United Bank of India

United Bank of India  Personal Loan

Years

Apply United Bank of India  Personal Loan

About United Bank of India Personal Loan

The Personal Loan can be used to serve varied needs such as immediate payment of a debt, education expenses, medical emergency or any other immediate financial needs. Since a borrower applies for the Personal Loan to meet the immediate need of funds, it becomes crucial to get the loan application accepted from the lender to serve one's needs.

United Bank of India (UBI) offers two Personal Loan schemes for its customers, which have been competitively priced and can be availed through easy processing. These Personal Loans are available for salaried individuals, as well as, pensioners and can be used to serve varied needs such as immediate payment of a debt, education expenses, medical emergency, the marriage of kids, or any other immediate financial needs.

A Personal Loan is a form of an unsecured loan and it does not require any collateral or security to avail this kind of loan. All the majority of the banks offer the Personal Loans, non-banking financial companies also known as NBFCs as well as overseas Banks. The Personal Loans come with a high interest rate as there is no security involved in this loan it is a high-risk loan for the lender.

UBI Personal Loan Interest Rate  - Dec 2019

Interest rate

13.90 %

Loan tenure

4 Years

Loan turn around period

1-7 Days

Processing Charges

1 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2728 Per Lakh

Why Apply for United Bank of India Personal Loan?

It is beneficial to take Personal Loans from UBI because of the following reasons:

  • UBI Personal Loans are offered through fast and hassle-free processing
  • The Personal Loan being an unsecured loan does not require much documentation or collateral to be submitted to get this loan. This type of loan is best for the lender who does not have enough collateral that can act as security to get a loan.
  • Prepayment of loan is easy and does not involve any prepayment charges
  • Loans available at competitive interest rates and borrowers have the flexibility of loan terms and equated monthly instalments (EMIs).
  • Complete flexibility of end-use: In this type of loan the borrower can utilise the Personal Loan amount for any purpose. There are no restrictions on the where a borrower should spend the loan amount unlike a home loan or auto loan. This loan offers complete freedom to the borrower to utilise the fund as per their needs.

Features of United Bank of India Personal Loan

United Bank of Indian Personal Loans come with the following features:

  • The United Bank of India offers Personal Loans to salaried applicants and pensioners
  • The maximum loan amount available for salaried is 2 Lakhs
  • The maximum loan amount available for pensioners is 10 Lakhs
  • Interest rate starts at 13.90% for working women, 14.15% for salaried persons, and 13.40% for pensioners.
  • The maximum repayment tenure for salaried individuals is 36 months but before superannuation.
  • The maximum repayment tenure for pensioners is 48 months if the pensioner is below 70 years and 36 months if the pensioner is above 70 years.

Overview:

Interest rates

13.90% to 14.15%

Maximum tenure

36 months/ 48 months

Maximum loan amount

2 Lakhs for salaried and 10 Lakhs for pensioners

Processing fee

1% for salaried and 1.18% for pensioners

United Bank of India Personal Loan - Interest Rates

The interest rates for UBI Personal Loans are linked to the 1 year Marginal Cost of Funds Based Lending Rate (MCLR) of the bank, which is 8.75% (as updated on 17.06.2019).

Following are the interest rates for all categories of the Personal Loan applicants at United Bank of India:

Type of Applicant Interest Rates

For salaried customers

1-year MCLR + 5.40% = 14.15%

For working women

1-year MCLR + 5.15% = 13.90%

For pensioners

1-year MCLR + 4.65% = 13.40%

Types of Personal Loans Offered by United Bank of India

UBI offers the following two types of Personal Loan schemes to its customers:

United Personal Loan Scheme for Pensioners

The United Bank of India offers a Personal Loan to senior citizens at an attractive rate of interest to help meet their personal and family needs after retirement. Here are the key features of the loan:

    • Aim: The UBI Personal Loan scheme for pensioners aims to help elderly meet their family and personal requirements after they have retired.
    • Age of the borrower: The borrower's age must be such at the time of availing the loan that they should be able to repay the entire loan before they turn 75 years old.
    • Loan amount: The UBI Personal Loan scheme for pensioners offers a maximum loan amount of 10 Lakhs.
    • Margin: There is no margin or collateral involved
    • Processing fee: The UBI Personal Loan for pensioners is made available at a processing charge of 1.18% of the loan amount.
    • Repayment: Loan repayment is as mentioned below:
      • For borrowers below 70 years of age, the loan must be repaid within a maximum of 48 EMIs.
      • For borrowers above 70 years of age, the loan must be repaid within a maximum of 36 EMIs.
      • The EMI amount cannot, however, be more than 40% of the borrower's monthly pension. Therefore, the loan amount will be fixed keeping this aspect in view.
    • Rate of interest: The UBI Personal Loan for pensioners is available at the rate of interest of 13.40%.

United Personal Loan Scheme for Salaried Persons

Salaried individuals can avail Personal Loan from the United Bank of India to meet their personal expenses such as the marriage of kids, repairs of the home, education of kids, buying furniture, etc. Here are the key features of the loan:

      • Aim: To cater to the needs of personal finance needed for buying consumer goods, marriage expenses, etc.
      • Loan tenure: The loan is given for a period not exceeding 36 months however, the same must be before the superannuation of the loan.
      • Loan amount: Borrowers can take a maximum loan of 2 Lakhs or that equivalent to their 10 months' gross salary; which so ever is lesser. However, the bank holds the discretion to consider granting the higher amount.
      • Margin: There is no margin or collateral involved. The borrower's employer must provide an undertaking to the bank to deduct EMI from salary and remit it to the branch financing the loan. Alternatively, the borrower can shift their salary account to the loan-disbursing branch.
      • Prepayment charges: There are no prepayment charges involved
      • Processing fee: The UBI Personal Loan for salaried individuals is made available at a processing charge of 1% of the loan amount.
      • Rate of Interest: UBI Personal Loan for salaried individuals is available at the following rate of interest:
        • For Salaried Persons: 14.15%
        • For working women (post a 0.25% concession): 13.90%

United Bank of India Personal Loan Eligibility Criteria

The UBI offers loans to salaried individuals and pensioners. The eligibility criteria for both are as given below:

For salaried individuals

  • The United Bank of India offers Maximum Personal Loan amount of 2 Lakhs or 10 months salary of the applicant whichever is lesser.
  • It is important that the Personal Loan applicant must have minimum job experience of 2 years to be eligible for the Personal Loan at United Bank of India.
  • The Personal Loan amount is to be paid within the 36 months as well as before the superannuation of the loan.
  • Employer's undertaking must be brought by the salaried applicant for deduction of loan EMI and remittance to the lender OR disbursement of salary & to obtain NOC from the lender before shifting salary disbursement account of the employees, along with an attachment of terminal benefits.

For pensioners

  • The Personal Loan for the pensioner has to be repaid before 75 years of age as per the latest rules and regulations at United Bank of India.
  • The United Bank of India offers maximum Personal Loan of 10 Lakhs to pensioners, depending upon the annual pension of the applicant.
  • All the pensioners of State and Central Government, PSUs, defence services, reputed companies, and educations institutions such as schools, colleges, universities, can avail the Personal Loan from United Bank of India.
  • The applicant must be drawing the pension from a UBI branch

United Bank of India Personal Loan - Documents Required

The documents required are as follows:

Salaried Borrowers

  • Application form: Duly filled with the latest, coloured, passport size photograph
  • Identity proof: One can submit any one of the following documents as proof of their identity to get a Personal Loan - Voter's Identity Card/ Passport / PAN Card/ Driving License.
  • Residence Proof: One can submit them any one of the following documents as proof of residence to get a Personal Loan - Leave and License Agreement / Passport/ Utility Bills of last three months.
  • Income proof: In order to get a Personal Loan one must submit their last three month's bank statement depicting credit of monthly salary. In addition, they must also provide the last three month's salary slips as a record.
  • Bank statements: last three months statements or passbook showing transactions of the last six months.
  • Two passport size photographs

Pensioners

  • Identity proof: One can submit any one of the following documents as proof of their identity to get a Personal Loan - Voter's Identity Card/ Passport / PAN Card/ Driving License.
  • Residence Proof: One can submit them any one of the following documents as proof of residence to get a Personal Loan - Leave and License Agreement / Passport/ Utility Bills of last three months.
  • Income proof: In order to get a Personal Loan one must submit their last three month's bank statement depicting pension returns.
  • Age proof: Pensioners must submit their Pan Card or Passport as proof of their age which must be above 60 years at the time of borrowing the loan.
  • Additional Documents:
  • Copy of PAN card or Form 15H
  • Arrangement Letter and Authorization Letter
  • Irrevocable Letter of Authority

Why Apply for United Bank of India Personal Loan on MyMoneyMantra?

Applying for Personal Loans at MyMoneyMantra.com is a simple and easy process. Here is why:

  • You can instantly check your eligibility for the UBI Personal Loan
  • It is possible to fill in your specific requirements and details on MyMoneyMantra to get a customised solution specific to your requirements.
  • Look forward to getting discounted interest rates or great deals when you apply for a personal through MyMoneyMantra.
  • Anyone applying for UBI Personal Loan through MyMoneyMantra does not have to bother much with documentation and processing. The team will guide you through what documents to submit and will help get your loan application processed in minimal turnaround time.
  • You can be rest assured of total privacy throughout the process and your information remains safe with MyMoneyMantra.

How to Apply for United Bank of India Personal Loan at MyMoneyMantra?

It is very easy to apply for a Personal Loan via MyMoneyMantra. Here is what you need to do in order to apply:

  • Visit the www.mymoneymantra.com website
  • Opt for the Personal Loan option. You will see a form at the top of the page.
  • Enter the loan amount you seek in the relevant space and press enter to proceed
  • Fill in all your personal information marked as compulsory fields - first name, last name, address, phone number, date of birth, etc.
  • In the loan tenure option, select a period between 12-60 months
  • Specify your employment type by mentioning whether you are a self-employed profession, business person, or a salaried person.
  • Enter current employer details
  • Enter your income details, work experience, and specify the name of the bank where you hold your salary account.
  • Select your city of residence
  • Specify the purpose of taking the Personal Loan
  • Enter your contact details so that the team from MyMoneyMantra can contact you to guide you through the process of taking the right Personal Loan suitable for your needs.

Other Products by United Bank of India

Some of the other products by UBI include:

United Housing Loan

United Housing Loan - Pensioners

United Affordable Housing Loan Scheme

United Affordable Housing Loan Scheme - MIG

United Platinum Housing Loan Scheme

United Rural Housing Interest Subsidy Scheme

United Home Advantage

United Education Loan

United Reverse Mortgage Loan Scheme

United Trade Credit

United Car Loan

United Car Loan - Pensioners

United Mortgage Loan

United Kaushal Rin Yojana

United Smart Loan

United Superb Education Loan

United Two Wheeler Loan Scheme

United ATM Finance

United Gold Loan Scheme

United Demand Loan

United Combo Loan Scheme

United Savings Overdraft

United Salary Payment - Overdraft and Term Loan

United Cash Rental Scheme

Term Loan

Corporate Loan

Working Capital Finance

Export Credit

CMS

United Medical Plus

United Doctor Plus

United Mahila Udhyami Yojana

Swarojgar Credit Card

Artisan Credit Card

United Udyogshree Yojana

Laghu Udhyami Credit Card

United Shilpi Card

Transport Loan

PMMY Shishu/ PMMY (K&T)/ Udyamimitra

Deposits

Debit Cards

Investments

Remittance

Lockers

Forex Services NRI Services

How to Calculate the United Bank of India Personal Loan EMI

The UBI Personal Loan EMI can be calculated using the following formula:

P*r* (1+r)^n/([(1+r)^n]-1)

In the above formula,

P = Loan amount

r = Rate of interest per month

n = tenure in month

Alternatively, you can also use the MyMoneyMantra Personal Loan EMI Calculator. The Personal Loan EMI Calculator is very easy to use and helps one to calculate the monthly EMI amount. Following are the steps to determine the Personal Loan EMI amount:

  • Visit MyMoneyMantra and go to Financial Tools
  • Select EMI Calculator from the dropdown list
  • Enter the required details, viz., loan amount, tenure, and rate of interest
  • Click on 'Calculate' for EMI calculation

United Bank of India Personal Loan - Processing Fee

  • The UBI Personal Loan for salaried individuals is available at a processing charge of 1% of the loan amount.
  • The UBI Personal Loan for pensioners is available at a processing charge of 1.18% of the loan amount.
  • Due diligence charges, if made by outsource agencies, shall be realised upfront

United Bank of India Personal Loans - Customer Care

For calling the bank directly for any kind of customer care assistance or Personal Loan related queries, you can call the following numbers:

Toll Free Number: 1800-345-0345

Other Contact Numbers: 022-40429100/ 18001033470

FAQs - United Bank of India Personal Loans

Is there a minimum work experience criterion for availing of Personal Loans from United Bank of India?

Yes, United Bank of India requires minimum work experience of 2 years in reputed organisations to be eligible for a Personal Loan.

Does United Bank of India offer Personal Loans for pensioners?

Yes. United Bank of India offers special Personal Loans for pensioners who receive pensions through bank branches of United Bank of India. Pensioners of Defence services, State and Central Government Undertakings, Educational Institutions are eligible for Personal Loans from United Bank of India.

Is there a facility to foreclose or prepay my Personal Loan?

Yes, United Bank of India provides a facility to prepay a Personal Loan any time after payment of six monthly instalments at zero prepayment charges.

If I am a salaried employee, what is the maximum amount of Personal Loan that I can get?

The maximum Personal Loan amount that United Bank of India offers to a salaried employee is 10 months' net hand salary of 2 lakhs, whichever is lower.

What are the additional charges for a Personal Loan from United Bank of India?

Apart from the interest rate on Personal Loan, United Bank of India charges a processing fee of 1% to 1.18%.

Does United Bank of India offer a Balance Transfer facility for Personal Loans?

Yes, if the borrower has made payment of at least 12 EMIs of a loan, United Bank of India offers Balance Transfer Facility. For more details, please call our call center or visit our nearest bank branch.

OTP is sent to your mobile number

Enter OTP

Resend OTP

<
×

Get Personal Loan up to 40 Lakh Chat
& get instant approval