Union Bank of India- Product

Search

Home You are here : path  Products path Personal path Scheme for Government Employees

image  Personal Loan Under Special Retail Lending Scheme for Government Employees

FEATURES

PURPOSE
There are many among us who might be facing difficulty in purchasing goods by paying a lump sum amount. But we would be comfortable paying small instalments 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
  • Confirmed / permanent employees working at Government organizations (Central / State), PSUs, Central / State Government undertakings, Defence, armed personnel, Ministries / Departments under the Ministries, officers in All India Services, Teaching & non-teaching staff at Government Schools & Colleges.
  • Minimum age of the applicant should be 18 years.
  • The employee has to be main applicant for availing personal loans.
  • The employee may or may not have salary account us. However he/she should be persuaded to open the salary account with us.
  • The employee ‘who do not maintain salary account with us’ will be eligible only for Term Loan facility.
QUANTUM
The maximum quantum of loan per individual is Rs. 15 lakh subject to repayment capacity.
MARGIN
  • Nil
RATE OF INTEREST

Product

ROI

Wherever employer undertaking available

1Y-MCLR + 2.00%

Wherever employer undertaking not available

1Y-MCLR + 3.50%

PROCESSING CHARGES
  • NIL
REPAYMENT TENURE

Term Loan

Overdraft

Five years or one year prior to retirement, whichever is earlier

On attaining the age of 55 years or 5 years prior to retirement date, whichever is earlier, 25% of OD limit will be reduced each year leading to adjustment of entire OD limit one year prior to retirement of the applicant.

SECURITY
  • No security other than the guarantees.
GUARANTEE
  • Guarantee of one co-employee - However, one employee should not be guarantor for more than two co-employees.
  • Guarantee of spouse - However, if the applicant is unmarried/ widow/ widower, then guarantee of a 3rd party having equivalent means and having Transunion CIBIL score of minimum 700 & above (equivalent score with other credit bureau) to be obtained
Note:
Mobile number and PAN are mandatory, whereas Aadhar is mandatory except for exempted states from North-Eastern Region.

FORMS & DOCUMENTS


union

union

  • Rewarded

    Rewarded

    Earn reward points on transactions made at POS and e-commerce outlets

  • Book your locker

    Book your locker

    Deposit lockers are available to keep your valuables in a stringent and safe environment

  • Financial Advice?

    Financial Advice?

    Connect to our financial advisors to seek assistance and meet set financial goals.

  • ATM & Branch Network

    ATM & Branch Network

    Find UBi Branches and ATMs in proximity to your location.