Public Sector Bank (PSU)Pensioners & Senior Citizenssemi secured

Union Ashray Personal Loan

यूनियन आश्रय पर्सनल लोन

Union Bank personal loan for senior citizens and retired individuals up to ₹10 Lakhs.

Max Loan Amount

₹25,000 to ₹10,00,000

Interest Rate

11.20% - 12.60% p.a. (floating EBLR-linked)

Tenure

12 to 60 months

Processing Fee

0.50% + GST (Min ₹500, Max ₹3,000)

✦ What It Is: Product Architecture & Regulatory Scope

Special credit facility designed for senior citizens and retired personnel to meet unforeseen medical emergencies, family obligations, and house renovation needs.

What is Missing: Honest MITC Policy Gaps, Hidden Clauses & Extra Charges

Eligo consumer protection notice: Bank brochures, DSA telecallers, and comparison portals rarely disclose these conditions. Read carefully before signing.

• Verifiable monthly pension or interest annuity income credit required. • Legal heir or spouse co-obligation mandatory. • Net income after EMI must not fall below 45%.

✦ Key Benefits & Features

• Tailored specifically for senior citizens and retired individuals • Simplified documentation and doorstep assistance on request • Zero prepayment penalties for pre-closure • Repayment tenure up to 5 years.

✦ Prepayment, Part-Payment & Foreclosure Rules

NIL prepayment penalty across all tenures.

✦ Eligibility Requirements

Senior citizens and retired individuals drawing pension or fixed interest income through Union Bank. Min Age: 60, Max Age: 75. Min CIBIL: 650.

Min Age60 Years

Max Age75 Years

Min Monthly Income₹12,000

Min CIBIL Score650+

✦ Documents Required

• Identity & Address Proof: PAN, Aadhaar • Income Proof: PPO booklet, pension slips, or Fixed Deposit interest certificates • Co-obligation: Spouse or legal heir KYC.

✦ Exact How-To-Apply Process (3 Pathways)

Depending on your current relationship with the bank, select the corresponding application journey:

Pathway A

Existing / Pre-Approved Customers

1. Apply via Vyom app or branch. Verification of pension/annuity and spouse co-obligation.

Pathway B

New Online Applicant (Fresh Digital)

1. Submit inquiry on unionbankofindia.co.in > Ashray Scheme.

Pathway C

Branch Walk-In Application

1. Visit nearest Union Bank branch with PPO / Annuity statement, KYC, and co-obligation letter.

Official Sourcing & MITC Verification

180-Day Re-Verification SLA · Last Verified: 2026-09-28

Eligo does not collect personal loan applications, sell user data to DSA telecallers, or receive affiliate commissions. All terms shown are extracted directly from official bank circulars, Most Important Terms and Conditions (MITC), and Key Fact Statements (KFS) under RBI guidelines.

Visit Official Lender Portal (Union Bank of India Official Portal)View Official MITC / Schedule of Charges RBI Key Fact Statement (KFS) Reference

Frequently Asked Questions on Union Ashray Personal Loan

Can senior citizens without pension apply?

Yes, if they maintain verifiable regular interest income from fixed deposits or annuity products with Union Bank.

What is the maximum age limit?

Up to 75 years at loan maturity.

Is collateral required?

No asset mortgage is required; loan is backed by personal guarantee of spouse or legal heir.