United Bank of India Personal Loan: The United Bank of India is a good choice for that as it has different personal loan schemes available for its clients and an impressive rate of interest, and the availability of checking the United Bank of India’s loan status.
The method for applying for a personal loan is very easy and understandable, but it is essential to understand the measures for applying, documents required, etc; for which the applicants need to know about the United Bank of India’s loan EMI calculator.
To know about these, follow this article, which includes Union bank’s loan rate of interest, and much more, which will aid an applicant through the process of application, to opt for a Personal Loan.
United Bank of India
United Bank of India Overview
United Bank of India was established in Kolkata, and it has been merged with the Punjab National Bank with effect from the 1st of April 2020. The organisational structure of the bank is the same as that of PNB.
United Bank of India’s personal loan is the solution to the helpless calls of any individual in crisis. One can avail of this loan to deal with any serious medical emergency, getting married, going on a holiday, buying a device or remodelling one’s home.
The United Bank of India’s loan scheme is available to any Government employee who is in the private corporate or pensioner.
United Bank of India Features
- A personal loan in a United bank is available in India to any Government worker, private corporate worker, or pensioner.
- The suitable amount of loan depends on the kind of group you are operating for. The bank has classified the association into three maintain groups A, B, C. The workers of group A can use a loan of a maximum of 15 lakh, accountable to additional eligibility norms. The same limit for group B and group C is Rs. Ten lakh and Rs.5 lakh respectively.
- In the personal loan classification, the rate of interest is one of the lowest. The rates are transparent, based on papers collected by the bank.
- United bank of India takes fifteen days for processing the application of the loan.
- This bank accepts the loan in just a few hours to the utmost of one to three days.
How to Apply for a Personal Loan in the United Bank of India?
As of now, only the Online Application for a Loan is in use. To avail of the online application, you should go to the official website of the United Bank of India and apply.
United Bank of India Personal Loan Eligibility Criteria
For Salaried Individuals
Scheme A (tie-up)
- Permanent or confirmed employees of reputed companies. Institutes or organizations in India.
- The applicant could or could not have a functional salary account with us.
- Minimum monthly salary of Rs 15000 per month.
- Minimum monthly salary of Rs 20,000/- for Delhi, Kolkata, Mumbai, Chennai, Ahmedabad, Bengaluru, and Pune).
Scheme B (Non-tie-up)
- Permanent or confirmed employees of reputed private institutes and organizations in India.
- The applicant should be a bank customer for at least six months preceding the application for the loan.
- Applicants must maintain a salary account with us.
- Minimum monthly salary of Rs 15000 per month.
- Minimum monthly salary of Rs 20,000/- for Delhi, Kolkata, Mumbai, Chennai, Ahmedabad, Bengaluru, and Pune).
For Non-salaried Individuals
- Must have a regular source of income.
- The present age of the applicant must be within 25 years to 75 years.
- Applicant must be a customer of the United Bank for at least two years before considering the loan application.
- Applicant should maintain savings or current account with the bank and hold an average quarterly balance of Rs 25000 or above for immediately preceding four quarters.
United Bank of India Personal Loan Documents Required
- Previous three months’ salary receipts
- Aadhaar Card is needed for identity evidence.
- Proof of residence whether owned, rented, or if any company provided.
- Bank declarations of six months old are allowed.
- PAN Card is a necessity.
- 2 passport-size images.
United Bank of India Personal Loan Computation of EMI
To calculate the EMI, the information needed is:
- Loan amount
- Term of the loan
- Interest rate
- These values need to be filled in the EMI calculator to find the exact amount payable for each month.
United Bank of India Personal Loan Features
- A decent, credible record is important to get the preference. Ruin payments adversely impact one’s CIBIL tally. The bank contemplates these ruin payments that are made in the past.
- The term of a personal loan affects the rate of interest, with loans for short terms captivating a greater rate of interest in comparison with loans for longer terms.
- The job of a person has relevance on the rate of interest, as noticeable in the rates indicated by the Bank for several people. Pensioners have indicted a poorer rate of interest as they are not vigorously employed and rely on their pension amount to meet their needs.
- United Bank of India demands a poorer interest rate for salaried women taking loans in comparison to their male partners.
- Age can have relevance on the rate of interest as people under 25 years could be indicted a bigger rate of interest in comparison to others due to many reasons.
Takeaways from the Article
There are numerous aspects that banks analyze before accepting any sort of Personal Loan, hence, this article tells you the details of a personal loan so that it can be easy to choose the intended loan for you. This article will help you to know more about the procedure for a Personal loan given by the United Bank of India.