Union Bank of India Personal Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]

By | November 4, 2023

About Union Bank of India:
Union Bank of India has made significant strides in digital banking, government schemes participation, NRI services, and remittances. The bank employs a branch and branchless banking model, offering banking, insurance, and pension services to families in numerous villages. It extends its services to various areas, including urban, semi-urban, and rural regions, even employing basic banking services through kiosks.

Corporate History:

  • Established in 1919 in Mumbai, Union Bank of India has evolved from four offices (three in Mumbai and one in Saurashtra) to having international offices in Dubai, Antwerp, Hong Kong, and Sydney.
  • The bank offers a diverse range of services, including personal, corporate, and international loans. Personal loans cover sectors such as agriculture, MSMEs, and retail.

Union Bank’s headquarters are located in Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai, Maharashtra, India.

Key Figures:

  • Number of Employees: As of FY 2021, Union Bank of India employs approximately 78,202 employees.
  • Branches and ATMs: With around 9,500 branches, Union Bank ranks as the 6th largest PSU bank in terms of branch network after its merger with Corporation Bank and Andhra Bank on April 1, 2020. The bank also operates 11,800 ATMs and 8,216 business correspondent offices, serving approximately 120 million customers.

Financial Offerings:

  • Interest Rate: Ranges from 8.9% to 13.00% per annum.
  • Loan Amount: Up to Rs 1.5 million.
  • Maximum Term: 5 years.
  • Processing Fee: Up to 1% (up to Rs 7,500).
  • Upfront Fee: Zero.
  • Minimum Monthly Salary/Annual Business Income: Based on financing amount requirements.

Union Bank of India’s robust presence and diverse services make it a prominent player in the Indian banking sector. For specific and up-to-date information, individuals are advised to visit Union Bank of India’s official website or directly contact the bank.

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