Union Bank Of India Business Loan

Union Bank of India Business Loan Key Features

Union Bank of India Interest Rate 9.50%
Tenure up to 10 years
Lowest EMI per lakh ₹ 3,423
Loan Amount up to 25 crores
Part Prepayment, Charges Allowed after 1 EMI’s,
Early Foreclosure, Charges Allowed after 1 EMI’s
Union Bank of India Processing Charges Up to 2.50% of the loan amount (Min. Rs. 2,359 – Max. Rs. 88,500)
Prepayment Charges 07-24 Months – 4% of Principal Outstanding Amount

25-36 Months – 3% of Principal Outstanding Amount

More than 36 Months – 2% of Principal Outstanding Amount

Repayment Period 12 – 48 months
Prepayment Condition No pre-payment permitted until repayment of 6 EMIs
Collateral Not required

 

Interest Rate, Fees, and Charges (Self Employed Non-Professional)

Facility Charges
Interest Rate Charges 9.50%
Loan Processing Charges Up to 2.50% + GST as applicable
Prepayment No pre-payment permitted until repayment of 6 EMIs
No Due Certificate / No Objection Certificate (NOC) NIL
Duplicate no due certificate / NOC NIL
Solvency Certificate Not applicable
Charges for late payment of EMI @ 24%  p.a.
Charges for changing from fixed to floating rate of interest Not applicable
Charges for changing from floating to a fixed rate of interest Not applicable
Stamp Duty & other statutory charges As per applicable laws of the state
Credit assessment charges Not applicable
Nonstandard repayment charges Not applicable
Cheque swapping charges ₹ 500/-
Amortization Schedule charges ₹ 200/-
Loan cancellation charges NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)
Cheque Bounce Charges ₹ 550/- per cheque bounce
Legal / incidental charges At actual
CIBIL Report Copy Charges ₹ 50 Per Copy

 

Interest Rate, Fees, and Charges (Self Employed Professional)

TABLE WILL APPEAR

Advantages of Union Bank of India Business Loan

Union Bank of India shall provide its clients with updated products to comply with the specifications of their specific client fragments. Besides, the Union Bank of India offers:

  1. There is no obstruction by saving money on how the candidate’s company works.
  2. Union Bank of India Business LoanThere are boundless free ATM exchanges at Tamilnad Mercantile Bank and another VISA ATM bank in India.
  3. No charges for transfers of NEFT / RTGS and requests for proposals.
  4. Advantageous and quick to get to reserves once the credit has been verified.
  5. Repayment account: A different momentum represents a consistent repayment to the Board. 
  6. The workers helped open the advanced record with Instant Welcome Packs (IWP). 
  7. Fair loan payments for candidates with a prosperous relationship with the bank. 
  8. Special rates for personal and home loans.

Union Bank of India Business Loan Eligibility Criteria

Eligibility Criteria Description
Age 21 to 60 years
Minimum Turnover ₹ 0
Business Existence (in months) 0 months
ITR (months) 6 months
Loan Amount ₹ 1 Lakh to ₹ 8 Lakh
Loan Tenure 36 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Union Bank of India Business Loan Documents Required

Common Documents:

  • Valid Proof for Identity: Passport / Ration card / Electricity Bill / Voter ID card / Passport / Driving License/ PAN Card and MAPIN card/ Lease agreement  / Sales Tax certificate/Trade licence
  • Address Proof: Lease agreement / Passport / Trade license / Electricity Bill / Sales Tax Certificate
  • Age Proof: Passport / PAN card / Voter’s identity card
  • Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
  • Copy of  Bank Statement
  • Latest ITR and statement of computation of Income for the last 2 yrs.
  • Proof of continuity of business
  • Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
  • Original Board resolution
  •  Financials audited/ certified by a CA.

* (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower

Self Employed (Private Ltd. Co. and Partnership Firms)

  • Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
  • Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license
  • Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A

Self Employed Individuals – Professionals

  •  Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
  • Identity proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
  • Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport
  • Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A

Self Employed Individuals – Non Professionals:

  • Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
  • Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
  • Copy of bank statement of main banker/copy of bank statement for the term loan for last  months
  • Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.

EMI Calculator for Union Bank of India Business Loan

The following is the EMI calculated table for Union Bank of India Business loan:

Loan Amount 10 Year Loan 15 Year Loan 25 Year Loan
₹ 20 Lakh ₹ 24,958 ₹ 19,871 ₹ 16,307
₹ 30 Lakh ₹ 37,437 ₹ 29,807 ₹ 24,461
₹ 50 Lakh ₹ 62,395 ₹ 49,678 ₹ 40,768

Calculate EMIs with the help of Truthsawer’s fast and accurate EMI Calculator!

Compare Union Bank of India Business Loan With Other Banks

Bank
Interest Rate 15.65% – 21.35% 11.2%
Processing Fees Starting from 0.99%, Max 2.50% Starting from 1%, Max 2.50%
Loan Amount ₹ 50,000 to ₹ 50 Lakh ₹ 1 lakh to ₹ 8 Lakh
Loan Tenure 12 to 48 Months up to to 36 Months
Lowest EMI Per Lakh ₹ 2,816 per lakh ₹ 3,423 per lakh
Part Payment Charges Not Allowed Not Allowed
Foreclosure Charges Allowed after 12 months at 2 – 4% Allowed after 1 EMI’s
Borrower’s Age 21 to 65 Years 25 to 65 Years
Minimum Years in Business Required 36 Months 36 Months
Minimum Turnover Required ₹ 1 Cr ₹ 60 Lakh

More Banks to compare with Union Bank of India Business Loan:

Barclays Bank Canara Bank ICICI Bank ING Vysya Bank
HSBC Citibank Kotak Mahindra Bank

Video: How to apply for Union Bank of India Business Loan

VIDEO WILL APPEAR!

Purpose of Business Loans from Union Bank of India

Benefiting from a Business Loan from the Union Bank of India can cover and help:

  • Keep a good income to make instalments to suppliers on time.
  • Moment of liquidity accessibility to serve the day-to-day needs of the business.
  • The advance will be used to cover all costs associated with the extension of the company.
  • Covers the cost of buying new or redesigned machinery or equipment.
  • Covers the chances of contracting new inventories.

EMIs of Several Banks and NBFCs for Different Tenures

The following table shows the approximate values of EMI’s offered by banks and NBFC’s other than Union Bank of India

Total Loan Amount Loan Tenure
Loan Amount (Rs.) 10 years 15 years 25 years
2,500,000 ₹ 31,197 ₹ 24,839 20,384
5,000,000 ₹ 62,395 ₹ 49,678 40,768
7,500,000 ₹ 93,592 ₹ 74,516 61,152
10,000,000 ₹ 1.25 Lakh ₹ 99,355 81,536

Other Loan Products from Union Bank of India

Personal Loan Gold Loan
Car Loan Education Loan

Why should you apply for Union Bank of India Business Loan at Truthsawer?

DialaBank is India’s first web-based banking service provider. It acts as a scaffold between you and your desired bank decision by restricting intricate administrative work and application steps. The Truthsawer Principal Ace Card represents the best proposal according to your requirements since it effectively transmitted all the guaranteed terms to each of its customers without being short-lived.

Its clients have endorsed Truthsawer and other recognised bodies, which is why it is at the top of its rival’s leaderboard.

Know extra about Truthsawer by visiting us online or by calling on this number 7876737599.

How to calculate EMI for Union Bank of India Business Loan?

Table Showing EMI, Interest Outgo, and Total Repayment Amount

LOAN AMOUNT INTEREST RATE TENURE MONTHLY INSTALMENT TOTAL INTEREST AMOUNT TOTAL AMOUNT
₹ 3,00,000 9.50% 1 ₹ 26,555 ₹ 18,661 ₹ 3,18,661
₹ 3,00,000 9.50% 2 ₹ 14,023 ₹ 36,547 ₹ 3,36,547
₹ 3,00,000 9.50% 3 ₹ 9863 ₹ 55,063 ₹ 3,55,063
₹ 3,00,000 9.50% 4 ₹ 7796 ₹ 74,207 ₹ 3,74,207
₹ 3,00,000 9.50% 5 ₹ 6566 ₹ 93,972 ₹ 3,93,972

You can also calculate the specific loan amount EMIs on Truthsawer’s EMI Calculator.

Benefits of Union Bank of India Business Loan

Union Bank of India provides business advances to self-employed and finance managers to finance the growth or capital needs of their business. There are various benefits to the benefit of the advance from the Union Bank of India:

  • Dropline Overdraft to save interest.
  • High credit amount up to Rs. 75 Lakh.
  • No warranty or underwriter is required.
  • Balance moves in an alternatively open way.
  • Adaptable residence and a simple cycle.
  • Quick approvals and disbursements.
  • Low and flexible borrowing rates.
  • Straightforward and least administrative work is needed.

Union Bank of India Business Loan Processing Time

For applications for loans to Commercial Banking customers, the Bank may take 30 working days to make a choice, when the client submits all the data requested by the Bank.

Union Bank of India Business Loan Preclosure

Union Bank of India’s Business Loan Preclosure charges alternates between 2% to 2.5% of the paid limit.

Pre Calculated EMI Table for Union Bank of India Business Loan

The Loan EMI in Union Bank of India depends upon the profession (businessmen, self-employed, salaried), mortgage amount, loan tenure, and interest percentage.

Loan Amount 5 Year Loan 7 Year Loan 15 Year Loan
₹ 20 Lakh ₹ 42,298 ₹ 32,996 ₹ 21,248
₹ 30 Lakh ₹ 63,446 ₹ 49,494 ₹ 31,872
₹ 50 Lakh ₹ 1,05,744 ₹ 82,490 ₹ 53,120

How to Apply for Union Bank of India Business Loan Online?

  1. Visit Truthsawer.
  2. Go to the loan segment and click on the Business Loan link.
  3. Check the eligibility criteria for the Business loan offered by Union Bank of India and fill a user-friendly online application form for Business Loan.
  4. One of our relationship supervisors will get in touch with you soon for further process.
  5. For more further information and free guidance, you may call on +917876737599.

Union Bank of India Business Loan Status

You can find the loan status by Calling at +917876737599 or by visiting the main site of Union Bank of India.

Truthsawer Union Bank of India Business Loan Customer Care Number

To find the solution to your queries regarding a business loan, give a call at +917876737599

Truthsawer serves you in finding the best settlement of Banks and NBFCs by providing you with a comprehensive market in comparison of different banks so that you can make the right decision.

Union Bank of India Business Loan FAQs

✅ Is a guarantor required for Union Bank of India Business Loan?

No form of security is asked while applying for Union Bank of India’s Business Loan.

 How do I repay my business loan?

EMIs should return it via standing guidance and post-dated cheque.

✅ What are the minimum and maximum range of tenure of business loans in Union Bank of India?

These loans are more concise tenure loans. You can return your loan in a manageable time of a minimum of 12 months to a maximum of 36 months.

✅ How much business loan amount I can borrow from Union Bank of India?

Union Bank of India Bank gives you a loan if you need the least amount up to ₹ 5 crores

 

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