• Non-Corporates: Self-employed professionals, Individuals, proprietary Firms, association of Persons, Trusts and partnership firms 
• Corporates: Private limited Companies, public limited companies, and Limited Liability Partnerships (LLPs)

• Common Documents :
  • Duly filled loan application form :
  • Proof of Identity: Aadhaar Card / Voter’s ID Card / Passport / Driving License / PAN Card / Signature identification from present bankers of proprietor, partner of director (if a company)
  • Proof of residence: Aadhaar Card / Recent telephone bills, electricity bill, property tax receipt /Passport / voter’s ID Card of Proprietor, partner of Director (if a company)
  • Proof of business Address
  • Memorandum and Articles of Association of the Company / Partnership Deed of partnership firms, etc.
  • Assets and liabilities statement of promoters and guarantors along with latest income tax returns.
  • Udyam Registration Number if applicable
  • GST registration
  • Photocopies of lease deeds/ title deeds of all properties being offered as primary and collateral securities (In applicable cases).
  • Statement of Accounts of other banks, wherever applicable

 

• Additional documents based on activity undertaken :
  • Audited balance sheet of last three years, wherever applicable along with audit report, notes on account and annexure of the concern.
  • Latest Audited balance sheet along with audit report, notes on account and annexure of the Sister Concern/s.
  • Provisional balance sheet of the concern (Wherever, audited balance sheet of immediately preceding year is not available)
  • Month-wise sales-purchase of previous year and current year
  • Comments on financial projections including sales (Domestic/Export), profit margins, induction of additional funds, creation of fresh assets.
  • CMA data (for Proposals above Rs.100 Lakhs) with projections
  • GST returns of previous year and current year, wherever applicable (monthly / quarterly)
  • Last GST Assessment Order, wherever applicable.

 

• Term Loans :
  • Project Report (To be covered under TEV report, wherever applicable) (Including background of project, financial projections upto tenor of loan & assumption thereof, Cost of project & means of finance, Details & cost of machinery, supplier of machinery, quotation/Performa invoice from suppliers, Source of promoters contribution, installed capacity calculation, estimates from architect, statutory/regulatory clearances and approvals, location, marketing arrangement, competition & raw material availability, drawdown schedule, repayment schedule, implementation schedule, project consultants & their background etc.).
  • CA certificate on cost incurred on the project and means of finance

 

• Bank Guarantee :
  • Details of existing/fresh BG requirement (Work order, Name of principle, date of allotment, Value of order, % completion, Guarantee issued/to be issued, due date & Expected date of completion, total receipts etc.).
  • Nature of BG, Assessment of BG, Period of BG & Margin on BG

 

• Letter of Credit :
  • Pattern of purchase (Including name of major suppliers, LC beneficiaries)
  • % of purchase under LC
  • % of import & local purchase
  • Duties and Octroi / GST
  • Nature of LC, Usance period, Lead Time and Margin

• Bank is providing the customers with the checklist of the documents required to be submitted while applying for loan. The same is available at the Banks website.
• Scheduled Commercial Banks are members of BCSBI (Banking Code of Conduct and Standards Board of India) and thereby they commit that:
• Bank provide checklist of the documents to be submitted (compliant with legal and regulatory requirements) along with the loan application form to enable you to submit the application complete in all respects. If required, we will assist you in filling up your loan application form.

• Bank is providing acknowledgment of the loan application submitted by Customers. 
• Scheduled Commercial Banks are members of BCSBI (Banking Code of Conduct and Standards Board of India) and thereby commit that:
• We shall invariably provide you with an acknowledgement of your loan application, whether submitted online or manually, indicating therein the time frame within which the application will be processed.

• Union Bank of India has loan product namely “Union Startup Scheme” for credit requirements of the Start ups.

Union Nari Shakti Scheme

• An exclusive Scheme for catering the credit requirements of the MSME Women Entrepreneurs is devised by the Bank. The Scheme is one of the best performing schemes and has received excellent response.

Stand Up India

• The scheme facilitates bank loans between 10 lakh and 1 crore to at least one women borrower per bank branch for setting up a greenfield enterprise.

For extending formal credit to Micro Segment and in line with Government guidelines Bank extends loans for following Schemes.

• Pradhan Mantri Mudra Yojana
• Prime Minister Employment Generation Programme.
• PMSVANidhi for financing Street Vendors
• PM Vishwakarma Scheme for financing artisans
• Credit Linked Capital Subsidy Scheme (CLCSS) for Technology Upgradation
• Stand Up India for financing SC/ST/Women entrepreneurs

• No collateral security is required for loans up to Rs.10.00 Lacs
• Collateral free loan to the tune of Rs.500 lakhs to Micro & Small Enterprises can be sanctioned by availing credit guarantee for CGTSME.
• Collateral free loans to Strat ups are available to the tune of Rs.1000 lakhs by obtaining credit guarantee under CGSS Scheme.

Time limit for Disposal of Proposals:  Disposal of loan applications for Priority sector advances:

Disposal of loan applications other than above:

• Further through the web portal www.psbloansin59minutes.com, a borrower can get Digital Approval in just 59 minutes from anywhere at any time. Post Digital Approval, the time taken for loan disbursement depends on the information and documentation provided by the borrower on the portal and banks. The more accurate the data, the sooner the loan gets disbursed. Generally, post Digital Approval, the loan is expected to be sanction/disbursed in 7-8 working days.
• Bank has end to end STP Journeys for sanctioning the commercial loans. The customer can apply from https://www.unionbankofindia.bank.in/en/Listing/Online-Loan-Application

• Our bank has a customer grievance redressal mechanism and in case of undue delay or arbitrary rejection of the loan, the complaint can be filed with bank’s Grievance Officer.
• If case of non-redressal, complaint can be escalated to Internal Ombudsman
• Complaint can also be lodged with RBI Ombudsman.