Union Bank of India Personal Loan 2022

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Union Bank of India Personal Loan 2022 Highlights

Union Bank Personal Loan Interest Rate ✍ Check Application Status ✔ Lowest Interest Rates ✪ Eligibility ✪ EMI Calculator » Salaried » Self-employed ✍ Apply Online


Union Bank was established on 11th November 1919. The inauguration of the Head Office building of the bank was inaugurated by Mahatma Gandhi. The bank now operates through over 4200 + branches across the country.

Union Bank Personal Loan can be availed for meeting short term financial crisis. It can be for meeting funds for a medical emergency, funding for higher education, consolidating debts, planning a wedding, etc.

Benefits of Availing Personal Loans from Union Bank of India

  • Affordable Interest Rates
  • Flexible loan repayment options
  • Faster loan approvals
  • The loan amount available from Rs 50,000 to Rs 10 lakh.
  • No hidden charges

Union Bank of India Offers Personal Loan Under Three Schemes

Personal Loan 

It can be availed by Salaried employees in need of funds. An individual will have to get two guarantors as there is no collateral required to be put up as a guarantee. The interest rate for this segment of loan is 12.60% with a processing fee of 0.50% of the loan amount, subject to a minimum of Rs 500 plus GST. Loan amount up to Rs 10 lakh can be availed under this segment. The repayment tenure is 5 Years or up to 1 year before retirement.

Union Personal Loan – Non-Salaried

Self Employed Individuals in need of funds. It is offered to individuals who are non-salaried and earn a regular income. The Interest rate charged for this loan is 14.60% p. an onwards, with a processing fee of 0.50% of the loan amount, subject to a minimum of Rs 500 + GST. The loan can be availed of up to Rs 10 lakh for 5 years or 1 year after retirement. 

Personal Loan Under Special Retail Lending Scheme for Government Employees 

This scheme caters to permanent government employees. The loan is offered at 10.60% p.an onwards for 5 years or before retirement. The loan amount availed can be of up to Rs 15 lakhs.

Personal Loan for Doctors

Union Bank of India Personal Loan for Doctors are given to Doctors who are qualified registered medical practitioner with a minimum of three years of experience and in the age group of 25 to 65 years of age in any Branch of medical science with minimum qualification of:

  • MBBS
  • BAMS (Bachelor of Ayurvedic Medicine and Surgery)
  • BDS (Dentist) 
  • Degree in Para Medical Services like X-Ray Technology and Radiology, Medical Laboratory Technology, Physiotherapy, Optometry of Ophthalmic Technology.
  • These degrees should be recognized by statutory authorities in India Firms engaged in the medical profession(including limited liability companies/partnerships) in which only Doctors/Dentists are Partners/Proprietor/Promoters.

Union Bank of India Personal Loan Interest Rate Calculator

Before applying for a Personal loan, the very first thing one gets brainstormed about is the assessment of loan amount, salary, tenure and other important details. 


The first and foremost important element the lender assesses is the repayment capacity of the borrower. Borrowers with higher salary brackets are offered lower interest rates for loans.

Category of Employer – 

Companies are listed in categories with respect to the company’s size, reputation and existing relationship with the bank. A listed company always are given the top priority and offered great discounts.

Loan Amount – 

Union Bank of India offers loan amounts between Rs 50,000 and Rs 5 lakh.

Loan Tenure –

Union Bank offers loan for a tenure of 12 to 60 months.

Relationship with the bank – 

The account holders of Union Bank are given this extra perk of availing loan at discounted rates. Borrowers who have maintained their relationship well with the bank always have the added advantage.

CIBIL Report – 

The CIBIL report is the track record of an individual’s credit history reflecting on the track record of previous loans taken. It matters most to lenders offering loans to borrowers. 

Union Bank of India Eligibility Criteria

To apply for a personal loan from Union Bank an individual should be:

For Union Personal: 

  • Should be a resident of India.
  • The service period should be sufficient enough to repay the loan, or at least one year before retirement.
  • Should have an account with Union Bank of India.
  • Should be a salaried employee with regular income.

For Existing House Loan Borrowers:

  • The borrower must be a home loan borrower.
  • The borrower can be salaried or non-salaried.

For Personal Loan for Employees associated with State/Government or Reputed Organisations:

  • Should be a permanent employee of Central/State Government/PSUs/JSUs/MNCs
  • Regular source of Income
  • Eligible service tenure to repay the loan or at-least 1 year before retirement.

Union Bank of India Personal Loan – Documents Required

Following documents will be required to apply for a personal loan at Union Bank of India

  1. Identity Proof- Passport, Voter ID, Aadhaar Card, Driver’s License
  2. Address Proof – Passport, Rental Agreement, Postpaid Mobile Bill, Recent Bank Statement/Ration Card.
  3. Bank Statement for the last 3 months
  4. 2 Passport-sized photographs
  5. Income Proofs- Salary Slips for last 3 months/ITR for previous year/Form 16
  6. Proof of outgoing loan repayment statement, LIC Policy etc.

Union Bank of India Personal Loan EMI Calculator

EMI Calculator gives you the benefit of knowing the details of loan EMI which an individual is going to pay it on a monthly basis. The EMI Calculator is a free tool that gives the user, an accurate result within seconds about the EMIs. It saves time as well as manual effort in doing the calculation. Simply the user puts the details of Loan Amount, Tenure, and Loan Amount and the exact details are laid out in front of them.

We will try to understand the concept in a better way with an example below:

Suppose Mr. Rishabh Sharma, a Software Engineer in need of a loan amount of Rs 5 Lakh for a tenure of 3 years. Union Bank of India is offering Personal loans at 12.70% p.a. The monthly EMI outgo for each month would be Rs 16,774. So, now Mr.Rishabh can calculate his monthly expenses and plan accordingly to go for a loan.

How to apply for Union Bank Personal Loan at Afinoz?

Users in need of funds to manage a temporary financial crisis can apply for Union Bank of India Personal Loan at www.afinoz.com. Afinoz is a marketplace for customized rate quotes on loans and investment products in India. Applying for a personal loan through Afinoz is hassle-free and quick, requiring minimal documentation. 


Union Bank of India Personal Loan—Customer Care

For any queries, grievances, and concerns, user can always check the bank’s official website or can reach out to Customer Care Helpline Number 1800-22-2244. 

➤ FAQs

Ques. Will an individual have to provide any collateral or security when availing a personal loan from Union Bank of India?

The bank only requires an undertaking from the employee to process the application form. The bank will require you to nominate a guarantor, for which one has to visit the bank branch.

Ques. Will I be eligible for another personal loan from Union Bank if there is an already running personal loan?

When the repayment record is up to the mark and there are no delays in repayment of the loan, the Bank can consider for giving another loan.

Ques. Can non-salaried person get loans from Union Bank of India?

Yes, non-salaried persons with regular source of income can avail personal loan from Union Bank of India.

Ques. Can I apply for Union Bank of India Personal Loan offline?

Yes, personal loan from Union Bank of India can be applied offline by visiting Bank Branch.