Union Bank Personal Loan Transfer

A personal loan transfer to Union Bank can help you conserve your income on high-interest credit. It enables you to transfer a personal loan from your current lender to Union Bank for lower interest rates and better terms. Thus, Union Bank settles your outstanding loan amount with the previous lender, and you begin to repay Union Bank. The new EMI amount, interest rates, and terms may vary, often better than the previous ones, making it an attractive option for those struggling with their current lender’s terms and conditions. However, there are certain things you might be aware of before finalising the decision. These may include the applicable interest rates, eligibility criteria, documentation, etc. To let you make a more informed decision, we present everything you need to know about a balance transfer personal loan with Union Bank.

Key Features & Benefits of Union Bank Personal Loan Balance Transfer

Some of the key features and benefits of a personal loan transfer to Union Bank are as follows:

• You can transfer your personal loan balance up to Rs. 15 lakh.
• You can enjoy a lower interest rate starting from 10.5%.
• You can choose a flexible repayment tenure of up to 5 years.
• You can save on the interest cost and reduce your EMI burden.
• You can avail of a top-up loan, up to Rs. 5 lakh, along with the balance transfer.
• You can get a quick and hassle-free approval and disbursal process.

Union Bank Personal Loan Balance Transfer Interest Rates

Here are the applicable interest rates and other key parameters of Union Bank personal loan balance transfer:

Interest Rate	11.75% per annum onwards
Loan Amount	Up to Rs. 15 lakh
Loan Tenure	1 – 5 years
Eligibility	Both salaried and self-employed individuals

Fees and Charges of Union Bank Loan Balance Transfer

Union Bank’s loan transfer charges are as follows: 

Type of Charge	Amount
Processing Fee	1% of the loan amount + taxes
Prepayment Fee	Nil
Late Payment Fee	2% per month on the overdue amount

Eligibility Criteria for Personal Loan Balance Transfer

Below are the personal loan balance transfer eligibility in Union Bank:

• You should be a permanent employee of a reputed organisation or a self-employed individual with a regular source of income.
• You should have a minimum monthly gross salary of Rs. 15,000 (Rs. 20,000 for metro cities).
• You should have a satisfactory repayment record of at least 12 months with your existing lender.
• You should have a good CIBIL score, typically considered 700 or above.
• You should be an Indian citizen.

Documents Required for Union Bank Personal Loan Balance Transfer

Below are the personal loan balance transfer documents you may need to submit to Union Bank: 

• Completed application form with 2 passport-sized photographs.
• Proof of identity such as PAN card, Aadhaar card, passport, etc.
• Proof of address such as utility bill, rent agreement, etc.
• Proof of income such as salary slips, bank statements, IT returns, etc.
• Loan statement and foreclosure letter from your existing lender.

Personal Loan Balance Transfer to Union Bank Personal Loan Account

Following is the pertinent application process for personal loan transfer to Union Bank: 

• Ensure you meet all the eligibility criteria for the balance transfer loan in Union Bank.
• Contact your current lender and request a loan foreclosure letter.
• Visit the nearest Union Bank branch or the bank’s official website.
• Submit a completed application form, required documents, and loan foreclosure letter.
• Wait for the verification process, which typically takes 1 or 2 business days.
• Once approved, Union Bank will pay off the remaining balance with your existing lender.
• You need to sign the new agreement with Union Bank and repay the loan amount accordingly. 

Personal Loan Balance Transfer From Union Bank to Other Banks

Following is the application process for personal loan transfer to other banks from Union Bank. 

• Compare the personal loan interest rates and charges offered by other banks and calculate the savings in interest cost.
• Check your eligibility and documentation required for a personal loan balance transfer from Union Bank, and request a loan foreclosure letter from the bank.
• Apply online through the official website of your chosen bank/NBFC, or visit the Urban Money website to compare over 50 lenders across India and apply for the one that best suits you.
• Take a disbursement (of the outstanding loan amount you had to pay to Union Bank) from the new bank through a cheque/demand draft in favour of Union Bank.
• Once Union Bank receives the outstanding loan amount, they will cancel all the cheques and ECS and close your personal loan account.