Union Bank Of India Loans

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Union Bank of India is one of the prime public sector banks in India. Over the years, it has grown as a major bank, which was once led by Mahatma Gandhi-the Father of the Nation. It provides several banking services to its customers. Union Bank of India loan is the most important service provided by the bank.

Union Bank of India loan enables its consumers to realize their dreams. The bank provides a number of loans such as:
  • Education loan
  • Home loan
  • Car and two wheeler loan
  • Personal loan

Union Bank of India home loan is given to customer with triple insurance benefit and flexible remittance options. Any Indian citizen who is 21 years of age or above with a steady income may apply for the home loan. The maximum repayment period is within 20 years, which should not be exceeded. In case of prepayment, no penalty is charged. Besides, the interest is calculated on reducing balance method.

The maximum amount of Union Bank of India home loan can be sought for ` 10 lac, applicable for A class cities, whereas for other cities, maximum loan would be upto ` 50 lacs. With regards to flat or house repair loans, one can get a maximum of ` 10 lacs.

Union Bank of India education loan is another loan advanced by the bank. Any needy or a meritorious student is eligible to apply for the education loan. Students in India can apply for a loan upto ` 10 lac and in order to study abroad, applicants can get a loan upto ` 20 lac.

The rate of interest charged on the loan differs on the basis of the sex of the student. For a male student, the rate of interest would be calculated at 12 % (fixed) for a loan above 7.5 lac. On the other hand, female students would be paying interest calculated at 11.50 % (fixed) for the same amount of loan.

Union Bank of India home loan includes a special scheme called Union Top-up scheme, which is advanced to its existing home loan borrowers in order to meet the expenses of home renovation, repair, furbishing and remodeling.

The bank also provides Union Bank of India car loan service. It is extended to purchase a new car, two wheeler, or a second hand vehicle. In order to apply for the same, the customer should present the guarantor. In case of unmarried person, a third party guarantor and for those married, guarantee of the spouse would do the needful.

The bank charges processing on the car loan, which is given as:
  • Loan above ` 2 lac, for a car or a four wheeler-` 1000
  • Loan upto ` 2 lac, for a four wheeler-` 500
  • For a two wheeler-` 250
For the retired government employees, institutions and other banks, who draw fixed income or pension Union Bank of India demand loan is the option. It is offered upto ` 1,00,000 or 12 times the monthly pension, whichever is less.

Union Bank of India personal loan or Union Bank of India comfort is offered by the bank for personal expenses and consumer durables. Remittance of the loan can be made within 36 equated monthly installment. Some of the documents required for acquiring personal loan include proof of residence and proof of income.