Union Bank of India Personal Loan of 8 lakh

In need of a financial boost? Consider the Union Bank of India’s personal loan of up to 8 lakhs, designed for personal requirements such as weddings, home makeovers, or debt consolidation. Benefit from attractive interest rates for better financial planning and comfortable EMIs. The application process is streamlined for rapid assistance. The eligibility criteria welcomes applications from non-salaried individuals, the government, and other employment sectors. The documentation process is clear-cut, facilitating an effortless application experience. Opt for Union Bank of India’s personal loan to achieve your financial aspirations with simplicity and assurance.

Personal Loan Options For 8 Lakh In Union Bank Of India

Union Bank of India presents tailored personal loan solutions. The personal loan of 8 Lakh is particularly noteworthy for those seeking significant monetary support. Below is a detailed overview of their loan portfolio:

• Personal Loan for Private and Unorganised Sector Employees: This loan is custom-made for individuals in the private sector or unorganised industries, to help with private expenses like matrimonial events, travel, or consumer purchases. 
• Personal Loan for Government Employees: Designed for those working in the public sector, this programme offers a line of credit to cover personal expenses or consolidate existing debt. Borrowers may avail loans up to a ceiling of ₹15 lakh under this programme.
• Pensioner Loan Scheme: Geared towards pension recipients or family pension beneficiaries, this scheme is intended to offer monetary aid for healthcare costs, travel, or unforeseen exigencies, with loan amounts accessible up to ₹10 lakh.
• Personal Loan for Professional Women: This exclusive proposition supports professional women in fulfilling their financial needs for nuptial ceremonies, vacations, or major acquisitions, with an ample loan limit of up to ₹50 lakh.
• Personal Loan for Non-Salaried Individuals: Devised for entrepreneurs or those with irregular income patterns, this unsecured loan accommodates a variety of personal financial needs, with provisions for loans up to ₹15 lakh.

Features Of Union Bank Of India 8 Lakh Personal Loan

• What It Covers: This loan is versatile, perfect for various personal needs, including weddings, vacations, or unexpected expenses.
  
• Who Can Apply: It’s aimed at permanent employees from recognised organisations, making it accessible to a wide range of applicants.
  
• Loan Amount Options: Borrowers can opt for up to ₹15 lakh, with the actual amount depending on their relationship with the bank.
  
• Loan Type: It’s a term loan, meaning you’ll have a clear repayment schedule.
  
• Age Requirements: Applicants should be 18 years old up to one year before retirement, ensuring broad accessibility.
  
• No Margin Needed: Making it financially accessible, the loan requires no margin.
  
• Variable Interest Rates: Typically range from 8.90% to 13.00% per annum. These rates may vary based on factors such as the applicant’s credit profile, loan amount, tenure, and existing relationship with the bank.
  
• Repayment Terms: With up to 5 years to repay, the loan offers flexibility in managing finances.
  
• Security and Guarantees: No collateral is required. However, a spouse as co-applicant or a personal guarantee might be needed in some cases.

Can I Get an 8 Lakh Personal Loan Instantly From Union Bank of India?

Securing a 15 lakh personal loan swiftly from Union Bank of India depends on several factors. These include the applicant’s credit profile, their existing relationship with the bank, and whether they meet specific eligibility criteria set by the bank. 

Initially, the application requires you to provide detailed personal and financial information either through an online form or directly at a bank branch. Subsequent to this, you must submit essential documents that verify your identity and income, which the bank meticulously reviews. The approval phase hinges on the bank’s assessment of your creditworthiness, examining factors like income stability and credit history. If your application meets all the criteria, the loan amount may be credited to your account. For more detailed information on obtaining a personal loan from Union Bank of India, you can visit their official website.

What Is The EMI For An 8 Lakh Loan?

Here’s the EMI calculation for an ₹8,00,000 loan, presented in table format:

To calculate the EMI for ₹8,00,000, we’ll use the same formula:

EMI=(1+r)n−1P×r×(1+r)n​

Where:

• (P) is the principal amount (₹8,00,000)
• (r) is the monthly interest rate (0.007083)
• (n) is the loan tenure (60 months)

For the most accurate EMI, it’s recommended to use an online 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 and the actual EMI may vary.

Eligibility Criteria 8 Lakh Loan In Union Bank Of India

Union Bank of India’s personal loan schemes cater to a diverse clientele, offering flexible eligibility criteria to match various financial needs and backgrounds. Here’s a simplified overview of who can apply across different loan categories:

• For Salaried Individuals (Tie-up): Employees working in well-established private sectors in India qualify, without the necessity of having a salary account with UBI. The minimum monthly income required is Rs 15,000, which increases to Rs 20,000 for those living in major cities.
• For Salaried Individuals (Non Tie-up): This category also targets permanent employees in notable private sectors. However, applicants must be Union Bank of India customers for at least six months and hold a salary account. Income requirements are identical to the tie-up category.
• For Non-Salaried Individuals: Those with steady income streams, aged between 25 to 75 years at the time of loan maturity, and who have been UBI customers for over two years. They should also maintain an average quarterly balance of Rs 25,000 in their UBI account.
• Government Employees: Aimed at permanent staff in government sectors, PSUs, defence, etc., where the applicant needs to be over 18 years of age. It’s not mandatory to have a UBI account, but the primary loan applicant must be a government employee.
• Professional Personal Loan: Professionals like doctors, engineers, CAs, etc., are eligible. Salaried professionals should be over 18 years of age, and non-salaried should be over 25. A minimum annual income of Rs 12 lakh is required, with the age limit set to the retirement age for salaried and 65 for non-salaried applicants.
• Women Professional Personal Loan: This is specially designed for women who are either salaried or non-salaried and have a tax assessment showing an annual income of Rs 5 lakh or more. Age criteria are 21+ for salaried and 23+ for non-salaried applicants, with a mandatory credit score of 650 or above.
• Ashiyana Personal Loan: Available to new or existing home loan borrowers of UBI, where applicants must be 18+ at application and meet the age criteria at loan maturity as mentioned. Existing borrowers need to show a good repayment history.
• Ashiyana Overdraft: Similar to the Ashiyana Personal Loan in terms of applicant criteria but also available to those transferring home loans from other banks or NBFCs to UBI.

Documents Required 8 Lakh Union Bank Of India Loan

Here’s what you’ll need to provide:

• A completed loan application form with your credit details.
• Two recent photos of yourself and anyone else applying with you.
• KYC documents for identity and address verification for both you and any co-applicant.
• A document confirming your business or work location.
• Your bank activity for the past year.
• If you have a job, your pay slips for the past three months and either your tax return or Form 16 for the past two years.

How To Apply For 8 Lakh Personal Loan From Urban Money?

Getting a 8 Lakh personal loan through Urban Money is straightforward. Here’s a simplified guide:

• Visit Urban Money’s Online Platform: You can start by visiting Urban Money’s website and heading over to the personal loans section. There, you can select ‘Union Bank of India’ or any other lender that meets your needs for a loan cap of up to ₹9 lakh.
• Complete the Application Form: You can complete the application form by entering your personal and financial details to proceed with your loan request.
• Verify Your Identity: You can authenticate your identity by verifying your email and mobile number through the one-time passwords (OTPs) sent to you, ensuring a secure process.