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| What is the maximum loan amount? |
| The maximum amount of loan sanctioned would be 90% of one month's salary or pension credited to the account. |
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| What are the loan tenure options? |
| The overdraft amount plus interest would be recovered from the next month's salary or pension. If the borrower opts for payment through EMIs, then repayment tenure of 3 months is allowed. |
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| What are the applicable rates of interest? |
| Please click here for information on rate of interest. |
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| What are the processing charges? |
| There are no processing charges on this loan. |
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| How is the interest charged/calculated? |
| Interest will be applied in the account on the basis of reducing balance method at monthly rests. |
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| What security/ collateral do I have to provide? |
| No security is required. |
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| Is a guarantor a must? |
| No, guarantee is not required. |
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| What documents do I need to submit to avail a loan? |
| 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? |
| It takes 5 days for your loan to be sanctioned, after you have submitted all the documents. |
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| What are the stages involved in taking a loan? |
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 loan? |
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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