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| What is the maximum loan amount for Union Comfort? |
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The maximum amount of loan sanctioned would be minimum of A or B.
- 6 times monthly net salary
- Rs. 1 Lakh
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| What are the loan tenure options? |
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| The repayment period is maximum of 3 years. |
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| What are the applicable rates of interest? |
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| Please click here for information on rate of interest. |
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| What are the processing charges? |
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Processing charges are as mentioned below :
| Loan amount | Processing fees |
| Upto Rs. 10,000 |
Rs. 100 plus service tax |
| Above Rs. 10,000 and upto Rs. 50,000 |
Rs. 250 plus service tax |
| Above Rs. 50,000 |
Rs. 500 plus service tax |
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| How is the interest charged/calculated? |
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| Interest will be applied in the account on the basis of reducing balance method at monthly rests. |
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| What is a Monthly Reducing balance? |
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| An Equated Monthly Installment (EMI) has 2 components, interest and principal. When the interest is calculated on monthly rests, the principal on which the interest is charged goes down every month. This results in a significant saving for the customer over the tenure of the loan. |
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| How do I repay the loan? |
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| The loan shall be repaid in 36 equated monthly installments (EMIs), which would be recovered by standing instruction from your salaried account. |
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| What security/ collateral do I have to provide? |
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| Hypothecation of the assets, wherever applicable, is required. Irrevocable undertaking letter is required from the employer and borrower for recovery of installments from the salary account each month. |
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| Is a guarantor a must? |
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| Yes, a guarantor is required having means equivalent to the loan amount. Please visit our nearest branch to know further. |
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| What documents do I need to submit to avail a loan? |
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Please see the Forms & Documents Tab above for information on the list of documents required
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| How much time will it take for my loan to be approved? |
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| It takes 5 days for your loan to be sanctioned, after you have submitted all the required documents. |
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| What are the stages involved in taking a loan? |
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There are three main stages -
- Application - Whereby you submit a completely filled in application with all necessary documents.
- Sanction - Whereby you get an approval for a specific loan amount based on the value of your property and repayment capabilities.
- Disbursement - Whereby the loan amount is disbursed.
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| How do I approach Union Bank of India for a Union Comfort loan? |
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You can approach us in any of the following ways
- You can visit any of our special retail lending branches called Union Loan Points (ULPs). To locate a ULP, click here
- You can visit any of our branches. To locate a branch, click here
- Request for a contact online
- You can also contact our 24 x 7 Call Centre
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