• United Bank of India Personal Loan

    Effective 1 April 2020, United Bank of India has merged with Punjab National Bank.

    United Bank of India offer personal loan with interest rate starting at 13.95% p.a. This is meant specifically for salaried individuals. In order to apply for the loan, you need to prove that you’ve been earning a salary for at least 2 years.

    • Interest rate – 13.95% p.a.
    • Loan amount – Up to Rs.2 lakh
    • Repayment period – Up to 36 months (3 years)
    • Processing fees – 1% of the loan amount

    Features and Benefits

    Personal Loans offered by United Bank of India come with a host of features, some of which are mentioned below.

    • Multipurpose loans – Personal loans offered by United Bank of India?can be used for any purpose, be it medical expenses, home repairs, vacations or any social need. There is no restriction on the use of such loans.
    • Competitive Interest Rates – United Bank offers personal loans at extremely competitive rates, keeping the welfare of the borrower in mind.
    • Long Repayment Period – Personal loans offered by United Bank have long repayment periods, extending up to 36 months.
    • High Loan Amount – Salaried individuals can obtain personal loans up to Rs. 2 lakh or their salary for 10 months, whichever is lower.
    • Hassle-Free – The personal loan process followed by United Bank of India is quick and hassle-free, provided the applicant is eligible for it.

    United Bank of India Personal Loan Overview

    Interest Rate
    • Salaried Individuals: 14.2%
    • Working women: 13.9%
    Loan Amount Up to Rs. 2 lakh
    Processing Fee 1.18% of loan amount

    Documents Required

    At the time of loan application, banks will request a set of documents to process and keep records of. Here are a few of the documents that could be asked for by United Bank of India:

    • ID proof
    • Address proof
    • Age proof
    • Salary slips and bank statements
    • Form 16


    Any salaried person who is a permanent employee can apply for the personal loan by United Bank of India. The person, however, should have had a regular source of income for at least 2 years.

    How the EMI calculation of United Bank of India Personal Loan work?

    A personal loan is unique in the fact that the bank does not ask the loan applicant to mortgage property in return for the loan amount. The loan is provided solely based on credit history and credibility. Personal loan borrowers can repay the amount borrowed in equated monthly installments (EMIs). An example will make it easier to understand how the EMI is calculated.

    Ms. Swathi needed Rs.2 lakh immediately for her father’s medical treatment expenses. She decided to take a personal loan from United Bank of India that offers a discounted interest rate for working women. The EMI schedule for Rs.2 lakh loan at 13.9% interest, 1.18% processing fee, for a 1 year tenure is as follows:

    Month Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    1 15,631 2,317 17,948 1,84,369
    2 15,812 2,136 17,948 1,68,556
    3 15,996 1,952 17,948 1,52,561
    4 16,181 1,767 17,948 1,36,380
    5 16,368 1,580 17,948 1,20,012
    6 16,558 1,390 17,948 1,03,454
    7 16,750 1,198 17,948 86,704
    8 16,944 1,004 17,948 69,760
    9 17,140 808 17,948 52,620
    10 17,338 610 17,948 35,282
    11 17,539 409 17,948 17,742
    12 17,742 206 17,948 0

    To know the EMI you have to pay towards the loan amount you are planning to take, use our personal loan calculator

    How United Bank of India Personal Loan compares with other personal loans

    Parameters United Bank of India Personal Loan Kotak Mahindra Bank The Kalyan Janata Sahakari Bank Citibank Personal Loan
    Interest rate 13.9% onwards 10.99% onwards 13.10% onwards 10.99% onwards
    Processing fee 1.18% of the loan amount Up to 2.5% of the loan amount 0.75% of the loan amount 0.25% onwards + GST
    Maximum loan quantum Rs.2 lakh Rs.15 lakh Rs.5 lakh Rs.30 lakh
    Foreclosure charges As per the loan document 5% + Taxes Nil Nil

    United Bank of India Personal Loan FAQs

    Can I get a personal loan from United Bank of India for Rs.3 lakh?

    Though the bank has mentioned the maximum loan amount offered to be Rs.2 lakh, the bank may allow the borrower to avail a larger amount. This decision is at the discretion of the bank.

    Will I be charged if I make prepayments?

    No, United Bank of India does not levy prepayment charges.

    Will the interest rate remain the same?

    The bank has authority over the interest rate and may choose to change it from time to time. The MCLR, based on which the personal loan interest rate is calculated, in turn, depends on the repo rate fixed by the RBI. On the revision of the repo rate, the bank will revise its MCLR accordingly.

    Can my loan application be rejected?

    Since the bank doesn’t require an individual to pledge any document or property, it is of utmost importance that the person is reliable. In order to verify the same, the bank will look into the credit history and other patterns to estimate if he/she will diligently repay the loan or not.

    How do I repay the loan I borrowed from United Bank of India?

    You can repay the loan in the form of EMIs that have to be paid out on a monthly basis. You may be asked for a post-dated cheque to make the payments.


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    United Bank of India Personal Loan Reviews

    • United Bank
      0.5 5.0/5 "Blown Away!"
      I had applied personal loan from united bank of india and they have sanctioned me with the loan amount what i have demanded and also rate of interest was nominal with 3 years of tenure. I have uploaded the document through online within 1 hour my loan was disbursed.
      Was this review helpful? 12
      , kolkata
      Reviewed on Jul 27, 2019
    • United Bank
      United Bank
      0.5 5.0/5 "Blown Away!"
      I am using the loan sin from last 7 months, there are documentation process was simple and quick to get the loan. The loan amount given was 3L, the rate of interest was 9.65%, the duration for repaying the loan was 60 months with the personal loan.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jul 22, 2019
    • United Bank
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with United bank of India, they have given me loan amount on based on my requirement, i had good experience with this bank, the rate of interest they have charged me was nominal. I did not face any issue in using their service.
      Was this review helpful? 5
      , kolkata
      Reviewed on Apr 25, 2019
    • United Bank
      "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? 13
      , kolkata
      Reviewed on Jul 05, 2018
    • United Bank
      "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? 7
      , kolkata
      Reviewed on Mar 02, 2018
    • United Bank
      "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? 7
      , midnapore
      Reviewed on Apr 28, 2017
    • United Bank
      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? 9
      , burdwan
      Reviewed on Aug 03, 2015
    • United Bank
      "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? 9
      , kolkata
      Reviewed on Jul 09, 2015
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