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Image  UNION PERSONAL FOR EMPLOYEES OF GOVERNMENT ORGANIZATIONS/ PSUS, CENTRAL/STATE GOVERNMENT UNDERTAKINGS

Features

PURPOSE
There are many among us who might be facing difficulty in purchasing goods by paying a lumpsum amount. But we would be comfortable paying small installments on a monthly basis. The Union Personal loan plays an important role here. It helps you avail loans to meet personal expenses such as purchase of consumer durable, etc.
ELIGIBILITY
To avail " Union Personal for employees of Government organizations/ PSUs etc” you need to meet the following criteria:
  • Should be Permanent/Confirmed employee working at Government organizations/ PSUs, Central / State Government undertakings, etc. having regular source of income.
  • The applicant should necessarily maintain salary account with our Bank for 3 months before sanctioning of loan.
  • The applicant has reasonable residual service to ensure that the entire loan is repaid one year prior to retirement.
QUANTUM OF LOAN
  • Up to Rs. 10 Lakh subject to the repayment capacity
MARGIN, I.E. YOUR SHARE
  • Nil
MORATORIUM PERIOD
  • Nil
REPAYMENT
  • Maximum repayment tenure is to be the earlier of the following:
    1. 5 years
    2. One year prior to retirement
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest
  • Processing charges are 0.50% of the loan amount, subject to a minimum of Rs. 500, plus service tax.
PREPAYMENT PENALTY
  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources.
  • If the loan is taken over by any other Bank /FI, then 1.00% higher rate of interest to be charged ab-initio till date of take over.
GUARANTEE
  • 2 Guarantees are required.*
SECURITY
  • No security other than the guarantees and undertaking from employee & employer.
*Conditions apply.
For further details, please visit our nearest branch.

FORMS & DOCUMENTS


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