United Bank of India is a state-owned financial services company headquartered in Kolkata, West Bengal, India. Presently the bank has a three-tier organizational setup consisting of its Head office in Kolkata, 35 Regional offices and 2001 branches spread all over India. After nationalisation, the bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalisation. You have a wide range of choice offered by UBI.
|Interest Rate||13.75% to 14%|
|Processing Fees||1% of the loan amount sanctioned|
|Pre Closure Charges||Nil|
|Loan Tenure||3 Years|
United Bank of India is one of the first nationalized banks in the country, having a history of close to a century, when four banks merged to form the United Bank of India in its present form. The bank has close to 2000 branches across the country, catering to thousands of people, with a business of more than Rs 2 lakh crore. The Bank views development as a major concern and has actively participated in development projects, trying to raise the quality of life in India.
United Bank of India offers Personal Loans for multiple occasions, trying to bridge the gap between the lives of people. The bank aims to emerge as a pioneer in the Indian banking industry, incorporating the latest technology while maintaining a customer-centric approach in its activities.
United Bank of India offers personal loans designed to meet any personal requirement an individual could have. The need for money can often impact our lives adversely, lowering overall quality and leading to stagnation. The way we live depends on how well we can satisfy our needs, and the inability to fulfil such needs can pull us back, this is where Personal Loans offered by United Bank of India can come to the rescue. These loans ensure that a special occasion, necessary home needs or even a vacation are not just figments of imagination, turning dreams into reality.
United Bank has tried to keep the interest of their customers first, offering hassle free financial solutions to them, which include personal loans as well. Their zeal to aid the development of India highlights the value they place on the needs of an individual which is reflected in their service and dedication.
Personal Loans offered by United Bank of India come with a host of features, some of which are mentioned below.
UBI personal loans can be used for any personal purpose, with the bank charging a competitive interest rate which doesn’t overly burden the finances of a borrower. Benchmarks used to determine the interest rate depend on the date of loan approval, with both MCLR and Base Rate acting as a standard.
All borrowers who availed a loan after RBI introduced MCLR guidelines will be charged an interest which is computed by taking operation costs into account. These benchmark rates have been designed to mimic current economic trends, with UBI expected to change them regularly. The table below indicates the current rates.
|MCLR Benchmark Tenure (Period)||Benchmark Rates (MCLR)|
Borrowers who fall under the ambit of MCLR benchmarks will pay an interest which is typically a certain percentage over the MCLR. UBI offers female borrowers a certain concession on their interest, with the table below highlighting the current interest rates. Pensioners could avail special rates from the bank.
|Salaried borrowers (male)||MCLR (1 year) + 5.40% = 14.85% per annum|
|Salaried borrowers (female)||MCLR (1 year) + 5.15% = 14.60% per annum|
The table below highlights the base and prime lending rate at UBI.
|Base Rate||9.65% per annum, effective 12/10/2015|
|Prime Lending Rate||14.60% per annum, effective 23/04/2012|
Borrowers who availed a loan before April 1, 2016 can choose to migrate to an MCLR platform or continue with their existing one (based on the base rate). The table below highlights the current interest for such borrowers.
|Salaried borrowers (male)||BR + 5.35% = 15.00% per annum|
|Pensioners||BR + 4.60% = 14.25% per annum|
|Salaried borrowers (female)||BR + 5.10% = 14.75% per annum|
|UBI employees||BR = 9.65% per annum|
Note: All interest rates mentioned here are applicable as of June 19, 2016. United Bank of India reserves the right to modify/alter these rates without prior notice, at its sole discretion, and borrowers should check the same before applying.
Individuals who wish to obtain a personal loan from Union Bank of India need to satisfy the following eligibility criteria.
Applicants are also required to furnish the following documents in order to obtain a personal loan from United Bank.
Repaying a loan can often be as challenging as obtaining it, if one doesn’t plan it properly. It is essential to know the EMI amount on the loan in order to plan the repayments, something which not many of us pay attention to. Calculating the EMI amount on your United Bank personal loan is no longer a difficult task, thanks to BankBazaar.com. Individuals can easily calculate the EMI amount due each month by logging onto the website and choosing the EMI Calculator Tool. All that they need to do is enter the loan amount, tenure and interest rate, with the calculator taking care of the rest and displaying the exact EMI amount in a simple and easy to comprehend format.
United Bank of India offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for United Bank of India personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a United Bank of India personal loan.
You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.
United Bank of India offers personal loans as high as Rs. 3 Lakhs for successful applicants depending on their financial record and repayment history.
United Bank of India offers personal loan with a tenure period 36 months making it suitable for all loan seekers.
United Bank of India offers two personal loan schemes, one for Pensioners and another for salaried individuals.
Individuals who wish to apply for a personal loan from United Bank need to have an account with them, with pensioners drawing a pension from any branch through such an account.
Yes, individuals who have an account with the bank can apply for a personal loan online, through the official website of United Bank of India. They will have to provide certain information like their name, age, address, PAN details, contact number and their profession in order to successfully submit the application.
The quantum of loan depends on a borrower, with pensioners and salaried individuals being offered different amounts. The maximum amount a salaried individual can avail as a loan is Rs 2 lakh or his/her 10 months’ salary, while it is Rs 2 lakh or the 1 year pension for a pensioner. The bank could offer a higher loan amount to salaried individuals at its own discretion.
Yes, United Bank of India charges a processing fee for both its personal loan schemes.
United Bank of India charges a processing fee equivalent to 1% of the loan amount sanctioned. For example, if an individual borrows a sum of Rs 1 lakh, then he/she will have to pay Rs 1,000 as processing fee.
Yes, the age of pensioners who wish to avail a personal loan should be less than 75 years at the time of loan repayment. There are no such age requirements for salaried individuals.
Borrowers can repay the loan through regular EMIs, with the maximum loan repayment tenor being 3 years for salaried individuals. Pensioners who have borrowed money from United Bank can repay the loan in either 4 years or 3 years, depending on their age. Pensioners under the age of 70 years get 4 years while those over 70 years get 3 years.
Borrowers can approach the bank manager at any branch of the bank or could contact their customer care on 1800 345 0345.
*This article is provided only for consumer information on an as is where is basis and BankBazaar does not claim or represent to be connected with United Bank of India. For further information about any of the products mentioned above please contact United Bank of India.
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