Union Bank of India
Union Bank of India

Union Bank of India

Union Bank of India is one of the largest government-owned banks of India. Established on 11th November 1919 with its headquarter in the city of Bombay (now Mumbai), the Bank has been delivering a very proactive role in the economic growth of the country. The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, and his prescient words on that occasion anticipated the tremendous progress of the Bank that it enjoys throughout the following decades. Union Bank of India services presently operates in over 4200 branches across the country.

About Union Bank of India

It mobilizes its resources through Current, Savings, and Term Deposits, besides refinance and borrowings from abroad. The Bank boasts a large clientele base of over 5.7 crores. It extends credit to cater to the requirements of different sectors of economy. Union Bank of India financial services has deployed credit in segments such as industries, exports, trading, agriculture, infrastructure, amongst others, with an aim to spur economic growth and to earn from a well-diversified portfolio of assets.

When it comes to technological advancement, the Bank has taken many initiatives, with the primary one being 100% computerization of its branches. Union Bank of India banking services has also introduced Core Banking Solution with smooth connectivity amongst branches. The customers are offered an array of choices through an innovative range of products, which are even enhanced through the infusion of technology. Through technology-driven operations, the Bank has successfully added speed and convenience to transactions. It has also enabled the Bank to serve substantial cost reduction while creating the requisite capacity to handle the ever rising volume of business. The major credit for all these accomplishments goes to the dedicated team of staff, which is truly cosmopolitan in its composition. Through customer centricity, eagerness to learn, and adherence to values, the present team of over 36,000 members have made the Bank an embodiment of a caring organization and built up a strong edifice.

Vision and Mission

The vision statement of the Bank is that it aims to become the first choice in its chosen areas by building beneficial and lasting relationships with customers through a process of continuous improvement. According to its corporate mission, the goal of the Bank is to be a customer centric organization known for its differentiated customer service. It strives relentlessly to offers a comprehensive range of products to meet the financial needs of all customers. Being a top creator of shareholder wealth through focus on profitable growth is the chief objective of Union Bank of India. Union Bank of India financial services online emphasizes on being a young organization that leverages on technology and an experienced workforce. To be the most trusted brand for all stakeholders and a leader in area of Financial Inclusion is the prime aspiration of the Bank.

Union Bank of India Loans

Union Bank of India Home Loan: Specially tailored for the purchase /construction of house/flat, purchase of plot and construction of house thereon, repairs/improvements/extension of the existing residential property, and take-over of housing loan availed from another bank. Any Indian citizen above 21 years of age is eligible for this loan. Individuals, either singly or jointly with other family members, namely, father, mother, son, and /or spouse, who have regular sources of income can avail this loan as co-applicants, as per Union Bank of India home loan eligibility. NRIs are also eligible for this Home Loan. The quantum of loan depends on the repayment capacity of the borrower and the value of property. For repairs, however, the maximum loan amount is Rs. 30 lakhs. The repayment period goes up to 30 years, though for repairs, it is 10 years.

The Union Awas scheme can be availed for purchase/construction of house, purchase of plot from government agencies. For the former, the maximum loan amount is Rs. 7 lakhs for semi-urban areas and up to Rs. 5 lakhs for rural areas. For repairs, one can avail a loan of up to Rs. 3 lakhs (semi-urban areas) and up to Rs. 2 lakhs for rural areas.

Under the Union Top-Up Loan, existing home loan borrowers, who have repaid 24 EMIs in the existing home loan account, can avail additional loan to meet any expenditure related to the house such as repairs, renovation, furnishing, etc. Union Bank of India finance allows a minimum loan amount of Rs. 0.50 lakh, while the maximum limit depends on the repayment capacity.

Union Bank of India Personal Loan: The Union Personal Loan can be availed to meet personal expenses such as purchase of consumer durables, marriage, travelling, etc. The applicant should be from the salaried class, with a regular source of income, and having salary account with the Bank. He/she should also have reasonable residue service to ensure that he/she can repay the entire loan one year prior to retirement. The quantum of loan for first time borrowers is Rs. 5 lakhs, while for existing borrowers with a satisfactory repayment record of 2 years, it is Rs. 10 lakhs. According to the Union Bank of India Personal Loan eligibility norms, non-salaried individuals with steady source of income, being minimum 25 years of age, and not above 60 years, can also apply for this loan.

The Bank also offers Personal Loan schemes exclusively designed for employees of Govt. organizations/PSUs, etc., wherein the quantum of loan is up to Rs. 10 lakhs.

Specialized personal loan schemes have also been formulated by the Bank to cater to existing housing loan borrowers, non-salaried individuals, and tie-ups with Central/State Govt. and Reputed Organizations.

Union Bank of India Loan Against Property: In order to avail this loan, one needs to be an Indian national owning non agricultural (residential/commercial/industrial) property. The minimum age of the borrower should not be below 18 years or above 70 years. All the owners of the property have to join in as co-applicants. NRIs, partnership firms, and proprietary concerns, are also eligible for this loan. The minimum quantum of loan is Rs. 5 lakhs, while the maximum amount for resident Indian is Rs. 10 crores, for agriculturists, Rs. 1 crore, while for NRIs, it is Rs. 5 crores. For Loan Against Property from Union Bank of India, the maximum repayment period is 12 years. The borrower is to repay the loan through EMIs.

Union Bank of India Business Loan: The Bank has a number of MSME schemes such as, Union Liquid Property, Cluster Schemes, Union High Pride, Union SME Plus, Union Support, Union Transport, Union Cyber, Union Progress, Union Nari Shakti, Union Trade, and Union Rent.

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