IN THIS ARTICLE
Union Bank Of India always held its helping hands to users for providing assistance to customers in fulfilling their dreams. Through retail loans UBI gives funds to customers for automobile, home renovation, home purchases, education purpose, medical help, personal loan etc.
The procedure for loans are kept simple and designed so that it is convenient for all the customer to procure a loan from across all the branches in India.This bank also provides the UBI Credit Cards and UBI Debit Cards for hassle free banking.
You Can Check Here For More Banking Information
- Uses of having Union Bank of India Accounts
- Advantages of Bank Deposits in UBI
- Benefits of Union Bank of India Debit Cards
Union Bank Types of Loans
- Home loans are provided for construction for house/flat and even for the repairment and improvement and extension of the existing residency property. You can fill the loan application with UBI Net Banking with out personally visiting the bank.
- Any India citizen over 21 year is an applicant for home loans. Family and siblings who have a regular source of income can be as co-applicants.
- NRIs are also eligible for home loans.
- Moratorium period of up to 36 months.
- 20% of the total share should be provided by the applicant for loans <75 lakhs and 25% for the loan in between 75 lakhs to 2 crores and 35% for loans >2 crore rupee.
- Using Union Miles, one can fulfil his dream of owning a car for personal and family use. UBI provides loan for the new and old car (up to 3 years) and also for two-wheeler vehicles.You can check your loan status with secured UBI Mobile App with out visiting the bank.
- The applicant should be an Indian resident or NRIs holding a valid license.
- A person having a minimum age of 18 and a maximum of 70 can apply for the loan.
- The person has to give a 15% of the on-road price of the vehicle and 40% of old vehicle’s valuation cost.
- For vehicle loan, max repayment tenure is 7 years and for old 4-wheeler vehicle its 5 years and for new two-wheeler vehicle its 3 years.
- Education loans are provided for graduation/post-graduation / higher education to pursue technical / professional / management courses.
- He / She should be an Indian Citizen and has admitted in that institution through the appropriate selection process.
- For studying in an institution inside India maximum up to rupee 20 lakh can be availed and for studies outside India maximum up to 30 lakhs can be availed.
- Moratorium period is the course period Institute plus 1 year. UBI also provides the different UBI Deposits at best interest rates.
- Life insurance is mandatory for the student to tune the loan amount.
You Can Also Check Here
- Application Status of UBI Credit Cards Online
- Secure Net Banking Services by Union Bank of India
- Secure UBI Mobile App for Hassle Free Banking
- Round The Clock Union Bank of India Customer Care
Union Bank Loan Interest Rates
- Interest under Union Home / Union Awas / Union Paradise: For loans up to 75 lakhs, interest will be 1-year MCLR + 0.10 % = 8.50 % and for loans above 75 lakhs, interest will be 1-year MCLR + 0.15 % = 8.55 %.
- Interest Under Union Miles: For new 4-wheeler, interest is1-year MCLR + 0.50 % = 8.90 %, for new 2-wheeler, interest is1-year MCLR + 3.00 % = 11.40 % and for old 4-wheeler (not older than 3 years), interest is1-year MCLR + 3.5 % = 11.90 %.
- Interest under Union Education: For loans above 7.5 lakh rupee interest equals 10.40% for male student and 9.90% for female students and for amount less than 7.5 lakhs it depends on CGFSEL (Credit Guarantee Fund Scheme for Education Loan). Detailed info is given in the below pictures. Contact UBI Customer Care in case you face any issues with the loan accounts.
FAQ’s Related to Union Bank Loans
- In a home loan, who can be the co-applicants?
2. What are the processing fees?
3. What are the different ways in which I can repay the loans?
- By linking the UBI saving or current account directly to the loan account to debit the monthly loan amount.
- By using internet banking facility to pay the monthly loan amount.
- ECS facility.
- One can pay the amount through Post Dated Cheques.