The Union Bank of India personal loan is one of India’s highly rated personal loan products. Its competitive interest rate, higher loan amount and low processing fee make it a preferred lending product.
However, in order to get qualified for the loan, a borrower has to meet the eligibility criteria. Union Bank of India personal loan eligibility calculator can help individuals to ensure their eligibility. The bank offers loans under multiple categories – salaried individuals, government employees, self-employed applicants and top employees of government.
The eligibility depends upon several factors such as age, income, debt to income ratio, etc. of a borrower. The good thing is Union bank offers personal loan to many kinds of borrowers such as salaried individuals, self, employed professionals, government employees, etc.
The Union Bank has divided the eligibility criteria into two categories.
Scheme A (Tie up )
The borrower should be a permanent employee of a reputed Pvt. organization in India.
The borrower does not need to have a bank account with Union Bank.
The borrower should have a minimum gross salary of Rs. 15,000 per month.
Scheme ( Non Tie-up)
The borrower should have a confirmed employee of private organization/institute in India.
The applicant should be a customer of the bank for minimum 6 months.
The applicant should have a salary account with the bank.
The applicant’s minimum salary should be Rs 15,000 per month.