United Bank Personal Loan Scheme for Pensioners

Repayment:

1. If the pensioner is less than 70 years old, the loan can be repaid in a maximum of 48 EMIs.
2. If the pensioner is more than 70 years old, the loan can be repaid in a maximum of 36 EMIs.
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.

Interest Rates: For pensioners -  MCLR-Y+4.65% i.e. 14.10%

Processing Charge: 1.00% of the loan amount sanctioned

Eligibility Criteria

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.

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