Union Bank of India Personal loan Interest Rates 2022

Union Bank of India offers personal loans of up to Rs. 10 lakh to meet the personal expenses like purchase of consumer durables, travel, holiday, medical emergency, home repair, etc. Both salaried employees and self-employed individuals alike can get a personal loan. Interest rate on Union Bank personal loan varies from loan scheme to scheme, starting from as low as 10.40% p.a.

Union Bank of India personal loan interest rates are categorized according to a borrower’s employment type, credit score and security. For example, the interest rate starts from 8.90% p.a. for government employees with a CIBIL score of 700 or above and 12.90% for non-salaried individuals with a credit score equal to or above 700. 

Interest rate on retail lending scheme for Government employee, SRLGE   

Personal loan scheme	CIBIL score	Interest rate (P.a.)
With employer undertaking	700 & above	8.90%
	Below 700	9.00%
Without employer undertaking	700 & above	10.40%
	Below 700	10.50%

Interest rate for other applicants  

Personal loan scheme	CIBIL score	Interest rate (P.a.)
Union Personal – Under tie-up	700 & above	10.90%
	Below 700	11.00%
Union Personal – Under non tie-up	700 & above	11.90%
	Below 700	12.00%
Union Personal- Non-salaried applicants	700 & above	12.90%
	Below 700	13.00%
Union Personal - under SRLGE with employer undertaking	700 & above	8.90%
	Below 700	9.00%
Union Personal - under SRLGE without employer undertaking	700 & above	10.40%
	Below 700	10.50%

Customers can use Union Bank of India personal loan EMI calculator to know their monthly EMI consisting of principal and interest components. 

• Loan tenure: Union Bank of India personal loan interest rate will depend upon the loan tenure selected by an applicant. Lenders charge a high interest rate for a short-term loan compared to an interest rate for long-term loans. However, longer tenure will increase the total interest payable.
• Relationship with the Union Bank of India: Existing customers of Union Bank of India who share a good relationship with the bank can possibly get a personal loan at lower interest rate, provided they have a proven track record and fulfil the personal loan eligibility criteria.
• Employer undertaking: As a personal loan is an unsecured loan, an employer undertaking can help a borrower to get a personal loan at the lower interest rate. Government employees with a good credit score and employer undertaking can get a personal loan at 8.90% p.a. interest from Union Bank of India.
• CIBIL Score: CIBIL score is one of the most important factors that affect the interest rate applicable on a personal loan. Union Bank charges lower interest rates for applicants with a credit score of 700 and above.   
• Employment details:  Employment type and stability plays a very important role in interest rates. Salaried employees are charged lower interest than non-salaried employees and government employees are offered the most favorable rates. 

Lender	Interest rate (p.a.)	Tenure	Loan amount	Processing fee
Union Bank of India	8.90% onwards	12 to 60 months	Up to Rs. 10 lakh	Up to 0.5 of loan disbursed
ICICI Bank	11.25% - 22%	12 to 60 months	Up to Rs. 20 lakh	Up to 2.5% of the sanctioned amount
HDFC Bank	10.75% - 21.30%	12 to 60 months	Up to Rs. 15 lakh	Up to 2.5% of the sanctioned amount
Axis Bank	12% - 24%	12 to 60 months	Rs. 50,000 to Rs. 15 lakh	Up to 2% + GST
Yes Bank	10.99%	12 to 60 months	Rs. 1 lakh to Rs. 40 lakh	Up to 2.5% of the loan + GST

• Attractive interest rates
• Flexible loan amount and tenure
• Fast processing with minimal documentation
• Online eligibility checking
• No prepayment charge
• No foreclosure charge 
• Minimal processing fees