Union Bank Personal Loan Comes at Low Cost With Easy Eligibility Criteria

The eligibility to avail of a Union Bank personal loan relies upon the income category and the occupation of the borrower. The bank offers personal loans under 4 categories -  

• Salaried people with the exception of government workers,  
• Government employees,  
• Non-salaried, and  
• Top workers of the government of India services.  

Common Eligibility Criteria for Union Bank Personal Loan 

• An applicant minimum age should be of 21 years and a maximum of 60 years 
• An applicant should have a good CIBIL score of 700 or above 
• Applicant should be a resident of India  

Eligibility Criteria for Union Personal Loan Scheme for Top Executives of Government Ministries  

• Permanent employees of Government of India having an income account with Union Bank of India including top chiefs (CEO/MD/COO/GM) in the branches of Labor and Employment, Science and Technology, Environment and Forest, and Statistics and Program Implementation   

• Permanent employees of Home Ministry – Navy, Army, Air Force, and para-military powers constrained by Home Ministry like BSF, CRPF, ITBP, and so on  

• Permanent employees of Defense Ministry – Defense creation/research/fabricating units like RCI, DRDO, HAL, NCC, Navodaya Vidyalaya Sangathan (NVS), Kendriya Vidyalaya Sangathan (KVS), and so on  

• All the previously mentioned workers should hold a record with the Union Bank of India to avail of this loan.  

Variables Affecting Eligibility of Union Bank of India Personal Loans  

• Stable employment: Banks are careful about clients who change their jobs frequently- don't endeavor to combine their position in one organization. Regular change in jobs makes workers more helpless against negotiation as well as approval of getting loans. Clients who have been with an organization for a more drawn-out timeframe will experience the easy process of securing personal loans.   

• A number of loans: The loan eligibility of a client will get hammered in case the person in question has taken a few loans at a given mark of time. CIBIL report will mirror the loan conduct of the loan candidate. In the event that a client is too loan hungry, their CIBIL report will mirror his absence of financial reasonability.  

• Relationship with Union Bank: Many clients normally will in general be faithful to some bank throughout some undefined time frame. Dedication to a bank prompts simple compatibility with a bank which might bring about alluring interest rates on personal loans to support clients. As a rule, clients who have been related with a bank can avail of personal loans with no problems.  

• Pay: Banks need to discover the capacity of a client to repay the loan. Union Bank has set a minimum month-to-month net income as one of the eligibility models to guarantee that clients have a sound monetary strength or base in terms of income.  

How to Increase Union Bank Personal Loan Eligibility?  

• Creditworthiness: Timely payment is a significant determinant of the reliability of a client. CIBIL score of 750 or more shows the financial credibility of a client. As a rule, banks effectively support loans for clients who have a CIBIL score of more than 700. Clients should guarantee that they have a hearty history as far as repayments to expand their eligibility to avail of personal loans.  

• Clean record: Customers should guarantee that they have a spotless repayment history. CIBIL score is unfavorably influenced if a client defaults or makes late installments. Banks will take genuine note of any defaults by the client in the new past.  

Union Bank of India Personal Loan 

Union Bank of India offers personal loans of up to Rs. 15 lakhs that people can use to meet different personal monetary necessities - both arranged ones and in the event of a crisis. Normal employments of a Union Bank of India personal loan incorporate the acquisition of customer durables, meeting crisis clinical costs, paying for a home redesign, and so on. This unsecured loan from the bank is disbursed rapidly and can be availed with negligible documentation making it a famous acquiring alternative. The interest rate for this loan begins at as low as 8.90% p.a. what's more, the repayment tenure can extend up to 60 months.   

Components of Union Bank of India Personal Loan   

• Loan amount: The most noteworthy loan amount for first-time personal loan borrowers with Union Bank of India is Rs. 5 lakhs while the amount is a lot higher at Rs. 15 lakhs in the case of existing personal loan borrowers of Union Bank with great history.  

• Flexible tenure: The tenure to repay Union Bank of India Personal Loan can be up to 60 months and offers flexibility to the borrower.  

• Fast processing: Union Bank of India guarantees that your own loan application is processed quickly (in case you meet the eligibility rules) so you can avail of loans straightaway.  

• Least documentation: Union Bank of India Personal Loan can be availed with least documentation, for example, fundamental KYC and income verification documents.  

Documents Required for Loan Application  

The following documents are expected to apply for a personal loan with Union Bank:   

• Duly filled application form  
• Pan card  
• Verification of identity: Passport/Aadhaar/Driving License/Employee ID Card (Any One)  
• Verification of address: Telephone Bill/Electricity Bill/Aadhaar Card (Any One)  
• Verification of income: Last long term ITR, most recent long term Form-16/letter from the business, and most recent a half year's income slip  

• Verification of out-goes: LIC Policies (amounting any), loan repayment articulation (as amounting any), some other substantial evidence of any out-go  
• 2 passport sized photos 

Conclusion: 

Lastly, before applying for a Union Bank personal loan it is always advisable to check your eligibility either with Union Bank personal loan eligibility calculator or Afinoz’s personal loan eligibility calculator. This can help you to get a personal loan at a low-interest rate.