Consolidation Loans from Union Bank of India

Multiple loan schemes for paying off debt

Union Bank of India offers a range of financial products to different segments of its customer base. The bank gives you a range of loans to choose from based on your preference.

Union Bank of India Consolidation Loans

A consolidation loan helps customers pay off their debts and consolidate them into one loan which they can repay by choosing terms best suited for their needs.

An unsecured loan like a personal loan or a secured loan like a loan against property, gold, securities, etc. can be considered as a consolidation loan. A “balance of transfer loan” scheme can also be considered as a consolidation loan if it is a relatively low-interest loan and helps reduce the debt burden. Similarly, a top-up home loan that can be used to repay credit card debt or other high-interest loans can also be considered as a consolidation loan.

These loans help make the repayment of debts easier since there is usually just one outgoing payment and the borrower does not have to worry about making multiple loan/credit card debt repayments on different days of the month. Another indirect advantage of consolidating loans is that the borrower can keep a track of exactly how much is being paid towards the debt each month and plan a monthly budget accordingly.

Please remember that Union Bank of India does not label any loan scheme as a consolidation loan. Instead, a few schemes can be used for the purpose of consolidating debts even if they are not directly labelled so. Here are some of the loan schemes offered by Union Bank of India that you can avail as a consolidation loan:


  1. Union Personal Loan – Salaried (Personal Loan for Employees of Private Organisations)
  2. Union Personal Loan – Non-Salaried (Personal Loan for Self-employed Professionals)
  3. Special Retail Lending Scheme for Government Employees (Personal Loan for Employees of Govt. Organisations)
  4. Union Cash (Pensioner Loan)
  5. Union Mortgage (Loan Against Property)
  6. Union Mortgage Plus (Loan Against Property for existing Home Loan Borrowers)
  7. Union Reverse Mortgage Loan
  8. Union Home Loan
  9. Union Smart Save Scheme
  10. Union Top-up Home Loan

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

Union Bank of India – Union Personal Salaried  Loan

This loan helps borrowers to get funds to meet their personal needs such as expenses for a child’s wedding, domestic and foreign travel, medical emergency, etc. Since this is an unsecured loan and a relatively easy one to get, the borrowers can also avail this as a consolidation loan to pay off their debts.

Features of Union Personal Loan for Salaried Individuals

Why this Loan?


  • The Union Bank of India Personal Salaried Loan is designed to help permanent/confirmed employees of reputed private companies, institutes or organisations get financial assistance to meet their personal needs. Borrowers can also avail this loan scheme to pay off their debts
  • This loan is offered as a term loan and overdraft. The borrowers who maintain a salary account with the bank can avail the loan as a term loan as well as overdraft whereas others can only avail this as a term loan
  • This is a collateral-free loan

Union Bank of India – Union Personal Non-Salaried

This loan helps borrowers to get funds to meet their personal needs such as expenses for a medical emergency, wedding, travel, purchase of consumer durables, etc. This loan scheme can also be repurposed into a consolidation loan to pay off their debts.

Features of Union Personal Loan for Non-salaried Individuals

Why this Loan?

  • The Union Bank of India Personal Non-Salaried Loan is designed to help non-salaried professionals having a regular source of income get financial assistance to meet their personal needs. Borrowers can also avail this term loan scheme to consolidate their debts
  • This is a collateral-free loan

Union Bank of India Personal Loan – Special Retail Lending Scheme for Government Employees

This loan helps borrowers to get funds to meet their personal needs such as expenses for a child’s wedding, domestic and foreign travel, medical emergency, etc. The maximum loan amount sanctioned under this loan is Rs. 15 lakh.

Features of Union Personal Loan – Special Retail Lending Scheme for Government Employees

Why this Loan?

  • The Union Bank of India Personal Loan for Govt. Employees is designed to help permanent/confirmed employees of government organisations to meet their personal needs. Borrowers can also avail this loan scheme to pay off their debts or takeover of an existing loan, thereby consolidating their debts
  • This loan is offered as a term loan and overdraft. The borrowers who maintain a salary account with the bank can avail the loan as a term loan as well as overdraft whereas others can only avail this as a term loan
  • This is a collateral-free loan

Union Bank of India – Union Cash (Pensioner Loan)

This loan helps pensioners and family pensioners to get funds to meet their urgent financial needs including medical expenses, wedding expenses, travel expenses, etc. This personal loan can also be used to pay off their high-interest credit card debts and loans, thereby consolidating their debts. Pensioners receiving pension through Union Bank of India and ex-staff of the bank are eligible for this loan.

Features of Union Cash Loan for Pensioners

Why this Loan?

  • The Union Bank of India Union Cash Loan is designed to help ex-staff of Union Bank of India, pensioners and family pensioners drawing pension through Union Bank of India get the financial assistance they need to meet urgent personal needs
  • This is a collateral-free loan
  • There are no prepayment charges for this loan

Union Bank of India Mortgage Loan

This loan helps borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education, etc. The maximum loan amount sanctioned by the bank under this loan scheme is Rs. 10 crore to residents and Rs. 5 crore to NRIs.

Features of Union Mortgage Loan (Loan Against Property)

Why this Loan?

  • The Union Bank of India Mortgage Loan is meant for individual borrowers who want to avail financial assistance by pledging their residential property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not for capital market, trading or speculative purposes
  • Borrowers can also avail this scheme as a consolidation loan to pay off their debts

Union Bank of India Mortgage Plus Loan

This loan helps Union Bank of India home loan borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education, etc. This loan can also be availed as a consolidation loan to pay off other debts.

Features of Union Mortgage Plus Loan (Loan Against Property)

Why this Loan?

  • The Union Mortgage Plus Loan is meant for home loan borrowers who want to avail financial assistance by pledging their residential property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not for capital market, trading or speculative purposes
  • Home loan borrowers can also avail this scheme as a consolidation loan to pay off their high-interest credit card debt or loans

Union Bank of India – Union Reverse Mortgage Loan

This loan helps senior citizens who want to meet their living expenses or supplement pension income by mortgaging their self-occupied, residential property for this loan. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts.

Features of Union Reverse Mortgage Loan for Senior Citizens

Why this Loan?

  • The Union Bank of India Reverse Mortgage Loan helps senior citizens get access to funds by mortgaging their self-occupied, residential property and convert it into liquid cash flows to meet their living expenses, personal needs, medical expenses or home renovation/repair/extension expenses. However, this loan cannot be availed for trading or speculative purposes
  • Senior citizens can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans

Union Bank of India Union Home Loan

This loan scheme helps people looking for funds to realise their dream of purchasing a house. This loan can also be availed for construction on an owned non-agricultural piece of land; repair, extension or renovation of house; or transfer of housing loan to Union Bank of India from other banks.

Features of Union Bank of India Home Loan

Why this Loan?

  • The Union Bank of India Home Loan is meant for borrowers who want to transfer their housing loan to Union Bank of India in addition to simply availing it as a home loan for the purchase, construction, extension or furnishing of a residential property
  • Borrowers can also avail this scheme for reducing their debt burden by transferring their existing housing loan to Union Bank of India
  • There are no pre-payment charges on this loan

Union Bank of India Union Smart Save Scheme

This loan helps borrowers get access to funds for the purchase or construction of a house or flat; repair, extension or renovation of an existing residential property; or takeover of home loan. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to takeover a high-interest home loan.

Features of Union Smart Save (Interest Saver)

Why this Loan?

  • The Union Bank of India Union Smart Save scheme is meant for borrowers who need assistance to meet financial needs for purchase of a house or flat; construction of a house or flat; repair, extension or renovation of an existing residential property; or takeover of home loan. Being a secured loan, it can be availed as a consolidation loan for the takeover of a home loan availed from another bank
  • The biggest benefit of availing this loan is that it offers an opportunity to save the interest cost and repay the loan faster since the borrower can deposit additional amount to pay off the loan and hence reduce the interest burden

Union Bank of India Union Top-up Loan for Home Loan Borrowers

This loan helps home loan borrowers get the funds to meet their personal needs. It can also be used to consolidate high-interest debts. This loan cannot be availed for speculative reasons. Only existing home loan borrowers are eligible for this loan.

Features of Union Top-up (Home) Loan

Why this Loan?

  • The Union Bank of India Top-up Loan is meant for home loan borrowers who want to avail financial assistance for personal needs. Borrowers can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and other loans, thereby reducing their debt burden
  • All existing Union Bank of India home loan borrowers are eligible for this loan

Important Note: Union Bank of India may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for Union Bank of India Consolidation Loans

  • The applicable interest rate on these loans is defined as the sum of two factors namely, External Benchmark Lending Rate (EBLR)/Repo Rate and Credit Risk Spread. As of October 2020, the EBLR of Union Bank of India is 6.80% and Repo Rate is 4.00%. The Credit Risk Spread (factor) is decided by the bank based on the credit score of the borrower

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Reference Facts:

  • Union Bank of India Website: www.unionbankofindia.co.in and www.unionbankonline.co.in (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 2222 44, 1800 208 2244