From your daughter’s wedding and renovation of home to travelling abroad and dealing with a major health emergency, personal loans offered by the United Bank of India can be put to use for any personal financial requirements. The personal loan scheme of United Bank of India is designed to meet any of the aforementioned eventualities in addition buying consumer durables and funding higher education among many others. Many customers are increasingly taking personal loans to repay their credit card dues as well.
United Bank of India Personal Loan Eligibility
The eligibility criteria for salaried persons are as follows:
- For salaried individuals
- For pensioners
Maximum Loan Amount Offered: 10 months' net salary or Rs. 3 lakh, whichever is less.
Minimum Experience: Permanent employees with at least three years of experience are eligible.
Repayment: Amount has to be repaid within 36 months but before superannuation.
Age: According to United Bank of India regulations, a customer should repay his or her loan before attaining seventy five years of age.
Maximum Loan Amount Offered: Rs. 2 lakh subject to 12 months' gross pension.
Profile: Customers who are pensioners of Central and State Government Undertakings, Educational Institutions (universities, schools and colleges), Defence Services and receiving their pension through United Bank branches are eligible for personal loans.
Factors Affecting Eligibility Of United Bank of India Personal Loans
- Age: Banks, in all probability, will offer personal loans to individuals who have several productive years before them. The age profile of customers is one of the important factors considered prior to approval of personal loans, especially for pensioners.
- Stability: United Bank may not provide you a loan if you have been a job hopper. Job hopping customers are typically considered to be vulnerable to layoffs. Also, lack of longevity will have an adverse impact on promotions and increments. Customers who have been with a company for a longer period of time are more likely to get personal loans.
- Education: A highly educated person with degrees from premier institutes stands a better chance of working for MNCs and high net worth companies in addition to boosting the longevity of his or her career. A well-educated person will also enjoy better career prospects in terms of promotions and growth. Consequently, banks will, in most cases, not worry about the customer’s ability to repay the loan.
- Relationship with bank: Many customers tend to be loyal to one bank or another over a period of time. Loyalty to a bank translates into a special rapport with a bank which may result in attractive interest rates on personal loans for the benefit of customers.
How CIBIL score affects your United Bank of India Personal Loan Eligibility?
- Credit Score: One of the most important factors which affect a customer’s loan eligibility- credit score gives banks an accurate data of the repayment habits and history of credit behaviour of the loan applicant. A bad credit can effectively mar the chances of availing a personal loan by United Bank of India. Alternatively, a very good Cibil score can boost the chances of acquiring a personal loan.
- Repayments: Customers have to ensure that they pay their EMIs on time. If customers have more than one loan, they will find it difficult to repay loan instalments on schedule. Payment of bills regularly without fail is of seminal importance.
- Loans galore: Loan eligibility of a customer will take a beating if he or she has taken several loans at a given point of time. If a customer is too credit hungry, his or her CIBIL report will reflect his lack of fiscal discipline. Consequently, most banks will not entertain customers who are not aware of the downside of too much credit which may lead to a debt trap and/or defaults.
How to increase United Bank of India Personal Loan Eligibility?
- Clean Record: Customers have to ensure that they have a clean repayment history. CIBIL score is adversely affected if a customer defaults or makes late payments. Banks will take serious note of any defaults by the customer in the recent past.
- Loan tenure: According to experts, increase in tenure will result in reduction of EMIs, effectively increasing an individual’s ability to pay. The tenure of a loan, therefore, has a bearing on the loan eligibility of an individual.
- Creditworthiness: Timely payment is an important determinant of the creditworthiness of a customer. CIBIL score of 750 and above shows creditworthiness of a customer. In most cases, banks easily approve loans for customers who have a CIBIL score of over 700. Customers should ensure that they have a robust track record in terms of repayments to increase their eligibility to avail of personal loans.
FAQs on United Bank of India Personal Loan Eligibility
Are pensioners eligible for availing of personal loans offered by United Bank of India?
Yes. Pensioners of Central and State Government Undertakings, Educational Institutions (universities, schools and colleges), Defence Services and receiving their pension through United Bank branches are eligible for personal loans.
What is the maximum loan amount offered by United Bank of India for salaried persons?
The maximum loan amount offered by United Bank of India for salaried persons is 10 months' net salary or Rs. 3 lakh, whichever is less.
What is the minimum work experience availing of personal loans?
Permanent employees with at least three years of experience in a reputed organization are eligible for acquiring personal loans.