Union Bank Government Employees Personal loan

Make your financial management as a government employee effortless by using Union Bank's Personal Loan. Union Bank has a specialised loan option for government employees designed to meet their unique financial and job security requirements. This exclusive loan has attractive features like lower interest rates, simplified documentation, and flexible repayment options, ensuring a smooth borrowing experience. It is designed to provide quick financial assistance for various personal needs, such as home renovation or education expenses, helping government employees manage their finances more efficiently. With Union Bank's commitment to accessibility and customer satisfaction, government employees can enjoy a streamlined loan application process, making the process easier without unnecessary stress or delays.

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Hepson Franklin
Hepson Franklin
Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.
Reviewed By
Piyush Bothra
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 Government Employees – Highlights

Look at the Union Bank personal loan highlights meant for government employees:- 

Feature Description
Eligibility This policy applies to confirmed or permanent employees in government organisations and sectors, such as the central and state governments, PSUs, defence, armed personnel, ministries, departments, and teaching and non-teaching staff in government schools and colleges.
Nature of Facility Term Loan (TL) or Overdraft (OD)
Interest Rate 10.60% onwards
Maximum Loan Amount 15 Lakhs
Loan Tenure 60 Months
Security No Security Needed

Compare Government Employee Personal Loan from Other Banks

The following is a basic overview of Union Bank’s government employees’ personal loans compared to other banks. 

Lender Name Interest Rate 
State Bank of India  12.50% p.a. onwards (for defence, paramilitary, and coast guard personnel)
Axis Bank 15.75% p.a.
HDFC Bank 11.25% p.a. 
IDBI Bank 12.9% p.a.
ICICI Bank 10.75% p.a. onwards
Central Bank of India 11.00% p.a. onwards

Union Bank Personal Loan for Government Employees – Fees and Charges

Here is a quick rundown of fees and charges for Union Bank personal loans for government employees:

Fee/ Charge Amount
Interest rate 10.60% onwards
Processing Fee Nil
Prepayment Penalty Nil
Late Payment Fees Nil

Union Bank Personal Loan for Government Employees – Documents Required

For Union Bank’s Government Employees’ personal loans, the required documents are listed below:

  • Proof of identity
  • Proof of address
  • Proof of employment
  • Salary documentation (covering at least 6 months)
  • Bank statement (covering at least 12 months)
  • Loan application form

Union Bank Personal Loan for Government Employees – Eligibility Criteria

Here is a basic rundown of eligibility criteria for Union Bank personal loans for government employees: 

  • The individual must be a confirmed or permanent employee at government organisations such as central or state government offices, public sector undertakings, defence sectors, ministries, and departments. This includes individuals in the All India Services and teaching and non-teaching staff at government schools and colleges.
  • The applicant must be at least 18 years old and the primary borrower for the personal loan.
  • The employee doesn’t need to have a salary account with Union Bank.
  • The candidate must have worked for the company for at least 12 months.

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