Union Bank Business Loan – Eligibility, Charges, and How to Apply

Union Bank Business Loan

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Union Bank of India or UBI is an Indian public sector bank. It is one of the leading public sector banks of the country. It provides various banking facilities to the peoples.

Union Bank of India Business Loan

Union Bank is an Indian public sector bank which provides all the financial services to its customers. Union Bank offers various types of retail and MSME loans at an attractive interest rate. It offers loans to MSMEs engaged in the trading, manufacturing, and services. MSME loans are a special category of loan products that help in raising the working capital of micro, small and medium enterprises.

Also Read: Canara Bank Business Loan

What do you mean by Business Loan?

Business Loan is a loan which can be availed by any person who wants to start their own business or any individual who wants to expand their business.

There are two types of business loans offered by the bank –

1. Secured loans – This is a loan where individuals take a loan with collateral. Here the rate of interest is less.

2. Unsecured loan/ Small business loans – This loan a loan where businesses take a loan without any collateral. Here the interest rate is on higher side.

Benefits and Features of Business Loan

• Helps to start and grow your own business
• Helps in expanding your business
• Strengthens business credit score
• No collateral required
• Attractive and competitive interest rate
• Simplified documentation process
• Higher loan disbursal amount

Features & Benefits of Union Bank of India Business Loan

• Longest tenure
• Various schemes to meet your diverse business needs
• The MSME loans are offered at reasonable rates
• The interest rates differ based on the loan amount
• Short-to-long-term loans are offered under different schemes
• Minimal fees and charges are levied on the loan transactions

Interest Rate, Loan Amount and Charges

Eligibility

• Self-employed individuals
• Partnership firms involved in the business of Manufacturing, Trading, or Services
• Proprietors
• Pvt Ltd Co.
• Individuals with business registration
• Individuals who have been in the current business for a minimum of 3 years
• The applicant should be at least 21 years at the time of applying for the loan and should not be older than 65 years at the time of loan maturity

Documents Required

• Id proof
• Address proof
• Business proof
• Audit report
• Passport sized photographs
• Dully filled application form
• Bank statement for the last 6 months
• Proof of continuation
• Income Tax Returns for the last 2 years
• Other mandatory documents

Union Bank Business Loan EMI Calculator

EMI Calculator helps you to calculate your monthly EMI that you will have to pay towards your loan amount. It eases the calculations and saves time. The calculator helps you to get the real results in the minimum time. To use this calculator is very simple, you only need to enter the basic details such as loan amount, tenure etc., and you will get the result instantly.

How to Apply

To avail loan from Union Bank of India you can visit the nearest bank branch, or you can also apply from the comfort of your home through online.

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