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Union Bank of India Personal loan Interest Rates 2022

Index

Description

Union Bank of India Personal Loan Interest Rate 2021

Factors that affect Union Bank of India Personal Loan Interest Rates

Union Bank of India personal loan vs other personal loans

Features of the Union Bank of India personal loan

Recent Blogs

Description

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 Rate 2021

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. 

Factors that affect Union Bank of India Personal Loan Interest Rates

  • 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. 

Union Bank of India personal loan vs other personal loans

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

Features of the Union Bank of India personal loan

  • 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

 

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