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United Bank Personal Loan Details With Interest Rate

Kindly Check Complete Details For United Bank Personal Loan.


United Bank
Personal Loan
13.95%-14.20%
1%
2 lac
upto 36 months
Full Details for United Bank Personal Loan

United Bank Personal Loans Types & EMI Calculator

  1. United Personal Loan Scheme :- For Salaried Persons

Worried about how to meet all the expenses coming up at once? Daughter’s marriage, major surgical operation, repairing of old house, passage money for son’s education abroad or any other social pecuniary liability. You can now heave a sigh of relief. Our Personal loan Scheme has been designed just to meet such eventualities.

Features: 

  • Any kind of personal expense can be met by these loans
  • Loans up to the value of Rs.5 lakhs are available under this loan variant Max. 10 lakh for previous borrowers subject to applicable terms and conditions.
  • A processing fee equivalent to 0.50% of the value of the loan sanctioned is charged by the bank which is payable by the borrower. The minimum processing fee must be Rs.500 plus the applicable service tax.
  • There is no requirement of any margin money be the bank and there is no moratorium period or repayment holiday applicable in this type of loan
  • The repayment of the loan should be done within a maximum term of 5 years or 60 months
  • No security is required to obtain the loan. However, the employer’s undertaking would be required along with the guarantee of two individuals

Eligibility:

  • If you are a salaried person, with permanent service and regular income for at least 2 years, you may apply for the loan.

Documents required:

 The following documents should be submitted to avail of the loan:

  • An Identity Proof which can be any one of the documents like Passport, PAN Card, Employee Identity Card or any other valid Identity Proof
  • An address Proof which can be any one document from among the telephone bill, electricity bill, ration card or any other valid proof
  • PAN Card
  • A proof of income which can be the last one year’s Income Tax Return or Form 16 or Letter from the Employer or last 6 months’ salary slip
  • 3 photographs
  • Ay proof of outgoes like loan repayment statement, LIC policy or any other valid outgo proof
  • Any other document if required as per the Application Form.

 Quantum of Loan:

  • The maximum amount of loan shall be Rs 2 Lac or 10 months' gross salary, whichever is less.
  • Higher amount may be considered at the discretion of the Bank.

Period of Loan:

  • The loan is to be repaid within a period not exceeding ‘36’ months but before superannuation.

Security:

Employer’s undertaking for deduction of EMI and remittance to financing branch OR disbursement of salary and to obtain NOC from the financing branch before shifting of salary disbursement account of its employees, along with attachment of terminal benefits.

Prepayment Charges:  NIL
Processing Charges:

  • 1%of the loan amount sanctioned. Due diligence charges, if done by outsource agencies, shall be realized upfront.

Rate of Interest:

  • For Salaried Person
  • MCLR-Y+5.40% i.e. 14.20%
  • For working women(0.25% concession)
  • MCLR-Y+5.15% i.e. 13.95%

2. United Personal Loan Scheme: - For Pensioners

  • Maximum of 48 EMIs where the pensioner is below 70 years
  • Maximum of 36 EMIs where the pensioner is above 70 years
  • Repayment schedule will be fixed in such a way that the EMI plus other deductions will not be more than 40% of the gross monthly pension.

Rate of Interest: 
MCLR-Y+4.65% i.e. 13.40%

3.Personal Loan under Tie-ups with Central or State Government and Reputed Organizations

Features – 

Another variant of personal loan which has the following features:

  • The maximum quantum of loan available is Rs.10 lakhs. The bank however, reserves the right to grant loan based on the repayment ability of the borrower
  • Margin requirement and moratorium period are not applicable under the Personal Loan scheme of the bank
  • The repayment time is limited to 5 years
  • The bank charges processing fee of 0.50% of the loan amount granted subject to a minimum of Rs.500 and service tax
  • The loan can be prepaid and the bank would charge no penalty on such prepayment if the prepayment is done from own legitimate source of income. If, however, the loan is prepaid by transferring it to another bank, a penalty of 1% higher rate of interest would be charged ab-initio on the loan
  • Two guarantors are required to provide a guarantee on the loan
  • An undertaking form the employer and the employee and the two guarantees mentioned above are the only security required on the loan.

Eligibility:

 The applicant has to meet the following eligibility criteria before availing this variant of the loan:

  • The applicant should be a confirmed permanent employee of the Central or the State Government, autonomous bodies, PSUs, Joint Sector Undertakings, reputed domestic or Indian subsidiaries of foreign companies, education institutions, etc.
  • The applicant should have a regular source of income
  • The applicant should have sufficient residual years of service so that the loan is repaid with a minimum of 1 year remaining to retirement.

EMI Calculator

Just if we suppose you have to find out your EMI then here is the EMI Calculator with an example

Loan Amount :Rs.25, 00,000
Interest Rate   :10.5%
Loan Tenure :20 years             
Monthly Payment (EMI) :Rs. 24,959
Total Interest Payable :Rs. 34, 90,279

Total of Payments (Principal + Interest) :Rs. 59, 90,279

To Find EMI of your loan amount Click Here

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