Saturday, August 8, 2020
Finance

« Pensioners Loan

Union Bank of India- Union Cash

Purpose: Union Cash is one of the special schemes designed for our customers. You can avail this loan to meet your medium term financial requirements.

Eligibility: To avail the loan the person has to be a retired employee who draws pension through our bank or Family pensioner who draws family pension through our bank.

Quantum of Loan:

Pensioner's age upto 70 years: Rs. 3.00 Lakh

Pensioner's age above 70 years: Rs. 2.00 Lakh 

Family Pensioner: Rs. 1.00 Lakh

Margin: Nil

Nature of Facility: Term loan.

Repayment: 

Borrower's age upto 70 years:  5 years

Borrower's age above 70 years: 3 years

Rate of Interest and Processing Charges: Click Here 

One time upfront fee of 0.10% of the loan amount, subject to minimum of Rs. 100.

Prepayment Penalty: There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources. A penalty of 2% on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI.

Security: No Security required

Guarantee: Personal guarantee of spouse or the person nominated under pension scheme is required.

Insurance: No insurance is required.

Conditions apply. For further details, please visit our nearest branch.

Updated on : 21/1/2017