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

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    United Bank of India Personal Loan

    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.

    Documentation needed to apply for an United Bank Personal Loan

    • 1. Signed application form with photograph
    • 2.Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:

      • Latest Bank statement
      • Latest ITR or Form 16

    United Bank Personal Loan Interest RatesUpdated on 25 Mar 2019

    United Bank Personal Loan Details
    Interest Rate 13.75% to 14%
    Processing Fees 1% of the loan amount sanctioned
    Pre Closure Charges Nil
    Loan Tenure 3 Years

    About United Bank of India Personal Loan

    Enquire for United Bank Personal Loan

    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.

    Why Choose United Bank of India Personal Loan

    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.

    Features of United Bank of India Personal Loan

    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 48 months for pensioners and 36 months for others, ensuring the borrower has sufficient time to clear the loan.
    • Loan for pensioners – United Bank of India offers personal loans to pensioners as well, providing them with an opportunity to meet obligations even after retirement.
    • High Loan Amount – Salaried individuals can obtain personal loans up to Rs. 3 lakh or their salary for 10 months, whichever is lower. Pensioners can obtain personal loans up to Rs. 2 lakh.
    • Zero Margin – Personal loans offered to pensioners have zero margin.
    • Hassle Free – The personal loan process followed by United Bank of India is quick and hassle free, provided the applicant is eligible for it.
    • Low Documentation and Processing Fee – United Bank of India charges extremely low documentation and processing charges.

    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.

    United Bank of India Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    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)
    Overnight 9.25%
    1 month 9.30%
    3 months 9.35%
    6 months 9.40%
    1 year 9.45%

    Personal loan interest 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.

    Parameter Interest Rate
    Salaried borrowers (male) MCLR (1 year) + 5.40% = 14.85% per annum
    Salaried borrowers (female) MCLR (1 year) + 5.15% = 14.60% per annum

    United Bank of India Base and Prime Lending Rates (For existing borrowers)

    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

    United Bank of India personal loan interest rate (Base Rate)

    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.

    Parameter Interest Rate
    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.

    • Salaried – The applicant should be a salaried person having been in permanent service for at least 3 years.
    • Pensioner – Pensioners of Central and State Governments, their undertakings, Defence Services and reputed private companies are eligible for personal loans for pensioners, provided they draw pension from a branch of United Bank.
    • Age Limit – The age of the applicant should be such that the entire loan is repaid before he/she attains the age of 75.

    Applicants are also required to furnish the following documents in order to obtain a personal loan from United Bank.

    • Employer undertaking – Salaried applicants need to furnish an undertaking from their employer for deduction of EMI and remittance to the financing branch.
    • Photo ID Proof – The applicant needs to have a valid government approved photo ID card.

    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 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.

    1. Am I eligible for United Bank of India personal loan?

      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.

    2. How do I repay 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.

    3. What is the maximum loan one can get from United Bank of India?

      United Bank of India offers personal loans as high as Rs. 3 Lakhs for successful applicants depending on their financial record and repayment history.

    4. What is the tenure for United Bank of India personal loan?

      United Bank of India offers personal loan with a tenure period 36 months making it suitable for all loan seekers.

    5. How many personal loan schemes does United Bank offer? >

      United Bank of India offers two personal loan schemes, one for Pensioners and another for salaried individuals.

    6. Should an individual have an account with United Bank of India in order to be eligible for a personal loan?

      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.

    7. Can one apply for a United Bank personal loan online?

      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.

    8. What is the maximum loan amount one can get under a United Personal Loan Scheme?

      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.

    9. Does United Bank of India charge a processing fee for its personal loans?

      Yes, United Bank of India charges a processing fee for both its personal loan schemes.

    10. What is the processing fee charged by United Bank of India?

      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.

    11. Are there any age restrictions one must satisfy in order to avail this loan?

      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.

    12. How can one repay a United Bank personal loan and what is the repayment tenure?

      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.

    13. How can a borrower contact the bank in case of any queries regarding a personal loan?

      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.

    United Bank of India Personal Loan 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? 10
      , 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? 9
      , 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? 7
      , kolkata
      Reviewed on Jul 09, 2015
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