United Bank of India Business Loan

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Business Loan

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    Founded in 1950, the Bank presently has a three tier organizational setup consisting of its Head Office in Kolkata, 35 Regional offices and 2005 branches spread all over India. Its major presence, however, is in eastern India. United Bank of India services It is in the process of undertaking international expansion.The bank provides secured business loans to micro, small and medium enterprises at an attractive rate of interest. The loan is sanctioned for the highest tenure of 5 years. However, the tenure can be extended depending upon the personal eligibility of the candidate.

    United Bank of India Business Loan Details – The Ultimate Guide !

    ParticularsDetails
    Interest Rates9.65% & above
    Loan AmountRs. 2,00,00,000
    Tenure5 years
    Type Of LoanSecured

    United Bank Of India Business Loan EMI Calculator

    To know the monthly installment amount use the EMI calculator. The calculator works fast and gives an accurate result in real time. The user can calculate the amount by entering the few details like the loan amount, tenure and the rate of interest.

    For Example – If I avail a loan of Rs. 2,00,00,000 for the period of 5 years at the base rate of interest that is, 9.65% p.a then my EMI will be Rs. 4,21,505 .

    Table Showing EMI, Total Repayment Amount, Total Interest Amount

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    Loan Amount (In Rs.)Interest Rate (p.a)Tenure (In years)EMI (In Rs.)Total Interest Amount (In Rs.)Total Amount (Principal + Interest) (In Rs.)
    2,00,00,0009.65%117,55,06410,60,7652,10,60,765
    2,00,00,0009.65%29,19,67120,72,1052,20,72,105
    2,00,00,0009.65%36,42,06231,14,2422,31,14,242
    2,00,00,0009.65%45,03,89741,87,0362,41,87,036
    2,00,00,0009.65%54,21,50552,90,2892,52,90,289

    Amortization Table

    YearPrincipal Payment (In Rs.)Interest Outgo (In Rs.)Balance Amount (In Rs.)
    13,270,18817,87,8721,67,29,812
    23,600,09814,57,9621,31,29,714
    33,963,29510,94,76591,66,419
    44,363,1316,94,929 48,03,288
    54,806,6502,54,756

    How To Apply

    The eligible candidates can apply for the business loan by visiting the nearest MSME United Bank of India branch office or can apply online.

    Table Showing Loan Schemes, Eligibility, Amount of Loan and Tenure

    United Bank Of India Loan SchemesEligibility Criteria Quantum of Loan Tenure
    United Medical Plus- Any individual, proprietorship or partnership firm / company engaged in such activity, having more than two years of experience in relevant areas
    - Anyone holding technical qualification for conducting very sophisticated medical tests and/or for using the Specialized medical Instruments
    - Applicant should belong to MSME category
    Minimum – Rs. 1,00,000
    Maximum – Rs. 2,00,00,000
    3 - 5 years
    Extended up to 7 years depending on the case
    United Doctor Plus- Any Registered Medical Practitioner (Individual or Proprietorship concern) with 5 years and more experience
    - Partnership firm/Company with one of the owners being a Registered Medical Practitioner with 5 years and more experience
    Minimum – Rs. 1,00,000
    Maximum – Rs. 2,00,00,000
    3 - 5 years
    Extended up to 7 years depending on the case
    United Mahila Udhyami Yojana- Women entrepreneur(s)/ enterprise (where women entrepreneurs hold not less than 50 % of financial holding) involved in production and manufacturing process like artisans, craftsman, weavers, potter, carpenter etc
    - Women entrepreneur(s)/  enterprise (where women entrepreneurs hold not less than 50 % of financial holding) to set up new unit or for modernization/expansion/renovation of existing for providing various services viz. Tailoring, Beauty parlour, Photocopying (Xerox ) Centre, Typing centre,  Cyber Café, Auto-repairing and servicing centre, Laundry & Dry Cleaning, ISD / STD Booths, Cable TV Networks,  Crèche ,  Road transport operator,  Mobile repairing,  Repairing of TV, washing machine and other electronic and electrical gadgets, Canteen, Restaurant, Servicing of agricultural and farm equipments, Training institute, Computerized Desk top publishing, etc.
    Maximum – Rs. 10,00,0003 - 5 years
    Artisan Credit Card Scheme (ACC)All artisans involving production/manufacturing process (and otherwise eligible for credit facilities for carrying out the proposed activities under any of the existing bank schemes)Maximum – Up to Rs. 2,00,0003 years
    Swarozgar Credit CardSmall artisans, handloom weavers, service sector, fishermen, self-  employed persons, rickshaw owners, other micro-entrepreneurs etc.Rs. 25,0005 years
    Laghu Udhyami Credit Card (LUCC)Existing Borrowers dealing with banks for last 3 years satisfactorily    and enjoying working capital loan limit up to Rs.10 lacsUp to Rs. 10,00,0003 years
    United Shilpi CardAll Shilpi engaged in productive and creative activities as :
    - Clay modeling
    - Drawing and painting
    - Running coaching centres for music, dance and choreography
    - Fashion designing
    - Computer graphics
    - Stone carving (sculpture)
    - Bell metal works
    - Applique work
    - Weaving and dyeing
    - Embroidery work, Wool knitting
    - Mat, Basket, Rope, Leaf plate making
    - Pickles, papad, jam, jelly, potato chips making
    - Sweet meats making and preparing dry foods like Muri, Chira, Fried grams, Mixtures and Chanachur
    - Making toys and other seasonal festive items, etc.
    Minimum : Rs. 25,000
    Maximum : Rs. 10,00,000
    3 years
    United Udyogshree Yojana- All existing borrowers under Tiny Industries and SSI Sector having good track record for last three years 
    - All existing cash credit account holders under tiny or SSI maintaining good track record for last three years
    - Dependent female family members of such borrowers who are adults, non-defaulter to any banks or financial institution and willing to take up productive activities in village and cottage industries and small scale industries
    - Existing depositors with good track record maintaining an average balance of Rs. 5,000 or above for last three years running a tiny industry or willing to start such units and an average balance of Rs. 25,000 or above for last three years running an SSI unit or willing to set up such unit.  And should not be defaulters to any Bank/ Financial Institution
    Rs. 5,00,0003 - 5 years
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    United Bank Of India Business Loan Application Form

    The application form can be availed from the MSME branch of the Union Bank of India. The following details are to be necessarily field in the form :

    • Name and Address of the enterprise
    • Contact number
    • E-mail address
    • PAN Card
    • Constitution ( Individual/Joint/Prop. Concern/Partnership/Pvt. Ltd. Co./Limited Co. /Trust)
    • Date of establishment
    • Name, address and PAN details of proprietors/ partners/ directors of company
    • Banking and existing credit details
    • Loan details
    • Collateral details

    Documents Required  – Mandatory documents needed to avail the loan

    • Proof of Identity: Voter’s ID Card/ Passport/ Driving License/ PAN Card/ Signature identification from present bankers of proprietor, partner of director (if a company)
    • Proof of residence: Recent telephone bills, electricity bill, property tax receipt /Passport/ Voter’s ID Card of Proprietor, partner of Director (if a company)
    • Proof of business Address
    • Last three years balance sheets of the units along with income tax/ sales tax returns etc. (Applicable for all cases from Rs.2 lakhs and above) However, for cases below fund based limits of Rs. 25 lakhs if audited balance sheets are not available, then unaudited balance sheets are also acceptable as per extant instructions of the bank
    • Memorandum and articles of association of the Company/ Partnership Deed of partners etc.
    • Assets and liabilities statement of promoters and guarantors along with latest income tax returns
    • Rent Agreement (if business premises on rent) and clearance from pollution control board if applicable
    • SSI / MSME registration if applicable
    • Projected balance sheets for the next two years in case of working capital limits and for the period of the loan in case of term loan (for all cases of Rs.2 lakhs and above)
    • In case of takeover of advances, sanction letters of facilities being availed from existing bankers/ Financial Institutions along with detailed terms and conditions
    • Photocopies of lease deeds/title deeds of all the properties being offered as primary and collateral securities
    • Position of accounts from the existing bankers and confirmation about the asset being standard with them (Required only in case of takeover)
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    United Bank Of India Business Loan Interest Rate – At what rate you interest will be calculated?

    The business loan provided by United Bank Of India are charged at the nominal rate of interest. The interest rate is linked to the base rate which is 9.65% p.a.

    Personal Loan Interest Rates December 2017
    Bajaj Finserv 10.99% - 16.00%
    Fullerton India 14.00% - 33.00%
    HDFC Bank 10.99% - 20.70%
    ICICI Bank 10.99% - 18.40%
    IndusInd Bank 12.99% - 20.00%
    Kotak Bank 10.99% - 17.99%
    RBL 14.00% - 18.00%
    Standard Chartered Bank 10.99% - 14.49%
    Tata Capital 11.49% - 18.00%
    Home Loan Interest Rates December 2017
    State Bank of India/SBI 8.30% - 8.60%
    HDFC 8.35% - 8.95%
    Bank of Baroda 8.30% - 9.30%
    LIC Housing 8.35% - 8.70%
    PNB Housing Finance 8.35% - 8.70%
    ICICI Bank 8.35% - 8.85%
    Axis Bank 8.35% - 8.75%
    Citibank 8.60% - 9.35%
    Indiabulls Housing Finance Limited 8.35% - 8.55%
    Kotak Bank 8.35%
    EMI Calculator