary account with the Union Bank of India 
     

    Documents Required for Union Bank Personal Loan  

    The documents required vary for different kinds of applicants. For salaried applicant: 

    • ID Proof: Passport or PAN card or employee ID card or any other valid proof 
    • Address Proof: Telephone bill or electricity bill or Aadhaar card or any other valid proof 
    • Income Proof: Salary slips of the past six months, letter from your employer or Form 16 of the past three years, and Income Tax Returns of the past three years 
    • Two passport-sized photographs 
    • PAN Card 
    • Any other document as required by the bank 

    For non-salaried applicants: 

    • ID Proof: Passport or PAN card or employee ID card or any other valid proof 
    • Address Proof: Telephone bill or electricity bill or Aadhaar card or any other valid proof 
    • Income Proof: Income Tax Returns of the past three years 
    • Two passport-sized photographs 
    • PAN Card 
    • Any other document as required by the bank  

    Here are the documents required for government employees:

    • ID Proof: Passport or PAN card or employee ID card or any other valid proof 
    • Address Proof: Telephone bill or electricity bill or Aadhaar card or any other valid proof 
    • Income Proof: Salary slips of the past six months, letter from your employer or Form 16 of the past three years, and Income Tax Returns of the past three years 
    • Two passport-sized photographs 
    • PAN Card 
    • Any other document as required by the bank 
     

    Union Bank Personal Loan FAQ

    Do I have to pay any extra fee when taking a personal loan? 

    If you are a salaried or self-employed individual looking to take a personal loan, you will have to pay a processing fee of 0.50% of the loan amount. The amount will be deducted from your loan amount at the time of disbursal.  

    What is the difference between pre-payment, and foreclosure? 

    Pre-payment means that you are paying off a certain amount of the outstanding loan amount before the expiry of the tenure, and foreclosure means that you are paying off the entire outstanding loan amount before the completion of the tenure. 

    How will my personal loan be disbursed? 

    Lenders usually disburse the loan amount by electronically depositing into your savings account. 

    Are Union Bank personal loan interest rates different for salaried and self-employed applicants? 

    Yes, salaried applicants can take personal loans from the Union Bank of India at interest rates starting from 12.60%, while the interest rates applicable to self-employed applicants start from 14.60%.  

    What are the main factors that determine the interest rate applicable to my personal loan? 

    The main factors taken into consideration by banks and financial institutions when determining your interest rate include your credit score, your current liabilities, and your income.  

        

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    Union Bank Personal Loan Reviews

    • Union Bank of India Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan of 7L from Union Bank. I am paying the loan from last 1.5 years. This bank is very nice and they have been doing good benefits for the customer. The interest rate is good according to my company profile. The loan tenure is 5years.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jun 08, 2019
    • Union Bank of India
      Union Bank of India Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I had taken the education loan through Union bank.I had made the part payment with no any interest charges and also i have choose the foreclosure option for closing the loan with very lower rate of interest.Complete process is very slow.I will be making the payment via branch.
      Was this review helpful? 6
      , navi mumbai
      Reviewed on Apr 06, 2019
    • Union Bank of India Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this loan a while back and the experience was quite good, the loan amount has been sufficient and the interest rate with them has been nominal when compared with the market rate. There has not been any additional charges which they had made and there has only been some charges of 3000 which they had taken for the insurance.
      Was this review helpful? 16
      , kolkata
      Reviewed on Jan 21, 2019
    • Union Bank of India Personal Loan
      "Best in service"
      0.5 5.0/5 "Blown Away!"
      I hold a Savings account with Union Bank of India. I had applied for a Personal loan and my application was processed on time. The interest rates are very much reasonable when i compare with other banks. The interest rates is 10.4% .My loan application was processed on time and it is Best in need.
      Was this review helpful? 16
      , hyderabad
      Reviewed on Dec 20, 2018
    • Union Bank of India Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my short term personal loan with Union bank, they provide me sufficient loan amount, there rate of interest was nominal like it is nationalized bank for that reason i have taken my personal loan and they have not charged any processing fee,overall service is good.
      Was this review helpful? 15
      , bangalore
      Reviewed on Nov 15, 2018
    • Union Bank of India Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with Union bank of India. The customer services and response is good. The documentation process is smooth. There are no hassles to get the loan. The rate of interest and processing charges is normal. Overall no issues till date.
      Was this review helpful? 13
      , new delhi
      Reviewed on Sep 24, 2018
    • Union Bank of India Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with Union Bank of India and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate. There are no preclosure charges for this loan. Customer service was good and the tenure period is 5 years.
      Was this review helpful? 23
      , chennai
      Reviewed on Jul 26, 2018
    • Union Bank of India Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Union bank of India offers good personal loan the Expected loan is given but It took 10 days to approve the bankers clearly informed about the loan payment everything the payment is done through the account and the interest rate is affordable.
      Was this review helpful? 19
      , new delhi
      Reviewed on May 03, 2018
    • Union Bank of India Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Union Bank of India and being an existing customer the services are good and there are no hassles in the process. The documentation is simple and the rate of interest and processing charges are normal and no inconvenience overall.
      Was this review helpful? 26
      , mumbai
      Reviewed on Nov 13, 2017
    • Union Bank of India Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I finally took the personal loan from Union bank of India. I went ahead with the bank because I got a better offer on the interest rate and the charges are normal. The process to get the loan is also great and the documentation is normal and the disbursement was as expected.
      Was this review helpful? 14
      , chennai
      Reviewed on Sep 27, 2017
    • Union Bank of India Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The response is really good with Union Bank of India. They have disbursed my personal loan within 10 days of time . They have offered me Rs.9,50,000 as a personal loan, the required loan amount has been given. The rate of interest is nominal. I got the loan for 10.65% interest rate which came under Pradhana manthiri budhi yojana. I am happy about the loan amount.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Jul 10, 2017
    • Union Bank of India Personal Loan
      "Easy and quick loan experience "
      0.5 5.0/5 "Blown Away!"
      The rates and the calculation of interest is the speciality of this personal loan. The documentation is minimal and most details are with them since I am a staff account holder for about 5.5 years. The loan processing including the disbursal took place in a week. I have availed a personal loan from Union Bank of India which is calculated at 8% interest rate on simple interest basis.
      Was this review helpful? 12
      , kolkata
      Reviewed on May 23, 2016
    • Union Bank of India Personal Loan
      "great bank for loan facilites "
      0.5 5.0/5 "Blown Away!"
      I feel its an awesome service provided by Union bank related to the personal loan application.I like each and every step about the loan process.One of my friend who work their have assisted me very well.Union Bank service is good.They understand the customer very well and the behavior is awesome.
      Was this review helpful? 5
      , ranchi
      Reviewed on May 03, 2016
    • Union Bank of India Personal Loan
      "Need more flexible options..."
      0.5 4.0/5 "Great!"
      Last year I have taken my personal loan from Union bank of India. Their process was very fast I got my loan amount within 1 or 2 days. They offered good interest. Best thing they allow us to make a part payment. Processing charges are higher my suggestion is, it should be reduce.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Feb 03, 2016
    • Union Bank of India Personal Loan
      "Need to speed up their service..."
      0.5 3.0/5 "Satisfactory"
      Interest part was similar in Union bank of India. I have taken the Personal loan from them. Documentary part was too lengthy. HDFC Bank was better compare to Union bank of India. Even the processing charges also higher side. Over all its fine.
      Was this review helpful? 13
      , varanasi
      Reviewed on Nov 07, 2015
    • Union Bank of India Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      The rate of interest for the car loan with the Union Bank of India is around 10.1%. There was some of the hundred Rupees as the processing charges. Loan amount disbursed within a week of time and it got happens before 3 to 4 days of time. There was no foreclosure charges like I can settle the loan after the first EMI.
      Was this review helpful? 9
      , pune
      Reviewed on Nov 02, 2015
    • Union Bank of India Personal Loan
      "Perfect bank for a corporate account holders "
      0.5 5.0/5 "Blown Away!"
      Since I a corporate account holder with UNION BANK OF INDIA took my personal loan from them. Recently I have taken this loan because they have offered me12.90% rate of interest with zero processing fees. My home branch is located in my native place.
      Was this review helpful? 4
      , jodhpur
      Reviewed on Oct 24, 2015
    • Union Bank of India Personal Loan
      "Union bank personal loan review"
      0.5 5.0/5 "Blown Away!"
      Based on my salary account UNION Bank of India , they have provided a personal loan to me.The interest rate offered by them was very less and also they managed to offer loan at a reduced interest rate. They did not ask for documentation fee and there was no verification for the same and they took around 2 days of time to provide the loan.
      Was this review helpful? 16
      , ernakulam
      Reviewed on Aug 22, 2015
    • Union Bank of India Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      The loan experience was really good because I have my salary account with Union Bank of India.The customer service provided was really good and the loan amount disbursed within 7-10days and I didn't face any issue with the bank.I will surely recommend this bank for the loan process.
      Was this review helpful? 14
      , kolkata
      Reviewed on Jun 19, 2015
    • Union Bank of India Personal Loan
      "Really happy"
      0.5 4.0/5 "Great!"
      I am happy that Union Bank of India was ready to offer me the loan when I was in need of that. I hold a savings account with them, apart from that I also hold a fixed deposit with them worth rs 2 lakh based on that I guess, they have offered me a loan of one lakh immediately. Response is very good and they took around a week time to provide this loan.
      Was this review helpful? 14
      , hyderabad
      Reviewed on Apr 30, 2015
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