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  • United Bank of India Two Wheeler Loan

    United Bank Two Wheeler Loan
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    Overview:

    United Bank of India is one of the major nationalized banks in the country and offers its customers and clients a large variety of banking services, solutions and products. Of the many banking products on offer, the two wheeler loans provided by the bank have proven to be extremely beneficial to those individuals looking to acquire a brand new vehicle for the purpose of commutation. These loans are available at attractive and competitive rates of interest to customers from every conceivable background, and can be paid out in easy installments over a substantial repayment period.

    Features and Benefits of United Bank of India Bike Loan:

    Two wheeler loans offered by United Bank of India to its customers feature a number of impressive features and benefits such as:

    • These loans can be utilised for the purchase of a two wheeler vehicle such as a scooter, moped, motorcycle or a battery operated two wheeled vehicle. However, these loans can only be used to purchase a brand new vehicle and not a used or second hand one.
    • The maximum amount of loan that an individual can avail of is Rs 1 lakh
    • These loans also offer attractive margins to different types of customers:
      • For Bank Mitra customers, who have been working with and are affiliated with United Bank for a period of over two years, the margin on offer is 10% of the road price cost of the two wheeler vehicle
      • For a salaried customer, who may be either a primary borrower or a co-borrower, the margin on offer is 15% of the road price cost of the two wheeler vehicle
      • For any individual who is neither a salaried customer nor Bank Mitra, the margin on offer is 25% of the road price cost of the two wheeler vehicle
    • Customers can avail of a loan repayment period of up to a maximum of 60 months.
    • These loans come with attractive rates of interest that are competitive with industry standards
    • Customers can prepay or foreclose the loan at no extra charge or fee
    • Simple, fast and hassle free loan approval process
    • Easy and minimal documentation with zero charges involved

    United Bank of India Two Wheeler Loan Interest Rates

    United Bank of India offers attractive floating rates of interest on two wheeler loans rolled out to customers. These interest rates are in keeping with market standards, and have been moulded keeping in mind the budgetary constraints and limitations of their customers. However, the affordable interest rates on offer make it easy for borrowers to pay back their loans comfortably over a specified duration of time.

    The interest rates on offer by United Bank of India are as follows:

    Tenure Of Loan Floating Rate of Interest
    Up To And Including 36 Months 11.00% per annum
    More Than 36 Months 11.50% per annum

    The interest rates on offer by United Bank of India to Women Bank Mitras are as follows:

    Tenure Of Loan Floating Rate of Interest
    Up To And Including 36 Months 10.75% per annum
    More Than 36 Months 11.25% per annum

    The interest rates on offer by United Bank of India if 50% of the two wheeler loan amount is covered by a deposit owned by the bank, a National Savings Certificate (NSC), a Kisan Vikas Patra (KVP certificate) and the surrender value of a life insurance policy acquired from LICI are as follows:

    Tenure Of Loan Floating Rate of Interest
    Up To And Including 36 Months 10.75% per annum
    More Than 36 Months 11.25% per annum

    United Bank of India MCLR Rates:

    With effect from April 1st 2016, United Bank of India has fixed its Marginal Cost of Funds Based Lending Rate (MCLR) at 9.45% for a duration of one year. The MCLR rates have been fixed in accordance with RBI guidelines, and are applicable to all loans sanctioned by the bank.

    The MCLR Rates set by United Bank of India are as follows:

    Loan Tenor MCLR Rate
    Overnight 9.25%
    1 Month 9.30%
    3 Months 9.35%
    6 Months 9.40%
    1 Year 9.45%

    Eligibility Criteria for United Bank of India Bike Loan:

    Customers looking to avail of a two wheeler loan from United Bank of India are required to fulfil the following eligibility criteria:

    • In the case of salaried individuals, the applicant must be a permanent employee of any the following, wherein his or her salary is allocated towards loan payments via a United Bank of India branch, or his or her employer makes sure that loan EMIs are paid via the applicant’s salary deductions:
      • Central Government
      • State Government
      • Public Sector Units
      • Corporations
      • Private Companies of Repute
      • Municipalities
      • Educational Institutions
      • Any other organisation of repute
    • In the case of students, the applicant must be
      • At least 18 years of age
      • He or she must have a parent or guardian who will act as a co-applicant
      • The parent or guardian of the applicant must be drawing salary via a United Bank of India branch
    • In the case of professionals, self-employed individuals and any persons conducting or carrying on any kind of business, the applicant must be an Income Tax assessee and must have been carrying on the business or profession for a minimum duration of 2 years
    • Any person carrying on agricultural activity or something similar who is:
      • A United Bank of India customer
      • Has a good repayment record when it comes to loan repayments over a minimum period of two years
      • Has a deposit of at least Rs 1 lakh over the previous two years, either solely in the applicant’s name or with any member of his or her family
    • Bank Mitra or Business Correspondent Agents who are affiliated with United Bank of India, and who have been employed as Bank Mitra for over a period of 2 years with United Bank of India
    • The maximum permitted age allowed to apply for this loan is 65 years.

    Income Criteria for United Bank of India Two Wheeler Loan:

    Different types of applicants are also required to fulfil the following income criteria when applying for a two wheeler loan from United Bank of India:

    • Salaried applicants are required to draw a minimum salary of Rs 15,000 on a monthly basis. Following the approval of the loan, the net take home salary of the applicant must be at least 40% of his or her total salary, not falling below Rs 10,000 per month
    • Professionals, Businessmen and Self-Employed applicants should draw a minimum yearly average earning of Rs 2 lakhs, as outlined in the applicant’s income tax returns
    • Applicants carrying on agricultural activity should draw a yearly income of at least Rs 2 lakhs
    • Bank Mitra applicants should draw a minimum salary of Rs 15,000 on a monthly basis. Following the approval of the loan, the net take home salary of the applicant must not be below Rs 10,000 per month

    Documentation Required In Order To Apply For a United Bank of India Two Wheeler Loan:

    Customers looking to avail of a two wheeler loan from United Bank of India are required to possess the following set of documents:

    • Completed application form duly signed by the applicant
    • Proof of Identity - Any of the following:
      • Copy of valid Passport
      • PAN Card
      • Voters ID Card
      • Valid Driving License
    • Most recent Form 16 and Income Tax Returns
    • Last 3 months bank statement

    FAQs:

    1. What is the processing fee charged when applying for a two wheeler loan through United Bank of India?

      United Bank of India levies a processing fee of 1% of the amount of loan that has been approved and sanctioned to the applicant.

    2. What are the penal interest charges that the bank levies when when applying for a two wheeler loan?

      United Bank of India levies penal interest at the rate of 2% per annum, which is over and above the specified interest rate that the bank charges on the loan amount for the specified loan tenure.

    3. What form of security does the bank require when applying for a two wheeler loan?

      The main form of security that the applicant will be required to provide will be in the form of the two wheeler he or she has purchased with the loan amount acquired from the bank.

    4. Do applicants for two wheeler loans from United Bank of India have to provide any kind of collateral?

      In the case of salaried individuals, who may either be primary applicants or co-applicants, no collateral will be required to be presented to the bank.

      However in the case of an applicant who is not a salaried individual, a personal guarantee from any other person who possesses the ability to cover the amount of loan sanctioned, or who possesses the ability to cover a minimum of 30% of the amount of loan the is covered by securities such as a deposit owned by the bank, a National Savings Certificate (NSC), a Kisan Vikas Patra (KVP certificate) or the surrender value of a life insurance policy acquired from LICI.

      In case of a Bank Mitra applicant, collateral in the form of a guarantee from any other Bank Mitra with a minimum service of at least two years will be accepted.

    5. How can an applicant increase his or her income eligibility in order to avail of a two wheeler loan from United Bank of India?

      In order to for an applicant to increase his or her income eligibility, the salary or income that his or her spouse draws can be clubbed with the applicant’s own income. Should this take place, then the applicant’s spouse will be deemed to be a co-applicant to the loan.

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