Union city bank personal loan introduced the Covid-19 personal loan scheme

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Union city bank personal loan introduced the Covid-19 personal loan scheme

The coronavirus outbreak is spreading extensively all over the world and has been causing trouble all across the various sectors. For helping people in such rough and tough times the city union bank has announced the union city bank personal loan under the covid-19 scheme to fulfil the medical needs.

Eligibility for the union city bank personal loan under the covid-19 scheme

  • Category I – All the government, pensioners of the known organizations in India or pension through city union bank for the past 12 months, non-government employees.
  • Category II – Current trade debtor with the reimbursement history of a year and more. The existing loan should in the normal group and not under the SMA-1 or SMA-2 group anytime in the last 12 months. All the debtors of the loan must be an applicant or a co-applicant. The recent trade loans will include cash, personal, vehicle, home loan.

Note: The scheme is not valid for NRI borrowers

Important Points for the union city bank personal loan under the covid-19 scheme

  • Category I – Inferior of A or B
    Supreme 5 lakh rupees or 6 times of the last salary or pension
  • Category II – Inferior of A or B
    Supreme 5 lakh rupees or difference between the amount of unique authorization boundary and the existing remaining amount of exiting loan.
  • Margin – Nil
  • Interest Rates –  At present EBLR (floating) with a monthly rate of interest of 7.20%
  • Processing Charges – Nil
  • M+oratorium – Under the scheme 3 months moratorium period is allowable.
    Monthly interest will be charged and debited to the account during this moratorium period, but the request will be shaped later in 3 months only.
  • Reimbursement Period –  The maximum reimbursement period is 60 Months including a moratorium of 3 months.

Security points for the union city bank personal loan under the covid-19 scheme

  • Category I – Nil
  • Category II – Delay of Mortgage on current belongings/car for Home-based, Loan & Car loan debtors.
    Security is there if someone wants to exist a personal loan for the proposed loan. The security for personal and cash loan debtors is Nil.

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