Thinking of a Personal Loan to pay off your debts?

Take a look at Union Bank of India Union Personal Salaried 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. It can also be availed as a consolidation loan to pay off credit card debts and other loans.

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 pay off their debts
  • This is a collateral-free loan

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 5 lakh for new borrowers and Rs. 15 lakh for existing borrowers with a satisfactory repayment record of 2 years

Interest

  • The interest rate for this loan is defined as the sum of two factors: External Benchmark Lending Rate (EBLR) and Spread. As of October 2020, the EBLR of Union Bank of India is 6.80% and the Credit Risk Spread for this loan depends on the loan amount as well as CIBIL score of the borrower

Repayment

  • This loan must be repaid within 5 years
  • The loan must end on/before the borrower attains the age of 75 years

Eligibility

  • Non-salaried individuals with a regular source of income are eligible for this loan
  • The borrower should maintain a savings or current account with the bank with an average quarterly balance of Rs. 25,000 for at least the last 4 quarters
  • The borrower should have been a Union Bank of India customer for at least 2 years prior to applying for this loan

Security Needed

  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

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
  • 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