Union Bank Small Personal Loan

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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.

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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.

Do you have financial concerns? Worry not! Union Bank’s small loans online are here to boost your financial needs. Whether you are considering taking care of unexpected expenses or achieving personal goals, Union Bank small loans will tackle your financial troubles and provide hassle-free assistance. Moreover, these loans are flexible, simple, easy to access and straightforward. Easily accomplish your financial goals with the convenience of online applications. The following sections provide a comprehensive overview of Union Bank’s online small loans.

Features of Union Bank Small Personal Loans

Union Bank small loan comes with unique features, some of which are listed below:

Get up to INR 5 lakhs for first-time borrowers and up to INR 15 lakhs for existing borrowers with satisfactory repayment records of 2 years.
There is a flexible repayment tenure option.
There is no need for security.
Use the loan to cover certain expenses such as marriage, purchase of consumer durables, travel, or holidays.
Dedicated numbers for assistance and grievance redressal.

Union Bank Small Personal Loans Interest Rates

Understanding the interest rates when considering a Union Bank small personal loan is important. Union Bank offers personalised rates based on the borrower’s profile. Check out the breakdown of the rates below:

Schemes	CIBIL Score	Annual Interest Rate
Union Personal – Under Tie-up	700 & above	13.35%
Union Personal – Under Tie-up	Below 700	13.45%
Union Personal – Under Non Tie-up	700 & above	14.35%
Union Personal – Under Non Tie-up	Below 700	14.45%
Union Personal- For Non-Salaried Individuals	700 & above	15.35%
Union Personal- For Non-Salaried Individuals	Below 700	15.45%

Eligibility of Union Small Personal Loans

While checking for Union Bank small personal loan eligibility, keep in mind these key points:

Criteria	Salaried	Non-salaried
Age	Minimum 18 years	Minimum 25 years
Income	Minimum gross salary of INR 15000 (INR 20000 for Delhi, Mumbai, Chennai, Kolkata, Pune, Ahmedabad and Bangalore)	Regular source of Income
Relationship with Bank	Tie-up: It is not necessary to have a salary account. Non-tie-up: Bank customer for at least 6 months.	Bank customer for at least 24 months

Documents Required for Union Small Personal Loans

If you plan to apply for a Union Bank small personal loan, make sure you have the following documents on hand to ensure a smooth process:

KYC Documents: ID Proof (Passport/PAN/Aadhaar/Voter ID)
Address Proof: Voter ID/Driving license/Passport
Income Proof: Bank statement for the past 12 months.

For salaried individuals, the last 3 months’ salary slips and the last 2 years’ ITR/Form 16.

Employment Proof: Business or Office Address Proof
Photograph: Two latest passport-sized photographs
Loan Application Form: Complete and duly filled application form and credit information.

Why Union Bank Small Personal Loans?

There are many reasons to consider getting a Union Bank small loan:

Simple and accommodative eligibility
Instant loans with minimal documentation
Fast loan credit
Low interest rates
Zero hidden Charges
Longer loan tenure up to 84 months
No minimum loan amount
Hassle-free and no security required

How to Apply For Small Personal Loans Online?

Urban Money offers a hassle-free and tailored loan application process for quick approval. The following are step-by-step instructions for applying for Union Bank small loans on Urban Money:

Step 1: Check Eligibility

Visit urbanmoney.com
Click on the Personal Loans section
Go through the eligibility criteria

Step 2: Keep Required Documents Ready: Prepare the necessary documents, including proof of identity (ID card, passport), income proof (pay slips/bank statements), address proof (voter ID/driving license/passport), and employment verification (employment letter/tax returns).

Step 3: Fill Online Application Form

Click on the provided application link or button
Complete the application form accurately with your personal information, financial details, and loan requirements
Submit the required documents

Step 4: Review & Submit

Review the terms and conditions of the loan
Review your application, click submit and wait for approval

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Frequently Asked Questions (FAQs)

How to get a Union Bank Small Personal Loan urgently?

For an urgent RBL Bank small personal loan, check eligibility, prepare documents, apply online or visit a branch, ensure quick approval by submitting a complete application, and follow up for updates.

How can I use a Union Bank small personal loan to consolidate debt?

If you want to consolidate your debts, consider using a small personal loan from Union Bank. To do this, borrow the amount equal to all your existing debts. Doing so lets you focus on repaying just one loan instead of juggling multiple debts. Carefully review the loan terms to ensure they suit your current financial situation.

How can I use a small personal loan?

You can use a personal loan for various purposes, such as emergencies, debt consolidation, home repairs, education, travel, weddings, business start-ups, moving costs, and essential or vehicle purchases.

What are the risks of taking out a Union Bank small personal loan?

It is important to consider the practical aspects before applying for a small personal loan from a bank. Carefully check the interest rates and fees to understand the overall cost clearly. In addition, review the agreement before committing. These loans will help you make a sound financial decision you won’t regret later.