Union Bank Government Employees Personal loan

Make your financial management as a government employee effortless by using Union Bank's Personal Loan. Union Bank has a specialised loan option for government employees designed to meet their unique financial and job security requirements. This exclusive loan has attractive features like lower interest rates, simplified documentation, and flexible repayment options, ensuring a smooth borrowing experience. It is designed to provide quick financial assistance for various personal needs, such as home renovation or education expenses, helping government employees manage their finances more efficiently. With Union Bank's commitment to accessibility and customer satisfaction, government employees can enjoy a streamlined loan application process, making the process easier without unnecessary stress or delays.

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Table of Content

1. Union Bank Personal Loan for Government Employees Highlights

2. Compare Government Employee Personal Loan from Other Banks

3. Union Bank Personal Loan for Government Employees Fees and Charges

4. Union Bank Personal Loan for Government Employees Documents Required

5. Union Bank Personal Loan for Government Employees Eligibility Criteria

Written By

Kirti Bansal

Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Union Bank Personal Loan for Government Employees – Highlights

Look at the Union Bank personal loan highlights meant for government employees:-

Feature	Description
Eligibility	This policy applies to confirmed or permanent employees in government organisations and sectors, such as the central and state governments, PSUs, defence, armed personnel, ministries, departments, and teaching and non-teaching staff in government schools and colleges.
Nature of Facility	Term Loan (TL) or Overdraft (OD)
Interest Rate	10.60% onwards
Maximum Loan Amount	15 Lakhs
Loan Tenure	60 Months
Security	No Security Needed

Compare Government Employee Personal Loan from Other Banks

The following is a basic overview of Union Bank’s government employees’ personal loans compared to other banks.

Lender Name	Interest Rate
State Bank of India	12.50% p.a. onwards (for defence, paramilitary, and coast guard personnel)
Axis Bank	15.75% p.a.
HDFC Bank	11.25% p.a.
IDBI Bank	12.9% p.a.
ICICI Bank	10.75% p.a. onwards
Central Bank of India	11.00% p.a. onwards

Union Bank Personal Loan for Government Employees – Fees and Charges

Here is a quick rundown of fees and charges for Union Bank personal loans for government employees:

Fee/ Charge	Amount
Interest rate	10.60% onwards
Processing Fee	Nil
Prepayment Penalty	Nil
Late Payment Fees	Nil

Union Bank Personal Loan for Government Employees – Documents Required

For Union Bank’s Government Employees’ personal loans, the required documents are listed below:

Proof of identity
Proof of address
Proof of employment
Salary documentation (covering at least 6 months)
Bank statement (covering at least 12 months)
Loan application form

Union Bank Personal Loan for Government Employees – Eligibility Criteria

Here is a basic rundown of eligibility criteria for Union Bank personal loans for government employees:

The individual must be a confirmed or permanent employee at government organisations such as central or state government offices, public sector undertakings, defence sectors, ministries, and departments. This includes individuals in the All India Services and teaching and non-teaching staff at government schools and colleges.
The applicant must be at least 18 years old and the primary borrower for the personal loan.
The employee doesn’t need to have a salary account with Union Bank.
The candidate must have worked for the company for at least 12 months.