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 – 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 easy to get unsecured loan, the borrowers can avail this loan scheme 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

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 15 lakh. The actual loan amount sanctioned by the bank depends on a case-to-case basis. The borrowers who maintain a salary account with the bank can get a higher quantum of loan as compared to the borrowers who do not have an existing relationship/salary account with the bank


  • The interest rate for this loan is defined as the sum of two factors: External Benchmark Lending Rate (EBLR) and Credit Risk 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. The interest rate applicable to this loan ranges from 8.90% to 10.50%


  • This loan must be repaid within 5 years
  • The loan must end on/before retirement
  • There is no moratorium period for this loan which means the repayment starts from the next month after the first disbursement of the loan


  • Permanent/confirmed employees of reputed national and multinational companies, organisations and institutions
  • The minimum monthly gross salary of the borrower should be Rs. 20,000 per month for Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad and Pune and Rs. 15,000 per month for other areas

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 Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Salary account details

Reference Facts:

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