United Bank of India Personal Loan
United Bank of India is one of the first nationalized banks in the country, having a history of close to a century, when four banks merged to form the United Bank of India in its present form. The bank has close to 2000 branches across the country, catering to thousands of people, with a business of more than Rs 2 lakh crore. The Bank views development as a major concern and has actively participated in development projects, trying to raise the quality of life in India.
United Bank of India offers personal loans for multiple occasions, trying to bridge the gap between the lives of people. The bank aims to emerge as a pioneer in the Indian banking industry, incorporating the latest technology while maintaining a customer-centric approach in its activities.
Why Choose United Bank of India Personal Loan
United Bank of India offers personal loans designed to meet any personal requirement an individual could have. The need for money can often impact our lives adversely, lowering overall quality and leading to stagnation. The way we live depends on how well we can satisfy our needs, and the inability to fulfil such needs can pull us back, this is where personal loans offered by United Bank of India can come to the rescue. These loans ensure that a special occasion, necessary home needs or even a vacation are not just figments of imagination, turning dreams into reality.
United Bank has tried to keep the interest of their customers first, offering hassle free financial solutions to them, which include personal loans as well. Their zeal to aid the development of India highlights the value they place on the needs of an individual which is reflected in their service and dedication.
Features of United Bank of India Personal Loan
Personal Loans offered by United Bank of India come with a host of features, some of which are mentioned below.
- Multipurpose loans – Personal loans offered by United Bank of India can be used for any purpose, be it medical expenses, home repairs, vacations or any social need. There is no restriction on the use of such loans.
- Competitive Interest Rates – United Bank offers personal loans at extremely competitive rates, keeping the welfare of the borrower in mind.
- Long Repayment Period – Personal loans offered by United Bank have long repayment periods, extending up to 48 months for pensioners and 36 months for others, ensuring the borrower has sufficient time to clear the loan.
- Loan for pensioners – United Bank of India offers personal loans to pensioners as well, providing them with an opportunity to meet obligations even after retirement.
- High Loan Amount – Salaried individuals can obtain personal loans up to Rs. 3 lakh or their salary for 10 months, whichever is lower. Pensioners can obtain personal loans up to Rs. 2 lakh.
- Zero Margin – Personal loans offered to pensioners have zero margin.
- Hassle Free – The personal loan process followed by United Bank of India is quick and hassle free, provided the applicant is eligible for it.
- Low Documentation and Processing Fee – United Bank of India charges extremely low documentation and processing charges.
United Bank of India Personal Loan Interest Rate
United Bank of India has a base interest rate of 9.90% per annum, which is in force since 19 June, 2015. The Bank charges different interest rates for the general public and pensioners, depending on the loan obtained. The general population are charged an interest rate equivalent to the Base Rate plus 6% on personal loans, amounting to 15.9% per annum. Pensioners are charged an interest rate equivalent to the Base Rate plus 4.75%, amounting to14.65% per annum.
United Bank also charges a processing fee which is equivalent to 1% of the loan amount.
United Bank of India Personal Loan Eligibility Criteria
Individuals who wish to obtain a personal loan from Union Bank of India need to satisfy the following eligibility criteria.
- Salaried – The applicant should be a salaried person having been in permanent service for at least 3 years.
- Pensioner – Pensioners of Central and State Governments, their undertakings, Defence Services and reputed private companies are eligible for personal loans for pensioners, provided they draw pension from a branch of United Bank.
- Age Limit – The age of the applicant should be such that the entire loan is repaid before he/she attains the age of 75.
Applicants are also required to furnish the following documents in order to obtain a personal loan from United Bank.
- Employer undertaking – Salaried applicants need to furnish an undertaking from their employer for deduction of EMI and remittance to the financing branch.
- Photo ID Proof – The applicant needs to have a valid government approved photo ID card.
United Bank of India Personal Loan FAQs
- Am I eligible for United Bank of India personal loan?
- How do I repay United Bank of India Personal loan?
- What is the maximum loan one can get from United Bank of India?
- What is the tenure for United Bank of India personal loan?
United Bank of India offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for United Bank of India personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a United Bank of India personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
United Bank of India offers personal loans as high as Rs. 3 Lakhs for successful applicants depending on their financial record and repayment history.
United Bank of India offers personal loan with a tenure period 36 months making it suitable for all loan seekers.
Apply online Personal Loan in India to get lowest interest rates, instant approval, minimum in India.
ReplyDeleteHey thanks for this amazing post. Would love to read more of such blogs. You can also have a look at personal loan bank for more information.
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