Union Bank of India Personal Loan
A personal loan is an unsecured borrowing that a lender advances without requiring any collateral, repaid in fixed instalments over an agreed period. Because nothing is pledged, approval rests largely on the applicant's income, employment stability and credit history. Borrowers commonly turn to a personal loan to meet expenses that arise without warning or that they prefer not to fund from savings, such as emergency medical bills, travel and holiday costs, or wedding-related arrangements.
Union Bank of India, a public sector bank established in 1919, offers this facility under its Union Personal scheme aimed at salaried individuals working in private sector institutions. The scheme is designed for confirmed or permanent employees and is positioned as a way to manage unplanned costs without disturbing existing savings. The bank emphasises a largely paperless, online application journey with quick disbursal and easy processing for eligible applicants.
As a collateral-free product, the loan does not ask the borrower to mortgage any asset, and a prepayment facility is available for those who wish to close the loan ahead of schedule. The rate of interest is described as flexible. Approval, the sanctioned amount and the applicable terms depend on the bank's assessment of the applicant's profile and are not guaranteed. Prospective borrowers should confirm current eligibility conditions and required paperwork with the bank before applying.
Documents required
- A duly filled application form and credit information
- KYC documents for the applicant and co-applicant / guarantor: identity proof (PAN card, Voter ID, Passport, Aadhaar, etc.), address proof (Driving licence, Passport, Aadhaar, etc.), office / business address proof, and two latest passport size photographs
- Income proof (salaried): last 2 years' ITR / Form 16 and the latest 3 months' salary slip
- Bank statements of the last 12 months
As published by Union Bank of India. Your branch may ask for more.
Eligibility
Loan terms
- Collateral-free loan aimed at confirmed or permanent salaried employees of private institutions
- Largely paperless application with online processing
- Quick disbursal and easy processing for eligible applicants
- Prepayment facility available
- Flexible rate of interest
Fees & charges
FAQ
Lenders price on your credit score, income, employer category and tenure. A score above 750 typically unlocks the lower end of each range shown. The exact rate is confirmed by the lender at underwriting.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.
Most lenders allow prepayment after a few EMIs. Charges vary by lender and are shown in the fees section; RBI caps foreclosure charges on floating-rate loans to individuals.