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|
Interest Rate, Fees, and Charges (Self Employed Non-Professional)
|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:
- There is no obstruction by saving money on how the candidate’s company works.
- There are boundless free ATM exchanges at Tamilnad Mercantile Bank and another VISA ATM bank in India.
- No charges for transfers of NEFT / RTGS and requests for proposals.
- Advantageous and quick to get to reserves once the credit has been verified.
- Repayment account: A different momentum represents a consistent repayment to the Board.
- The workers helped open the advanced record with Instant Welcome Packs (IWP).
- Fair loan payments for candidates with a prosperous relationship with the bank.
- Special rates for personal and home loans.
Union Bank of India Business Loan Eligibility Criteria
|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
- 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
Union Bank of India
|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|
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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?
- Visit Truthsawer.
- Go to the loan segment and click on the Business Loan link.
- 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.
- One of our relationship supervisors will get in touch with you soon for further process.
- 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