Union Bank Short Term Personal Loan

Union Bank’s short term personal loan is a rapid credit option with a tenure starting from 6 months. You can choose a repayment period that matches your income and cash flow, up to 60 months. The maximum loan amount you can avail of can be up to ₹15 lakhs, subject to your financial profile and creditworthiness. As it falls under collateral-free finance, you can secure the necessary funds without having to pledge any of your assets as collateral, making it a more borrower-friendly credit option. Once you have submitted the loan application, the bank ensures the eligible applicants will receive the money within 3 working days. Moreover, the bank offers attractive interest rates, flexible repayment options, moderate eligibility criteria, minimal documents, and an online application process. To give you a better understanding, Urban Money offers a detailed overview of a Union Bank short term loan online. Keep scrolling down to learn further.

Feature & Benefits of a Union Bank Short-Term Personal Loan

Here are some of the key features and benefits of Union Bank short-term personal loans:

• Collateral-free finance
• Higher loan amount 
• Lower Interest rates 
• Flexible repayment options
• Digital application process
• Minimal documents
• Instant fund disbursal

Why You Should Need Union Bank Short-Term Personal Loan?

You may need an instant short term loan from Union Bank for various reasons, such as:

• To meet urgent and unexpected expenses, such as medical bills, car repairs, home renovations, etc.
• To consolidate your high-interest debts, such as credit cards, into one lower-interest loan.
• To improve your credit score by paying off your existing loans on time.
• To avoid the hassle of lengthy documentation and collateral requirements.
• To enjoy the flexibility of choosing your loan amount, tenure, and EMI.

Eligibility Criteria

Union Bank’s short term personal loan eligibility is as follows: 

• You must be a salaried or self-employed individual.
• You must have an income of at least 15,000 per month.
• You must have a good credit score and repayment history.
• You must be an Indian citizen.

Documents Needed for Instant Personal Loans

Union Bank short term personal loan documents you may need to submit are as follows: 

• KYC Proof: PAN card, Voter’s ID, Passport, Aadhaar, etc.
• Residential Proof: Driver’s license, Passport, utility bills, etc.
• Income Proof: Last 3 months of salary slip, 12 months of bank statement, 2 years of ITR/Form 16. The self-employed applicant, on the other hand, must submit all their business proof.
• Additional Documents: Duly filled application form, two recent passport-size photos, and existing credit information (if applicable)

Things to Consider While Opting Short Term Personal Loan

Let’s have a look at the applicable tips you might consider while taking short-term loans online from Union Bank: 

• Loan Amount: You should only borrow the amount you need and can repay comfortably.
• Interest Rate: You should compare the rates offered by different lenders and choose the one that suits you best.
• Repayment Period: You should choose a repayment period that matches your income and cash flow.
• EMI Amount: You should calculate your EMI amount using an EMI calculator and check whether you can afford it every month.
• Terms and Conditions: You should read the terms and conditions of the loan agreement carefully and understand the charges involved.
• Credibility of the Lender: You should check the credibility and reputation of the lender before applying for a loan. 

Apply for Union Bank Short-Term Personal Loan Online

The following are the applicable steps to apply for a Union Bank short term personal loan: 

• Visit the Urban Money official website.
• Tap “Loan” and select the “Personal Loan” option.
• You will be directed to a new page titled “Personal Loan.”
• An array of top banks and NBFCs across India will appear on the screen. 
• Locate “Union Bank” and click the “Apply Now” button.
• A short digital form will be displayed. 
• Fill in your name, mobile number, and city.
• You will receive a 6-digit OTP on your mobile.
• Enter the OTP and click on the “Submit” button.
• A loan expert from our team will contact you shortly via phone.