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  • United Bank of India Personal Loan Eligibility

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  • United Bank of India offers two personal loans – one for salaried employees and one for pensioners. The eligibility criteria for these loans are as follows:

    • Salaried individuals who have earned a regular income for a minimum period of two years can apply for the United Personal Loan Scheme for Salaried Persons.
    • Pensioners of central and state governments, central government/state government undertakings, reputed organizations, defense services, and educational institutions can borrow funds under the United Personal Loan Scheme for Pensioners, provided that their pension is routed through a United Bank of India branch.

    United Bank of India Personal Loan Eligibility

    • United Personal Loan Scheme For Salaried Employees
      • This loan is available to permanent salaried employees.
      • The applicant should have earned a steady income for a minimum of 2 years.
    • United Personal Loan Scheme For Pensioners
      • Pensioners of central and state governments, defense services, central/state government undertakings, educational institutions, and reputed companies can borrow this loan.
      • The applicant’s pension should be a drawn from a United Bank of India branch.

    Factors Affecting United Bank of India Personal Loan Eligibility

    • Employment Status: United Bank of India only offers personal loans to salaried employees and pensioners. Thus, if you are a self-employed individual, you may not be eligible to borrow a personal loan from United Bank of India.
    • Work Experience: Salaried individuals who wish to borrow a personal loan from United Bank of India should have a work experience of at least 2 years, if not more. Keep in mind that the lender may reject your personal loan application if you do not fulfil this requirement.
    • Income Requirement: United Bank of India requires salaried employees who wish to borrow a personal loan from the bank to earn a steady income for a minimum period of 2 years. Those who earn a higher income will also be eligible to borrow more from the lender due to their increased repayment capacity. Ensure that you check whether the income that you earn is in line with the lender’s income criteria.
    • CIBIL Score: To borrow a personal loan from United Bank of India at a reasonable rate of interest, you should check your CIBIL score before submitting your application. You should, ideally, try to maintain a CIBIL score of over 700 to increase your chances of borrowing a personal loan at a good rate of interest.
    • Pension Account with the Bank: Pensioners who wish to avail a personal loan from United Bank of India should check whether they draw their pension from one of the lender’s branches. You will not be eligible to borrow a United Bank of India personal loan unless you draw your pension through one of the lender’s branches.

    How to Improve Your Chances of Getting a United Bank of India Personal Loan

    • Improve your credit score: Your credit score plays an important role in your eligibility. Thus, improving your credit score will help you borrow a higher loan amount.
    • Clear outstanding debts: To increase your personal loan eligibility, you can clear off any outstanding debts that you may have. Doing this will increase your repayment capacity, thus allowing you to borrow more.
    • Don’t borrow a high loan amount: When selecting the loan amount, ensure that you opt for a sum that is easily repayable. If you apply for a loan amount that is beyond your means, your application may be rejected by the lender.
    • Apply for a loan once your income increases: If borrowing a loan from United Bank of India is something that can wait, you should consider putting off taking a loan until when you are more financially stable, given that your improved financial stability can increase your personal loan eligibility. Thus, you can apply for a personal loan once you have a few years of work experience and start earning a higher income.

    United Bank of India Personal Loan Details

    United Personal Loan Scheme For Salaried Persons

    Interest Rate? 13.95% p.a. (working women); 14.20% p.a. (other salaried employees)
    Loan Amount? Up to Rs.2 lakh or 10 months’ gross salary
    Loan Tenure? 36 months
    Processing Fees? 1% of the loan amount

    United Personal Loan Scheme For Pensioners

    Interest Rate? 13.40% p.a.
    Loan Amount? Up to Rs.10 lakh
    Loan Tenure? Up to 48 months
    Processing Fees? 1.18% of the loan amount

    FAQs

    1. Will the reason for which I borrow a personal loan affect my personal loan eligibility?
    2. No, the reason for which you wish to borrow a loan should not play any role in you receiving approval for a personal loan.

    3. Will opting for a longer repayment tenure increase my eligibility?
    4. Opting for a longer repayment tenure may help you borrow more since the monthly repayments will be lower, thus reducing your EMI to net monthly income ratio.

    5. Is there any margin applicable in the case of the United Bank of India Personal Loan for Pensioners?
    6. No, there is no margin that is applicable. Thus, borrowers will be able to avail complete funding.

    7. Up to what age can pensioners borrow personal loans from United Bank of India?
    8. At the time of borrowing a personal loan from United Bank of India, the borrower’s age should be such that the loan amount is repaid in its entirety before the concerned individual attains 75 years of age.

    9. What are the pre-payment charges?
    10. The lender does not levy any pre-payment charges.

        

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