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.
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.
|Interest Rate (per annum)|
Pensioners – 14.75%
Salaried (male) – 16%
Salaried (female) – 15.75%
|Loan Amount (Maximum)|
Pensioners – Rs 2 lakh
Salaried (male) – Rs 3 lakh
Salaried (female) – Rs 3 lakh
|Loan Tenure (Maximum)||3 years|
EMI per lakh (lowest interest rate and maximum tenure)
Pensioners – Rs 3,454
Salaried (male) – Rs 3,516
Salaried (female) – Rs 3,503
|Base Rate (effective 19/06/2015)||9.90% per annum|
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)|
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.
Note: Interest rates charged by United Bank of India are at their sole discretion and are subject to change.
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.