Multiple banks. Different interest rates. Call it a "conflict of interest".
  • United Bank of India Personal Loan Interest Rates is Rated as "Great!" by 5 Users

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    United Bank of India Personal Loan Interest Rates

    United Bank of India Personal Loan Interest Rates 2018
    Particulars Salaried
    Interest rate For working women: 1 year MCLR + 5.15% = 14.55% p.a. (0.25% concession)
    For others: 1 year MCLR + 5.40% = 14.80% p.a.
    Loan Amount Maximum of Rs.2 lakh or 10 months' gross salary, whichever lower.
    For pensioners: Maximum of Rs.2 lakh or 12 months' gross pension, whichever lower.
    Loan Tenure Maximum: 36 months.
    Lowest EMI Not applicable.
    Processing Fee 1% of the loan amount sanctioned.
    Age Not more than 60 years by the time the loan is fully repaid.
    For pensioners: Not more than 75 years by the time the loan is fully repaid.
    Prepayment/Foreclosure Charges No charge.

    United Bank of India has two personal loans in its armoury, a personal loan for pensioners and a personal loan for the salaried class. These personal loans can be availed to meet any personal financial requirement and United Bank of India has ensured that the interest rate on these loans is competitively priced. A simple and hassle free loan application process is another unique trait of personal loans offered by United Bank of India.

    United Bank of India Personal Loan Interest Rates

    Interest rates on personal loans at United Bank of India depend on the borrower, with different rates for pensioners and salaried borrowers. The base rate at United Bank of India is 9.90% per annum (effective 19/06/2015) and the interest rates for 2015 depend on this base rate. The floating rate for salaried borrowers stands at 16% per annum for males and at 15.75% per annum for females. The interest rate for pensioners is 14.75% per annum, i.e. Base Rate + 4.85%. United Bank provides the option of repaying loans through flexible EMIs, ensuring that the repayment does not become an additional financial burden on borrowers.

    How to calculate EMI on your United Bank of India Personal Loan

    It is important to calculate the EMI on a particular loan in order to know the amount one has to pay every month to clear it. Knowing the EMI enables a borrower to plan his/her resources accordingly so that repayment does not become an additional financial burden. Individuals who wish to calculate their EMI amount can do so by logging onto the Bankbazaar website and entering the relevant data regarding their loan, including tenure, amount and interest rates. The calculator will process the information and display the EMIs in a simple and easy to understand format.

    An amortization table is a tool which provides a systematic breakdown of the entire loan repayment process. It shows the variation between principal and interest after each payment, displaying how much amount needs to be paid over a period of time in order to clear the loan.

    Example: Miss Pooja avails a personal loan of Rs 1 lakh from United Bank of India at an interest rate of 15.75% per annum. Her loan repayment tenure is 3 years and her EMI comes to Rs 3,503 per month. The table below highlights how Miss Pooja will need to go about repaying her loan.

    Loan amortization table

    Year Principal paid (Rs.) Interest paid (Rs.) Balance amount (Rs.)
    Year 1 28,274 13,767 71,726
    Year 2 33,063 8,978 38,663
    Year 3 38,663 3,377 0

    Factors affecting United Bank of India Personal Loan Interest Rates

    There are multiple factors which can affect the interest rates one pays for a personal loan from United Bank of India, some of which are mentioned below.

    • Loan tenure – The tenure of a personal loan has an impact on interest rates, with loans for short tenures attracting higher interest rates compared to loans for longer tenures.
    • Relationship with United Bank of India – Individuals having a good relationship with United Bank of India might be in a position to negotiate their interest rates, due to their past banking history. It is possible for banks to reduce interest rates for valued customers and for those who have displayed commitment towards their loan repayments in the past.
    • Employment details – The profession of an individual has a bearing on interest rates, as is visible in the rates charged by United Bank of India for different people. Pensioners are charged a lower interest rate as they are not actively employed and depend on their pension to make ends meet. Interest rates for salaried borrowers are kept steady as they have a regular source of income to repay their loans.
    • Age – Age can have a bearing on interest rates as youngsters (under 25 years) could be charged a higher interest rate compared to others due to multiple reasons.
    • Gender – United Bank of India charges a lower rate of interest to salaried women borrowers compared to their male counterparts.

    Note: Interest rates charged by United Bank of India are at their sole discretion and are subject to change.

    How CIBIL score affects United Bank of India Personal Loan Interest Rates

    United Bank of India checks the CIBIL score of an applicant before sanctioning or rejecting a loan. A CIBIL score provides extremely important data to the bank regarding the credit history and can help the bank determine if an applicant is creditworthy. Applicants with a good CIBIL score could negotiate their interest rates on the back of this score, and it is possible for them to get a loan at better rates. Individuals with a poor CIBIL score will not be in a position to negotiate interest rates and could end up paying a higher interest rate compared to others.

    Key things about United Bank of India Personal Loan Interest Rates

    • The base rate is the minimum rate at which United Bank of India lends and personal loan interest rates vary according to changes in the base rate.
    • In case of fixed interest rates the interest rate remains same throughout the loan repayment tenure.
    • Any changes in repo rate could have an impact on interest rates charged by United Bank of India.
    • Personal loans offered by United Bank of India have a floating interest rate.

    United Bank of India Personal Loan Interest Rates Reviews

    • United Bank Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal from the United Bank Of India for 3 Lacs, it was a very good loan experience as the interest rate was very low and I am paying an EMI of 6000 per month. I never faced any issues with their services so far and it has been a hassle free loan experience.
      Was this review helpful? 9
      , kolkata
      Reviewed on Jul 05, 2018
    • United Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with United bank of India,the loan amount is one lakh,rate of interest is 13.5% is nominal as compared to others,the tenure is for three years.The EMI amount is 3300,door step service were given for documentation. Net banking is good for payment.
      Was this review helpful? 5
      , kolkata
      Reviewed on Mar 02, 2018
    • United Bank Personal Loan
      "Its Average"
      0.5 2.0/5 "Expected more"
      United Bank of India interest was high for the loan product, I had taken amount of Rs. 3 lakhs for a tenure of five years. After seven months of EMI, I had done the foreclosure without any charges and I got my NOC from the bank. But still they should give some more offers.
      Was this review helpful? 6
      , midnapore
      Reviewed on Apr 28, 2017
    • United Bank Personal Loan
      0.5 3.5/5 "Pretty good"
      From United Bank Of India I availed my personal loan. I had a good experience. They offered me a good interest rates. Since I have a salary account with them, I has a discount in processing fee. No extra documents were collected. The behavior and their service was good.
      Was this review helpful? 8
      , burdwan
      Reviewed on Aug 03, 2015
    • United Bank Personal Loan
      "Very Good"
      0.5 4.0/5 "Great!"
      I have taken a Cash Credit Loan From United Bank Of India... It is a nationalized bank. I am very happy to say that the customer service is really good. I have a Savings Account too in United Bank Of India since 1983. The rate of interest and processing fee are as fixed by RBI and nominal. I am very much satisfied.
      Was this review helpful? 6
      , kolkata
      Reviewed on Jul 09, 2015
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