Union Bank of India Personal Loan of 7 lakh

Seeking a substantial financial boost? The Union Bank of India's personal loan of 7 lakh emerges as a prime choice for all your personal needs with ease and efficiency. This loan stands out for its flexibility and accessibility, whether you are looking for quick cash flow for an emergency, planning a big purchase, or consolidating debt. Dive into the specifics of eligibility, the simplicity of the application process, and the clarity of repayments with our comprehensive guide. Understand how to leverage the 7 lakh loan interest rate to your advantage, calculate your monthly EMI, and navigate through the required documentation seamlessly.

Personal Loan Options For 7 Lakh In Union Bank Of India

A wide range of personal loan options have been developed by Union Bank of India to accommodate the financial needs of people from various backgrounds and stages of life. Among these offerings, the Union Bank of India personal loan of 7 lakh stands out as a notable option.  Here’s a streamlined breakdown of their offerings:

• Private Sector and Unorganised Sector Personal Loan: Specially designed for employees working in private companies or unorganised sectors. This loan is intended for personal uses such as weddings, travel, or purchasing consumer goods. 
• Government Employee Personal Loan: This scheme is for individuals working in government sectors, offering them the option to manage personal expenses or consolidate existing loans. A maximum of Rs. 15 lakh can be borrowed under this scheme.
• Pensioner Loan Scheme: Targeted at retirees or family pensioners, this product aims to provide financial support for medical expenses, travel, or other emergencies, with loans available up to Rs. 10 lakh.
• Professional Women Personal Loan: An exclusive offer for professional women, supporting their financial needs for weddings, holidays, or large purchases, with a significant loan cap of up to Rs. 50 lakh.
• Non-Salaried Personal Loan: Crafted for the self-employed or those without a regular salary, this collateral-free loan meets various personal financial requirements, offering up to Rs. 15 lakh.

Features Of Union Bank Of India 7 Lakh Personal Loan

The Union Bank of India offers personal loans with the following features:

Can I Get A 7 Lakh Personal Loan Instantly From Union Bank Of India?

When it comes to securing a personal loan swiftly, Union Bank of India stands out with its prompt service. For those in need of a 7 Lakh personal loan, the bank offers an expedited approval process. With the convenience of online applications, potential borrowers can apply from the comfort of their home or office and receive instant approval. 

What Is The EMI For A 7 Lakh Loan In Union Bank Of India?

​​Here’s a breakdown of the EMI calculation for a 7 lakh loan from Union Bank of India:

To calculate the EMI:

1. Convert the annual interest rate to a monthly rate by dividing by 12.
2. Use the EMI formula with the principal amount, monthly interest rate, and tenure.

For the most accurate EMI, you can use the EMI calculator  provided by Union Bank of India, or you can use Urban Money’s Personal Loan EMI calculator as it will account for the exact interest rate and loan tenure. 

*Please note that the example values are for illustrative purposes only.

Eligibility Criteria 7 Lakh Loan In Union Bank Of India

To help prospective borrowers better understand the prerequisites, Union Bank of India has compiled the main eligibility criteria for each of its personal loan schemes in the following table:

Documents Required 7 Lakh Union Bank Of India Loan

To apply for a personal loan with Union Bank of India, you will need to gather and submit the following documents:

• A fully filled out application form, along with credit information.
• Two recent passport-sized photographs of the applicant and any co-applicant.
• Documents for KYC compliance for both the applicant and co-applicant, which include identification proof and proof of address.
• Proof of business or office address.
• Bank statements from the last 12 months.
• For individuals who are employed, the required documents include the last three months’ salary slips and Income Tax Returns (ITR) or Form 16 for the last two years.
• Identity proof – PAN card, voter’s ID, Passport, Aadhaar etc.
• Address proof – Driving license, Passport, Aadhaar, etc., and office/business address proof. 

How To Apply For A 7 Lakh Personal Loan From Urban Money?

Applying for a personal loan of 7 Lakh from Urban Money can be done in a few simple steps:

• Go to the Urban Money official website.
• Locate the “Loan” section and select “Personal Loan.”
• You will be taken to a page titled “Personal Loan.”
• Scroll down to find a list of prominent banks in India.
• Find and click on the “Apply Now” button next to “Union Bank.”
• Complete the brief form by entering your name, mobile number, and city.
• After submitting the form, you will receive a 6-digit OTP on your mobile phone.
• Enter the OTP in the provided field and click “Submit.”
• Shortly after submitting, expect to receive a phone call from a representative of Urban Money to proceed further.