Union Bank of India- Product

Search

Home You are here : path  Products path Personal path Covid Personal Loan Scheme

car-loan  Union Covid 19 Personal Loan Scheme

FEATURES

PURPOSE
  • The Novel Corona Virus outbreak is rampant throughout the world and causing significant disruption across multiple sectors.
  • In a bid to help people affected in the wake of corona virus outbreak in our country, Union Bank of India has introduced Union Covid 19 Personal Loan Scheme (UCPLS) to meet consumption needs/medical expenses and short term liquidity mis-match.
ELIGIBILITY

Category I :

  • All Government /Non-Government employees/pensioners of reputed private organizations in India drawing salary/pension through our Bank for last 12 months.

Category II :

  • Existing retail borrower/s with minimum repayment history of 12 months and above.
  • Existing loan account should be in standard category and should not be under SMA-1 or SMA-2 category as on 29.02.2020 or anytime during past 12 months**
  • All borrowers/co-borrowers of existing loan should compulsorily join as applicant/co-applicant.
  • Existing retail loan for the purpose will comprise Home, Vehicle, Mortgage, Personal and Cash Loan.
Note: NRI borrowers are not eligible under the scheme.
QUANTUM

Category I :

  • Lower of A or B
    • Maximum Rs.5.00 lakh
      OR
    • 6 times of last credited net salary / Pension

Category II :

  • Lower of A or B
    • A. Maximum Rs.5.00 lakh
      OR
    • Difference amount of original sanction limit and present outstanding amount of exiting loan.
MARGIN
  • Nil
RATE OF INTEREST
  • Please click here to know our latest interest rates
  • EBLR (floating) with monthly rests i.e. 7.20% at present
PROCESSING CHARGES
  • Nil
MORATORIUM
  • 3 months moratorium period is permissible under the scheme.
  • During this moratorium period, monthly interest will be charged and debited to the account but demand will be created after 3 months only.
REPAYMENT TENURE
  • Maximum Repayment period of 60 Months (inclusive of moratorium of 3 months)
SECURITY

Category I :

  • Nil

Category II :

  • Extension of Mortgage / hypothecation on existing property/vehicle for Home, Mortgage & Vehicle loan borrowers.
  • Collateral security, if any, held for existing personal loan to be extended for proposed loan.
  • Nil security required or Personal & Cash loan borrowers
Note: Time period of 60 days permissible for extension of charge on the exiting property/vehicle as due to the ongoing pandemic situation it is not possible to complete the required formalities.
GUARANTEE

Category I :

  • Personal guarantee of spouse in case of married applicant and either of the parents in case of unmarried /widow/divorcee applicant.

Category II :

  • Personal guarantee if any is obtained in existing loan to be extended for the proposed loan also.
**Conditions apply.
**Contact our nearest branch for further details**

FAQs


union

union