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Union Bank Senior Citizens/Pensioners Personal loan

Union Bank Senior Citizens/Pensioners Personal loan

As you age, unexpected expenses may arise. Union Bank's Personal Loan for Senior Citizens is here to assist you, whether it be a medical bill, home repair, or a dream vacation. Recognising the significance of financial security and aid during your golden years, Union Bank offers a convenient and accessible method for senior citizens to manage their expenses through their Union Cash program. By offering competitive interest rates, flexible repayment options, and a simplified application process, Union Bank ensures that senior citizens can access financial support with dignity and convenience. This personal loan product offers peace of mind and financial flexibility, allowing seniors to enjoy retirement without financial concerns.

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Table of Content

1. Union Bank Personal Loan for Senior Citizens Highlights

2. Compare Union Bank for Personal Loan from Other Banks

3. Union Bank Personal Loan for Senior Citizens Fees and Charges

4. Union Bank Personal Loan for Senior Citizens Documents Required

5. Union Bank Personal Loan for Senior Citizens 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

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 Senior Citizens – Highlights

Look at the highlights for Union Bank personal loans for senior citizens.

Feature	Description
Product Name	Union Cash
Eligibility	Senior citizens aged 60 and above
Maximum Loan Amount	Up to 10 Lakhs
Interest Rate	EBLR+2.10% floating
Maximum Loan Tenure	3-5 Years
Guarantor	Mandatory
Documentation	KYC and financial stability proof

Compare Union Bank for Personal Loan from Other Banks

Here is a quick comparison of Union Bank Senior Citizens Loan with other banks. Take a look!

Lender Name	Interest Rate
HDFC Bank	10.50% p.a. onwards
Aditya Birla Capital	14% p.a. – 26% p.a.
Bank of India	10.75% p.a. – 12.65% p.a.
Citi Bank	9.99%p.a. – 16.49% p.a.
State Bank of India	9.75% – 10.25% p.a.
Central Bank of India	8.45% p.a.
Punjab National Bank (PNB)	9.25% p.a. onwards
Tata Capital	10.99% p.a. onwards

Union Bank Personal Loan for Senior Citizens – Fees and Charges

Here is a quick rundown of fees and charges for Union Bank personal loans for senior citizens.

Fee/Charge	Amount
Interest rate	EBLR+2.10% floating
Processing Fee	0.10% of the loan amount subject to a minimum of Rs 100
Prepayment Penalty	Nil
Late Payment Fees	Nil

Union Bank Personal Loan for Senior Citizens – Documents Required

For Union Bank’s Personal Loan for Senior Citizens, the documentation process is streamlined to make it easier for seniors to apply. Here’s a list of the documents required:

Fully Filled Application Form
Proof of Identity: (Aadhar Card/ PAN Card/ Voter ID/ Passport)
Proof of Age: (Birth certificate/ PAN Card/ any government-issued document)
Proof of Residence: (Recent utility bills/ Aadhar Card/ Passport/ Voter ID card)
Income Proof: (Pension slips/ bank statements/ IT Returns to prove income stability)
Bank Statements

Union Bank Personal Loan for Senior Citizens – Eligibility Criteria

The eligibility criteria for the Union Bank Personal Loan for senior citizens are:-

To be eligible for the loan, the individual must be classified as a senior citizen, typically 60 years or older.
The maximum loan amount is Rs. 10.00 lakh if the individual is up to 70 years old when applying for the loan.
If the individual is above 70 years old, the maximum loan amount will be Rs.5.00 lakh.
Applicants must have a steady source of income, such as a pension, interest from deposits, rental income, or any other verified and regular income.
It is advisable to have a co-applicant or a guarantor to reduce the risk, especially when the loan amount is significant, or the senior citizen’s income is considered unstable.