Union National Bank Personal Loan

Overview

Union National Bank lists amongst one of the fastest growing banks in the UAE. They have a strong presence both at home in the UAE and across the globe. Union National Bank has branches in Qatar, Kuwait, and China. The Union National Bank personal loan offers incredible plans, with lengthy tenors and one of the lowest interest rates in the UAE.

Union National Bank personal loan rates are reducing in nature and offered at preferential rates to UAE nationals. The Union National Bank personal loan is available in two categories, for UAE nationals, and for expats. Further details on the Union National Bank personal loan features and benefits can be found below.

Features & Benefits of the Union National Bank Personal Loan

The features and benefits of both of the Union National Bank personal loan categories are as follow:

Loan Amount

While the Union National Bank personal loan for expats offers as much as 20 times the applicant's salary, the Union National Bank personal loan for UAE nationals offers even larger loan amounts.

Tenor

The Union National Bank personal loan can be availed of for a large maximum tenor of 48 months. The maximum tenor is the same for UAE nationals and expats alike.\

Consolidation

Loan holders may consolidate all of their active loan instalments into the Union National Bank personal loan for easier management and to benefit from some of the lowest interest rates in the UAE.

Grace Period

Customers receive a grace period of as much as three months from the date of loan disbursal. Once the Union National Bank personal loan has been disbursed, loan holders have up to 90 days to pay their first instalment.

Deferment

An incredible advantage of the Union National Bank personal loan for UAE nationals is the loan postponement feature. UAE nationals can delay their monthly Union National Bank personal loan instalment up to four times in a year. Expats can avail of this service twice in a year.

Benefits

Both variants of the Union National Bank personal loan in the UAE offer a free UNB credit card that charges no annual fees and offers a highly rewarding line of credit.

Union National Bank Personal Loan Eligibility & Documentation

The Union National Bank personal loan requirements are subject to change as per UNB’s judgment. The Union National Bank personal loan requirements are as follows:

Age

Union National Bank personal loan applicants must be between the ages of 20 years and 60 years. This is applicable for UAE nationals and expats both.

Income

The Union National Bank personal loan requirements mention a minimum monthly salary of AED 5,000 for expats and AED 10,000 for UAE nationals. Note that these minimum salary requirements for UAE nationals may go up to as much as AED 20,000 depending on which organization they are working for.

Work Experience

Applicants are required to display work experience for a minimum of 3 months in order to avail of a Union National Bank personal loan. Debt consolidation Union National Bank personal loans, on the other hand, may require up to a year of work experience.

The Union National Bank personal loan requirements for documentation include:

  1. A filled and signed Union National Bank personal loan application form.
  2. The applicant’s Emirates ID, passport and residence visa (for expats).
  3. The applicant’s salary slips and latest bank statements.

All of the above-mentioned documents for Union National Bank personal loans in the UAE are subject to change.

Union National Bank Personal Loan Interest Rates

The Union National Bank personal loan rates are offered in a reducing balance manner. The Union National Bank personal loan rates reduce as more of the borrowed amount is repaid.

Union National Bank Personal Loan   
Category Maximum Tenor Interest Rate Type of Interest
For UAE Nationals 48 Months 4.50% p.a. Reducing
For Expatriates 48 Months 5.68% p.a. Reducing

(Updated on May 2019)

FAQs

Q.1. What is a deferment fee for a Union National Bank personal loan?

Ans: Union National Bank personal loan holders may postpone their instalment twice every year (for expats) or up to four times in a year (for UAE nationals). This loan deferment feature can be availed of for AED 105. 

Q.2. Can I protect my Union National Bank personal loan payments?

Ans: Yes, members of a Union National Bank personal loan in the UAE can protect their loan repayments for minimal fees under the Credit Life Insurance program. The Credit Life Insurance program fees depend on the requested Union National Bank personal loan amount and tenor.

Q.3. How can I apply for a Union National Bank personal loan?

Ans: The Union National Bank personal loan can be applied for via an online form or by visiting any UNB branch across the UAE. The loan application process can also be initiated over the phone through the toll-free UNB number.

Q.4. What is a liability letter?

Ans: A liability letter is a document that is offered to Union National Bank personal loan holders as proof of the status of outstanding payments. A liability letter displays the current obligations a customer holds towards UNB. It is usually required when applying for a new loan or on leaving the UAE. Union National Bank personal loan liability letters are available for AED 63.

Q.5. What is the grace period feature?

Ans: One of the biggest advantages of a Union National Bank personal loan in the UAE is the grace period of 3 months. New loan holders are offered up to 90 days to make their first instalment payment.