Loans Schemes of Union Bankerfg

8/12/2019 Loans Schemes of Union Bankerfg

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FOLLOWING ARE THE LOANS SCHEMES OF UNION BANK

1. Union Cash.

2. Union Health

. Union Ho!e

". Union Miles

#. Union E$%&ation

'. Union S!ile

(. Union Mo)t*a*e

+. Union Sha)es

,. Union Co!-o)t

1.Union To/ U/

11.E$%&ation Loan Fo) Co!!e)&ial 0ilot T)ainin* 0)o*)a!!e

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UNION HEALTH

ELIGIBILIT

8ny "ualified medical practitioner / #entist in the age group of - to '+ years

with minimum three years eperience and in the age group of - to '+ years. 3irms /

ompanies engaged in medical profession in which #octors / #entist are ;artners or

#irectors or the ;roprietor.

3UANTUM

8n amount e"uivalent to 9 of the e"uipment cost and other 8ssets to %e financed.

Ma)*in

7inimum - of cost of e"uipments and other assets to %e financed.

RE0AMENT

7aimum 9 years including initial moratorium period of &/' months By 6"uated

7onthly 2nstallments.

Rate o- inte)est 45.e.-. +.12.2+6 B0LR;12.#


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OTHER CON9ITIONS

!hird ;arty gurantee is not mandatory 0o ;repayment penality if the loan is

ad>usted %y the %orrower from his own verifia%le legitimate sources or genuine sale.

=owever, - charged on an average o/s. %alance of last 1- months if loan is closed

on take over %y other Banks / 3inancial 2nstitutions.

Rate of 2nterest prevailing on the date of sanction shall %e applica%le.

UNION HOME Eli*i=ilit>

2ndian itizen -1 years and a%ove.

6ither single account or >oint account with other family mem%ers viz., father,

mother, wife, son or daughter with regular source of income.

2ndividuals who may %e employed/selfemployed in %usiness having regular

income.

8 minimum of (+ marks as per investment grade scoring chart.

0%)/ose ;urchase of independent house/flat.

onstruction of independent house/flat.

Repair/2mprovement/6tension.

Repayment of loan availed from another agency/Bank/0B3.

3or purchase/ construction of -nd property ?independent house/flat@

;lot sold %y a Governmentrecognized agency viz., =*#8, =:*S636# and

such others.


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UNION HOME

HOME LOAN FOR 0URCHASE OF 2n$ 0RO0ERT4HOUSE?FLAT?BETTER ACCOMMO9ATION6

o8pplicant

;rospective %orrower can include spouse or any other coowner as a co

applicant.

!o enhance the loan amount, coapplicantAs income can %e taken into account

while calculating repayment capacity.

Eli*i=ilit>

$oan can %e availed for the second property even while the eisting house/flat

is under mortgage to Banks/3inancial 2nstitutions ?su%>ect to conditions@.

3%ant%!

#epends on the repayment capacity as well as the cost of the property.

)+ of the cost ?cost will include cost of house, stamp duty, registration fees,

transfer fees, if any, and all such charges.@ su%>ect to maimum of

Rs.+,++,+++ or ( times the gross annual income, whichever is less.

Re/a>!ent

7aimum repayment period is -+ years ?including moratorium@ :R

permissi%le up to the retirement age of the %orrower :R ' years ?in case of

professionals/%usinessmen@ whichever is earlier.

!he eisting house to %e disposed off in 1- months time ?optional@ and sale

proceeds to %e deposited in the loan account.

!he 672 would %e fied on %alance amount outstanding in the account.

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Ma)*in

2f money from the sale proceeds of the eisting house is deposited in the

account, the same would %e treated as margin.

Se&%)it>

Similar to =ome $oan.

0)o&essin* Cha)*es 4 0)o&essin* &ha)*es e7&l%$in* a//li&a=le se)@i&e ta7 6

.#< o- loan a!o%nt s%=e&t to a !a7i!%! o- Rs.1#? an$ /a>a=le

+.- of the loan amount at the time of application plus service ta as

applica%le

+.- of loan amount on acceptance of sanction plus applica%le as applica%le

Othe) Att)a&ti@e Feat%)es

0o prepayment penalty

3ree 2nsurance facility against 3ire, allied perils including 6arth"uake,

;ersonal 8ccident ?#eath@

3lei%le repayment schedule

6asy and convenient 672s

$oan sanctioned within 9- hours of receipt of application in full as per

re"uirement.

:ption to pay interest on a daily reducing %alance %asis.

UNION MILES

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*nion 7iles Scheme is offered to individuals /firms for vehicle finance for

their personal use.

ELIGIBILIT

2ndividuals of the age 1) years and a%ove

;ermanent employee of entral/State/#efence/;olice 3orce/;u%lic or oint

Sector *ndertaking/reputed firms/ esta%lished 6ducational 2nst.

;rofessional/Businessmen having regular income.

Borrower has at least minimum services to li"uidate the loan 1 year prior to

retirement.

3irms / ompanies.

8 7inimum of (+ marks as per investment grade scoring chart.

0UR0OSE

3or ;urchase of new two/four wheelers, for personal or professional use

Second hand vehicles upto & years old also eligi%le.

3UANTUM

( ect to a maimum loan

of Rs - lacs for new vehicle and Rs 1+ lacs for old vehicle - ect to a maimum loan of Rs 1 lacs for new vehicle

MARGIN

-+ of cost of vehicle.

+ of old vehicle.

*nder tieup 1+.

RE0AMENT

)


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UNION E9UCATION

OBDECTI:E 0UR0OSE

!he scheme aims at providing financial assistance on reasona%le termsD

!o the poor and needy students that they may undertake %asic education

!o meritorious students that they may pursue higher or professional or

technical education

ELIGIBILIT

The st%$ent a//l>in* o- %nion e$%&ation loan o%*ht to

Be an 2ndian 0ational

=as secured admission to professional or technical courses through an

appropriate 6ntrance !est or selection process

=as secured admission to a foreign *niversity

=as passed an appropriate "ualifying eamination

a. St%$ies in In$ia

School education up to E-

Graduation/;ostGraduation

;rofessional course

7anagement course

Special 6ducation $oan Scheme for Students pursuing courses

from approved institutions like 22!s/227s/ /02!

F$R2/B2!S/2!/22Sc/S.;. ain 2nstitute :f

7anagement/Sym%iosis 2nstitute :f 7anagement and !.S.

hanakya, 0avi 7um%ai 0autical Science and 76R2,

alcutta, 7arine 6ngineering, 76R2, 7um%ai, 7aritime

Science.

1+


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UNION SMILE

ELIGIBILIT

;ensioners 4 salaried class who are drawing their pension/ salary through

*nion Bank of 2ndia.

0UR0OSE

!o meet unforeseen medical epenses, timely payment of dues to State

6lectricity Board, !elephone, School fees and water charge and other such needs.

3UANTUM

7aimum C+ of one monthHs pension/salary credited in the account

MARGIN

1+

RE0AMENT

6ntire amount of overdraft and interest should %e recovered while crediting

net pension/salary. :therwise, it can %e recovered in installments within a period of

& months, if so re"uired %y %orrower.

RATE OF INTEREST 45.e.-. +.12.2+6 4B0LR;12.#


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UNION MORTGAGE SCHEME

IScheme for financing against 7ortgage of immova%le propertyJ ELIGIBILIT

8ny 2ndividual in the age group of 1)'+ years of age owning residential/

commercial property ?land/plot/ %uilding@ and who are 2ncome!a assesses having

net monthly income of Rs.1+,+++/ pm in the case of salaried persons and an annual

income of Rs.1.-+ lacs p.a. in the case of non salaried perosns. 6arning family

mem%ers income can also %e clu%%ed to arrive the eligi%ility criteria.

2ndividuals who are not 2ncome !a assessees also eligi%le for this scheme,

su%>ect to production of proof of income accepta%le to the Bank.

8 minimum (+ points as per investment grade scoring chart.

0UR0OSE

!o meet any personal ependiture of varied needs like marriage of children, higher

education, medical epnses or any unforeseen epnses and also as li"uidity finance.

3UANTUM OF LOAN

7etro/*r%an Semi *r%an

7inimum Rs. 1 lac. Rs.1 lac

7aimum Rs. + $ac. Rs.- lacs

Su%>ect to &' times of gross monthly income of salaried persons?0et of all

deductions including !#S etc.@ whichever is less

OR

- time the 0et annual 2ncome in case of others ?2ncome as per the latest 2! return less

taes paya%le@ whichever is lesser.

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NATURE FACILIT

3acility can %e given in the form of !erm $oan or Secured :verdraft.

=owever, S:# 3acility will not %e considered for salaried persons

MARGIN

+ of the fair market value of the property mortgaged as per the latest

valuation report not older than si months from an approved valuer of the Bank.

3resh valuation at the cost of the %orrower?s@ once in three years re"uired

during currency of advance.

RE0AMENT

$oan amount together with interest is to %e repaid in maimum '+ e"ual

monthly installments. ;ostdated che"ues fot the '+ 672s will %e collected upfront.Su%>ect to closure of the loan with full ad>ustment prior to the retirement in case

of salaried class.

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UNION SHARES

ELIGIBILIT

2ndividuals holding shares/de%entures/%onds either in their name or >ointly.

0UR0OSE

;urposes like 6ducation, =ousing, onsumer Goods and such other needs.

3UANTUM OF A9:ANCE

!he maimum amount that can %e granted is up to Rs.-+.++ $acs for security held

:0$K in #678! 3orm.

0ERIO9

& years for $oan repaya%le in installments.

S:# facility to %e renewed every year.

RATE OF INTEREST 45.e.-. +.12.2+6 4B0LR ; 12.#


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UNION COMFORT

ELIGIBILIT

8ge 1) yrs completed.

;ermanent employee of entral Government / State Government/ #efence /

;olice 3orce / 8utonomous %odies / ;u%lic / oint Sector undertaking /

orporations / $imited ompanies / 3irms / 6sta%lished 6ducational

2nstitutions.

2ndividuals having regular income.

!a payers, 0on2! permissi%le if annual pay Rs.1 lac or more and net take

home annual pay Rs.+.(+ lac after deducting 672 of present loan.

Salary accounts with financing %ranch.

7in. (+ marks as per investment grade scoring chart.

0UR0OSE

!o meet personal epenses or purchase of consumer dura%les.

3UANTUM

' months net salary not eceeding Rs. 1 lac for salaried class.

3or others, + of annual income as per last - 2! returns ?not eceeding Rs.1

lac.@

RE0AMENT

2n &' 6uated 7onthly 2nstalments?672s@. Repayment starts from the nest month of

dis%ursement of loans.

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RATE OF INTEREST 45.e.-. +.12.2+6

1.++.

oncession in the rate of interest can %e considered %y Regional =ead in case

of group %orrowers.

1+ under =$ !ieup scheme for purchase of ;s.

0ROCESSING CHARGES 4E8CLU9ING SER:ICE TA86

Rs. 1++ upto Rs. 1+,+++/

Rs. -+ upto Rs. +,+++/

Rs. ++ a%ove Rs. +,+++/

SECURIT

:ne Guarantor having means e"uivalent to the loan amount, =ypothecation :f

8sset wherever applica%le.

OTHER CON9ITIONS

;roof of 2ncome ?Salary ertificate@.

;roof of Residence ?latest !el. Bill/6lectricity Bill/6mployerAs ertificate@

2rrevoca%le undertaking letter from the employer for recovery of installment

from salary every month and to remit to %ank directly.

2rrevoca%le undertaking %y the %orrower authorising the Bank to recover the

loan installments from his/her salary 8/c./SB 8/c. with the Branch.

;revailing Rate of 2nterest will %e applica%le as on date of sanction.

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UNION TO0U0

ELIGIBILIT

6isting home loan %orrowers ?Standard 8ssets with regular 672 repayment@ who

8re salaried/professional 4 self employed, agriculturists or %usiness men

having regular source of 2ncome.

=ave repaid minimum -( 672s in =ome loan account and

ect to minimum of Rs.+,+++/ to 7aimum of Rs.,++,+++/

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UNION E9UCATION SCHEME FOR COMMERCIAL 0ILOT

TRAINING 0RAGRAMME

*nion 6ducation Scheme for ommercial ;ilot !raining ;rogramme / ourse

0ature of course/training programme ommercial ;ilot !raining / ourse

6ligi%ility Should %e 2ndian 0ational. Should have secured admission to the relevant

course through admission test. Should have secured admission to the foreign

institutions for studies a%road. #uration of the ourse 1--( months !ype :f

2nstitution

1. 3or ourse / !raining programme in 2ndiaD

Government or recognized ;rivate 2nstitute approved %y #irector general :f ivil

aviation, Government :f 2ndia.

-. 3or course/training programme a%roadD

!he course/ training programme should have %een offered %y recognized institutions

a%road approved %y competent authority in that country eg. in *.S.8 the 3ederal

8viation 8dministration, Govt. :f *.S.8.

!he licenses issued %y such institution should %e converti%le into

corresponding 2ndian $icences in case the applicant desires to take up employment in

2ndia after completion of course/ training a%road, as per directives of #irector General

:f ivil aviation, Government of 2ndia.

3%ant%! O- Loan

0il margin up to Rs.( lacs. 7in. margin for loans a%ove Rs. (.lacs in

2ndia. 7in.1 7argin for loans a%ove Rs. ( lacs for studies a%road. Scholarships/

assistance to %e included in 7argin.

7argin to %e %rought in year to year whenever dis%ursement made on pro rata %asis.

-+


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Rate O- Inte)est

7ale 3emale

3or loans up to Rs.(.$acs 11.9 11.-

3or loans a%ove Rs. (lacs

and %elow 9. $acs

1-.+ 1-.++

3or loan a%ove Rs.9.

$acs

1-.++ 11.+

?1 concession if interest is serviced during moratorium period@ Se&%)it>

0o security up to Rs. ( lacs. $oan a%ove Rs. ( lacs and upto Rs. 9.+ lacs personal

guarantee to the satisfaction of the %ank. 3or loans a%ove Rs. 9.+ lacs suita%le

collateral security/third party guarantee accepta%le to the %ank. $ife insurance policy

for a sum not less than the loan to %e taken on the life of the student/ applicant and

assigned in favor of the BanL.

Documents

Loans Schemes of Union Bankerfg