« Pensioners Loan

Union Bank of India- Union Smile

Purpose of Union Smile:

The main intension of this loan is to meet unforeseen medical expenses, timely payment of dues to State Electricity Board, Telephone, School fees and water charge and other such needs.

Eligibility of Loan:

Pensioners and salaried class who are drawing their pension or salary through this bank are eligible for this Union Smile advances.

Quantum of Loan:

Maximum 90% of one month’s pension or salary credited in the account may be considered as the quantum of loan to borrowers.

Rate of Interest:

2% of the amount of overdraft in the account every month. BPLR 12 % interest to be recovered as and when the pension or salary is credited.

Margin of Loan:

10 % is considered as the margin and no security needed for this loan. 

Processing Charges:

There is no processing fee for Union Smile advances.

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