United Personal Loan for Pensioners

Your life after retirement is usually not completely free of responsibilities. There will be times when you are need of money, such as to pay medical bills or to pay for your child’s wedding. United Bank of India understands and respects this which is why they offer a loan scheme designed specifically for pensioners.

Features & Benefits of United Personal Loan Scheme for Pensioners

Maximum loan amount: The highest amount that can be availed as loan with this scheme is Rs 2 Lac, subject to 12 months' gross pension.

Margin: nil

Repayment:

• If the pensioner is less than 70 years old, the loan can be repaid in a maximum of 48 EMIs.
• If the pensioner is more than 70 years old, the loan can be repaid in a maximum of 36 EMIs.
• The repayment schedule of borrowers will be planned out in a way that the EMI and other deductions together will not be exceed 40% of the gross monthly pension.

United Personal Loan Scheme for Pensioners Interest rates

United Personal Loan Scheme for Pensioners Eligibility

Only those pensioners who fall in the following category are eligible for this loan:

Pensioners of Central and State Governments' Undertakings, Central and State Governments, Defence Services, Educational Institutions (Universities, Institutes, Schools and Colleges) and reputed Companies. Those who draw pension from any Branch of United Bank of India are also eligible for this loan.

When the borrower avails the loan, his/ her age must be such that he/ she will be able to repay the entire amount before the age of 75 years is attained.

Other Fees and Charges

United Personal Loan Scheme for Pensioners FAQs

1. What is the interest rate that will be charged on the United Personal Loan Scheme for Pensioners?

   The interest rate will be charged on the MCLR system: MCLR-Y+4.65% i.e. 14.10%

2. What is the maximum period for repayment?
3. 1. If the pensioner is less than 70 years old, the loan can be repaid in a maximum of 48 EMIs.
4. 2. If the pensioner is more than 70 years old, the loan can be repaid in a maximum of 36 EMIs.
5. 3. The repayment schedule of borrowers will be planned out in a way that the EMI and other deductions together will not be exceed 40% of the gross monthly pension.
6. What is the maximum age that a borrower can be to avail a loan with this scheme?

   When the borrower avails the loan, his/ her age must be such that he/ she will be able to repay the entire amount before the age of 75 years is attained.