Union Bank Flexi Loan

​​Union Bank Flexi Loan is a unique product that allows you to borrow money as per your needs and repay it as per your convenience. You can avail of a term loan or a flex loan under this scheme. A term loan is a fixed amount of money that you borrow for a fixed period of time and pay back in equal monthly instalments (EMIs). A flexi loan is a revolving credit facility that lets you withdraw and repay money as many times as you want within a pre-approved limit and tenure. You only pay interest on the amount you use, not on the entire limit.

Union Bank Flexi Loan is designed to meet your personal expenses, such as marriage, purchases of consumer durables, travel, holidays, etc. You can apply for this loan online at Urban Money, a leading online platform that connects you with the best lenders in the market. Urban Money helps you compare and choose the best loan offer from Union Bank and other banks and NBFCs. You can also get instant approval and disbursal of your loan through Urban Money.

Features and Benefits of Union Bank  Flexi Personal Loans

Some of the features and benefits of the Union Bank Flexi Loan are:

• You can choose between a term loan and a flexi loan as per your preferences and requirements.
• You can avail a minimum loan amount of Rs. 15,000 and a maximum loan amount of Rs. 15 lakh under this scheme.
• You can enjoy a flexible repayment tenure of up to 60 months, subject to the condition that repayment should be co-terminus with retirement.
• You can get competitive interest rates starting at 10.50% p.a. on your loan amount.
• You can save on interest charges by paying only on the amount you use and not on the entire limit in case of a flexi loan.
• You can prepay or foreclose your loan without any penalty or charge.
• You do not need to provide any security or collateral for this loan.
• You only need to provide your spouse’s consent as a co-applicant for this loan.
• You can get quick and hassle-free processing of your loan application through Urban Money.

Union Bank  Interest Rate for Flexi Personal Loan

• The interest rate for Union Bank Flexi Loan depends on various factors, such as your credit score, income, loan amount, loan tenure, and loan type. The interest rate for term loans and flexi loans may vary depending on the bank’s discretion.
  
• The current interest rate for Union Bank Flexi Loan ranges from 10.50% p.a. to 14.50% p.a. You can check the latest interest rate on the bank’s website or on Urban Money’s portal.
  
• The interest rate for flexi loans is calculated on the basis of the daily reducing balance method. This means that you pay interest only on the outstanding balance of your loan and not on the entire limit. This helps you save on interest charges and reduce your EMI burden.

Flexi Loan EMI Calculator-

An EMI calculator is a handy tool that helps you estimate your monthly installment amount for your loan. You can use the EMI calculator on Urban Money’s website to calculate your EMI for the Union Bank Flexi Loan.

Eligibility Criteria

To be eligible for a Union Bank Flexi Loan, you need to fulfil the following criteria:

• You should be a permanent or confirmed employee of a reputed private institute or organisation in India.
• You should have a minimum monthly gross salary of Rs. 15,000 (Rs. 20,000 for Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Ahmedabad, and Pune).
• You should be at least 18 years old and not more than one year prior to retirement age.
• You should be a customer of the bank for at least 6 months prior to applying for the loan if you opt for scheme B (non-tie-up).
• You should necessarily maintain your salary account with the bank if you opt for Scheme B (non-tie-up).

Documents Required for a Union Bank  Flexi Personal Loan

To apply for a Union Bank Flexi Personal Loan, you need to submit the following documents along with your loan application form:

• Identity proof
• Address proof
• Income proof
• Two recent passport-sized photographs 

Difference between Term Loan and Flexi Loan

A term loan and a flexi loan are two types of personal loans that you can avail of under the Union Bank Flexi Loan scheme. The main differences between them are:

• Loan Amount: In term loan, you borrow a fixed amount of money for a fixed period of time. In Flexi loan, you get a pre-approved limit of money that you can withdraw and repay as per your needs and convenience.
  
• Interest Rate: In term loan, you pay a fixed rate of interest on your loan amount. In a Flexi Loan, you pay a variable rate of interest on the amount you use and not on the entire limit.
  
• EMI: In term loan, you pay a fixed EMI every month for your loan. In Flexi loan, you pay a minimum EMI every month, which consists of only the interest component. You can also pay more than the minimum EMI to reduce your principal amount and interest charges.
  
• Flexibility: On term loan, you have less flexibility in terms of repayment and prepayment. In flexi loans, you have more flexibility in terms of withdrawal, repayment, and prepayment.

How to Apply for a Union Bank Flexi Personal Loan Online at Urban Money?

• Applying for a Union Bank Flexi Personal Loan online at Urban Money is easy and convenient. You can follow these simple steps to apply for your loan:
• Visit Urban Money’s website and click on the ‘Personal Loan’ option.
• Fill in your personal and professional details, such as your name, age, income, employer, etc.
• Choose Union Bank Flexi Loan as your preferred loan product and enter your loan amount and tenure.
• Compare and select the best loan offer from Union Bank and other lenders based on the interest rate, EMI, and other terms and conditions.
• Submit your loan application and upload the required documents online.
• Get instant approval and disbursal of your loan amount in your bank account.