This UBI Personal Loan is available under name of Union Comfort and is designed to meet personal requirements of loan-seekers, such as purchase of consumer durables and other financial needs. We at money suoerbazaar, offer you a comprehensive cover of all requisite information relating to UBI Personal Loan eligibility and UBI Personal Loan interest rate.  This Union Bank of India Personal Loan is offered to loan-seekers at convenient UBI Personal Loan rate of interest that is one of the best and highly competitive.

UBI Personal Loan Interest Rate:

This Union Bank of India Personal Loan is available at a UBI Personal Loan interest rate that is calculated on base rate. UBI Personal Loan rate is currently at 9%

Considering this rate, UBI Personal Loan interest rate becomes 15.75%. A point to be noted is that a concession may be considered by Regional head in case of group borrowers.

UBI Personal Loan Eligibility:

It is available to both individuals and groups of borrowers, who fulfill below mentioned UBI Personal Loan eligibility criteria:

• Minimum age should be 18 years.
• Must have salary accounts with bank branch financing loan
• Individuals having regular  and steady income
• Permanent employees of government (state/central), defence, police force, PSUs, reputed educational institutions, limited companies.
• Minimum of 40% marks as per investment grade scoring card by bank.
• Person(s) having net take-home salary of Rs.40,000 after deduction of EMI amount.

Quantum Of Union Bank Of India Personal Loan:

Permissible amount of loan that can be sanctioned to both individual sand group borrowers, who satisfy UBI Personal Loan eligibility is as follows:

a)    Amount equivalent to 6months net salary, not exceeding Rs.1lac for salaried class.

b)    Amount equivalent to 50% of annual income, as per last 2 ITRs, subject to a ceiling of Rs.1lac, for professionals/ self-employed category.

Procedure To Be Followed While Applying For This UBI Personal Loan:

Loan-seekers may directly download application from below mentioned URL or can approach their nearest bank branch.  Documents required are:

• Salary certificate
• Address proof: Driver’s Licence / latest electricity bill etc.
• Undertaking from employer stating direct deduction of EMIs from amount of monthly salary.
• Undertaking from borrower authorizing bank branch to recover loan installments from borrower’s salary account with bank.

Processing charges are levied during loan-processing on loan amount sanctioned as follows:

a)    Rs.100 up to loan amount of Rs.10,000

b)    Rs.250 up to loan amount of Rs.50,000

c)    Rs.500 for loan amount of  more than Rs50,000

Above mentioned charges have no relation with UBI Personal Loan rate of interest, and are constant across all sections of borrowers, who fulfill UBI Personal Loan eligibility norms.

Tenure Of Union Bank Of India Personal Loan:

UBI Personal Loan has a payment tenure that stands at 3 years, for all classes of borrowers, whether individuals or group. This period sees no change in UBI Personal Loan rate of interest, and it is as such fixed.

Repayment Of UBI Personal Loan Amount:

Union Bank of India Personal Loan has to be repaid through direct remittance from borrower’s salary account with bank every month. Equated monthly installment amount comprises of principal and interest based on UBI Personal Loan interest rate. Number of EMIs needed is 36 spread across 3 years.

Default/ Delay In Payment Of UBI Personal Loan:

Late payment of EMI attracts a charge of 2% on additional interest on overdue amount of loan sanctioned.

Default charges: In case, there is a take-over by any other bank/financial institution or adjusted by 3^rd party borrower, default charges levied are 2% on average balance of preceding 12 months

Pre-Closure Of Union Bank Of India Personal Loan:

This loan if pre-paid by borrower has no pre-closure charges levied.

Product Page URL Of Union Bank Of India Personal Loan:

http://www.unionbankofindia.co.in/ln_Union_Comfort.aspx

Branch Office Address (In Table):