Thinking of a Personal Loan for Senior Citizens to pare down your debts?

Take a look at Union Bank of India Pensioner Loan Scheme

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

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to twelve times the net monthly pension subject to the maximum quantum of Rs. 10 lakh for pensioners up to the age of 70 years, 5 lakh for pensioners above the age of 70 years and Rs. 3 lakh for all family pensioners, whichever is less

Interest

  • As of October 2020, this interest rate applicable to this loan is not mentioned on the bank’s website. We suggest calling the bank customer care number to get the details

Repayment

  • This loan must be repaid within 5 years for borrowers below the age of 70 years and 3 years for borrowers above the age of 70 years

Eligibility

  • Pensioners and family pensioners drawing pension through Union Bank of India
  • The maximum age to apply for this loan is 75 years for pensioners and 70 years for family pensioners

Security Needed

  • This is an unsecured loan
  • The bank may ask for a personal guarantee of spouse eligible for family pension, earning children or third-party guarantee

Documents Needed

  • 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
  • Pension account-related documents

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