Union Bank Self Employed Personal loan

Getting a personal loan is difficult for self-employed individuals. This is mainly due to their uncertain income profile compared to salaried individuals. A Union Bank self-employee personal loan is one of the few credit options to address the typical challenges those with irregular income face. In this all-in-one guide, Urban Money presents a detailed overview of Union Bank's self-employee instant loan, covering the applicable interest rates, required documents, pertinent eligibility criteria, associated fees, and more. Keep scrolling down to know further.

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Table of Content

1. Union Bank Personal Loan for Self Employed Highlights

2. Compare Self Employed Personal Loans from Other Banks

3. Union Bank Personal Loan for Self Employed Fees and Charges

4. Union Bank Personal Loan for Self Employed Documents Required

5. Union Bank Personal Loan for Self Employed Eligibility Criteria

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Union Bank Personal Loan for Self Employed – Highlights

Let’s examine the Union Bank self employee personal loan interest rates and other key parameters you should be aware of before initiating the loan application:

Interest Rates	12.75 p.a onwards
Loan Amount	Up to ₹15 Lakh
Loan Tenure	5 years
Eligibility	Self-employed individuals aged above 25

Compare Self Employed Personal Loans from Other Banks

Below is the comparison of a Union Bank self employee personal loan with other top lenders across India:

Lenders	Interest Rate (p.a.)	Maximum Amount	Maximum tenure
Union Bank	12.75 onwards	₹15 Lakh	7 year
HDFC Bank	10.75% onwards	₹40 Lakh	5 year
Bajaj Finserv	11.00% onwards	₹80 Lakh	6 year
IndusInd Bank	10.49% onwards	₹5 Lakh	6 year
ICICI Bank	10.65% onwards	₹50 Lakh	6 year
Kotak Mahindra Bank	10.99% onwards	₹40 Lakh	5 year
Tata Capital	10.99% onwards	₹35 Lakh	6 year
BDS Bank	10.99% onwards	₹15 Lakh	5 year
Axis Bank	10.75% onwards	₹40 Lakh	7 year

Union Bank Personal Loan for Self Employed – Fees and Charges

Let’s take a look at the expected fees and charges of a Union Bank self employee instant loan:

Fee/Charge	Amount
Processing Fee	Up to 1% of the loan amount
Prepayment Charges	Nil
Late Payment Charges	2% per annum, in addition to the relevant interest rates, on the overdue amount

Union Bank Personal Loan for Self Employed – Documents Required

The Union Bank self employee personal loan document requirements are as follows:

Duly filled loan application form along with two passport-size photographs.
Proof of identity, such as an Aadhaar card, PAN Card, driving license, or voter ID.
Proof of residence, such as a registered rent agreement, utility bill, or passport.
Proof of income, such as profit and loss (P&L) statements, balance sheets, bank statements, business address proof, etc.

Union Bank Personal Loan for Self Employed – Eligibility Criteria

The Union Bank self employee personal loan eligibility requirements are as follows:

You must be aged between 25 and 75 years old.
You must have held a bank account with Union Bank for at least 24 months before initiating the loan application.
You must have a good credit score and a positive repayment history.
You must have a regular source of income that can cover the loan EMI.
You must be an Indian citizen.