Union Bank Of India is a Public sector Bank with more than 101 Years History. It was founded on 1919, November 11th. Since then, it’s business has expanded widely. Presently it has presence over 9,500 Branches across India easing the customers to do hassle-free transactions.
As per our Finance Minister Ms. Nirmala Sitharaman directives, it amalgamated Andhra Bank and corporation Bank on April 1st,2020. With the amalgamation, as of now, it has more than 120+ Million customer-base which turns Union Bank as 5th Largest Public Sector Bank.
It’s services are offered by more than 75,000 Bank employees dedicated to serve the people with pleasure. After the merger of Corporation Bank and Andhra Bank, it’s business has seen no leaps and bounds.
Like all other commercial Banks, Union Bank offers Savings a/c’s, Current a/c’s, Loans(including agriculture and Gold loans at nominal interest rates),Dwakra Loans(For Self-employeed women community) RythuMitra(For Farmers), Short-term agricultural credit loans, Horticulture loans, Vehicle loans, Education Loans etc
As RBI keeps Repo Rate(The Rate at which RBI lends money to commercial banks) and Reverse-Repo(The Rate RBI pays in exchange of securities by the commercial Banks)remains constant from the past few years, Banks are decreasing interest rates which benefits the customers to take loans at minimal interest rate.
Upto 2018-19, Banks charge higher interest rates, but due to RBI’s Accomodative stance, banks are lending loans at cheaper rates + low cost processing fees. For those who want to fulfill their dreams, they can avail cheaper loans subject to the terms and conditions of the bank.
Offering Cheaper loans is good for the economy as they rotate cash from the customers to the government. Especially Housing loans are offered at an attractive price while gold loans can be kept as security to avail instant loans. If you have good income-source and you are in need of urgent loan, contact your Bank Branch, submit your income-proof and avail the loan.
Generally Gold loans don’t require income-source as gold is kept as collateral . Of all the loans personal loans are much costlier, only if you don’t have alternative, go for personal loan.
The only drawback from the PSU Banks is that they are offering lower interest rates for deposits too(including Fixed Deposits)which hurts customers sentiment who are dependent on the interest income. Especially senior-citizens are facing this issue as they have no other source of income, except FD interest.