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    About United Bank of India Personal Loan

    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.

    United Bank of India Personal Loan Interest Rates Table

    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)

    (Calculate EMI on your personal loan)

    Pensioners – Rs 3,454

    Salaried (male) – Rs 3,516

    Salaried (female) – Rs 3,503

    Prepayment Charges Nil
    Base Rate (effective 19/06/2015) 9.90% per annum

    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.
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