United Bank of India offers personal loans to the salaried upto Rs.2 lac and to the pensioners upto Rs. 10 lacs at the interest rate of 13.50%-14.20% per annum. The repayment tenure for the pensioners are upto 48 months at maximum and upto 36 months for the salaried borrowers.
The processing charges for the personal loans are 1% of the loan amount for salaried individuals and 1.18% for the pensioners. The United Bank of India do not charges for the prepayment of loan.
United Bank of India is a good fit for you if?
If You are a pensioner having account with the bank – United Bank of India provides personal loans upto Rs.10 lac for the pensioners getting pension through bank’s branch.While it provides loans only upto Rs.2 lac for the salaried individuals.
If you are a female – United Bank of India offers a discount of 0.25% in normal Interest rate to the female salaried employees availing personal loan from the bank. The interest rate for the female borrowers is 13.95%, while it is 14.20% for the male salaried borrowers.
United Bank of India Personal Loan at a glance
|Annual Interest Rate||13.50% – 14.20%|
|Loan Term||Upto 48 months|
|Loan Amount||Upto Rs. 10 lacs|
|Time of Funding||–|
United Bank of India offers an interest rate of 13.50% to pensioners, 13.95% to the female salaried borrowers and 14.20% for the male salaried borrowers for the personal loan. The repayment tenure for the salaried borrowers is upto 36 months; while the repayment tenure for pensioner goes upto a maximum of 48 months.
The maximum loan amount offered to the salaried borrowers is Rs.2 lac and for the pensioners it is Rs.10 lac. The Bank do not charges in case of preclosure of loan.
Why Choose United Bank of India?
Larger loan amount upto Rs.10 lac for pensioners – United Bank of India offers a larger loan amount upto Rs.10 lac for the pensioners, Whereas the Uco Bank in comparison offers a smaller amount upto Rs.5 lac at maximum.
Nil prepayment charges – The bank do not charges in case of the preclosure of your personal loan; while some of the banks in the industry like Allahabad bank are charging 2.28% of the outstanding amount in case of prepayment of loan.
Concession in interest rate for females – The United bank of India offers personal loans to the females with a special concession of 0.25% in interest rate. So the female applicants can avail a personal loan at 13.95% interest per annum from United Bank of India.
What to watch out for?
Higher Processing charges – The United Bank of India charges 1% of loan amount as processing charges, Which are higher in comparison 0.50% of loan amount by Oriental Bank of Commerce.
Not available for self employed Individuals – United Bank of India offers personal loans for the salaried individuals only. While some banks in the industry like Bank of Baroda provides personal loan to the self employed individuals as well as for the salaried individuals.
Higher Interest rate – The United Bank of India charges interest on personal loan at the rate ranging 13.50%-14.20% per annum. While its near peer Uco Bank charges in a range 11.40%-12.80% only. The United bank charges 13.50% from pensioners and 14.20% from salaried individuals; whereas the Uco Bank charges 12.80% from pensioners and 11.40% from salaried borrowers.
Compare United Bank of India Personal Loans to Other Banks
|Bank Name||United Bank of India||Oriental Bank Of Commerce||UCO Bank|
|Typical APR||13.50 – 14.20%||11% – 12.50%||11.40% – 12.80%|
|Loan Term||Upto 48 months||Upto 60 months||Upto 60 months|
|Maximum Lending Amount||Upto Rs. 10 lacs||Upto Rs. 10 lacs||Upto Rs. 10 lac|
|Processing Fee||1% of loan amount||0.50% of the loan amountRs.500 min.||1% of loan amountMin. Rs.750.|
|Time to Funding||–||–||–|
The United Bank of India offers personal loans to the salaried and pensioner with an annual interest rate of 13.50%-14.20%. The interest rate of the bank is a bit high than its competitors Oriental Bank and Uco Bank. the maximum repayment tenure offered by the United Bank of India is also lesser than the other two banks at a maximum of 48 months. While the Uco and Oriental bank of Commerce allows upto 60 months for the repayment purpose.
The maximum lending amount as personal loan is limited to Rs.2 lac for the salaried individuals in the case of United Bank and Rs.10 lac to the pensioners; whereas the Oriental Bank offers loan Upto Rs.10 lac to the salaried borrowers also. The processing charges for the loan application processing is 1% of loan amount with United Bank and Uco Bank; While Oriental bank charges a bit lower at 0.50% of the loan amount.
Am I Eligible?
- Applicant should be a resident Indian.
- Minimum age of the borrower should be at least 21 years at the time of loan application.
- Maximum age of the borrower should not exceeds 65 years at the time of final repayment.
- Salaried permanent employee of Govt. / Semi-Govt. / Reputed Public / Private Ltd. Co. /College / Universities / Public Sector Undertaking.
- Minimum take home salary of borrower should not be below than 40% of the gross salary after all the deductions including proposed EMI.
- Either the salary of the borrower should be disbursed through the bank branch or he needs to provide an undertaking from the employer for deduction of EMI and remit the same to the bank.
UNITED Personal loan for Salaried
United Bank of India offers the personal loan scheme for the salaried permanent employees having 2 years of service to meet out their personal expenses with a loan upto 10 times of their monthly gross salary with a maximum cap of Rs.2 lac. The repayment tenure under this plan is 36 months at maximum. The borrower needs to have a salary account with the bank or needs to provide an employer undertaking.
The interest rate charged under this scheme is 14.20% for the males and 13.95% for the female borrowers and the processing fee charged is 1% of loan amount.
Documents required for Salaried applicants :
- KYC Documents
- Income proof
- Last 6 months salary slip.
- Form 16/ letter from employer.
- Last two year ITR.
- Last 6 months bank statement.
- 3 passport photographs.
- Any other document which may be required from case to case.
UNITED Personal Loan for Pensioners
The United bank of India offers the personal loan scheme for pensioners getting their pension through the bank. The bank offers an amount upto Rs.10 lac for the pensioners as personal loan. The repayment tenure for the pensioners is 48 months if the pensioner age is upto 70 years and 36 months in case he is ageing above 70 years. The net take home pension of borrower should not be less than 40% after the proposed EMI.
The processing fee charged under this scheme is 1.18% of loan amount.
Documents required for Pensioner applicants :
- KYC Documents
- 3 passport photographs
- Income proof :
- Last three years ITR
- Pension proof
- Last 6 months bank statement
- Any other document which may be required from case to case.
United Bank of India Personal Loan Rate of Interest
|Personal Loan Type||Applicable Interest Rate|
|UNITED Personal Loan for Salaried||13.95% – 14.20% per annum|
|UNITED Personal Loan for Pensioners||13.50% per annum|
How to Apply for United Bank of India Personal Loan?
- Click on ”APPLY NOW” button.
- Fill up the necessary details :
1. Required Loan Amount.
2. Objective of your loan.
3. Your monthly income.
4. Select the salaried or self-employed option.
5. Your name, email-id, contact no. etc.
- Press ”SUBMIT” to continue.
At online portal of United Bank of India.
You can apply for United bank of India personal loan online through their website by inputting some basic information along with your loan requirements.
- To apply online for a United bank of India personal loan click here.
- Fulfill all the details like your Contact details,monthly income, loan amount required, purpose and press the “Submit application” button.
At nearest United Bank of India branch :
To locate a United bank of India branch near you click here. Enter your state/city and you will find a list of the branches available near you.
- You can visit the nearest United bank of India branch with the necessary documents and ask for an application form for personal loan.
- Attach all the necessary documents and re-check the application form for confirmation.
- Submit the application form along with the documents to the Bank Officer.
Fees & Penalties
|Type of Charges||Applicable Charges|
|Processing Charges||1% of the loan amount|
|Loan Cancellation Charges||–|
The United Bank of India charges 1% of loan amount as processing charges for the loan application processing. The peer Oriental Bank charges at 0.50% of loan amount for the same. The United Bank do not charges for the prepayment of loan.
What If I want to pay my personal loan early?
You can do so, the United bank of India do not levies any charges on the preclosure of loan.
Do the bank also finance the loan to self employed ?
No, the bank do not provides personal loans to the self employed Individuals.United Bank of India only gives personal loans to the salaried individuals.
What is the maximum age limit for the pensioners?
The pensioners can avail personal loan from United Bank of India until the attaining age of 75 years at maturity of loan.