- Check personal loan interest rates online.
- Compare different personal loan interest rates online.
A personal loan at low-interest rate is everyone’s demand but only a few banks make it achievable for the applicants. United Bank of India is among those that believes in providing lucrative offers to borrowers. The bank can offer lower interest rates to eligible applicants. To know more and apply for this loan, you can check the details of personal loans offered by the bank here.
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Table of Contents
United Bank of India Personal Loan Interest Rates January 2022
Below is the table showing the personal loan interest rates, processing fees, tenure and loan amount.
|Interest Rates||8.95% - 14.00%|
|Loan Amount||Up to ₹10 Lakhs|
|Processing Fees||1% of the loan amount|
Factor Affecting United Bank of India Personal Loan Interest Rates
You should consider the following factors to get the lowest interest rate on your United Bank of India loan amount.
Income – Your current salary and source of income is the primary factor that helps the United Bank of India decide your personal loan interest rate. There are no such specified minimum income criteria for a personal loan in the United Bank of India. But you need to make sure that your income is quite high to get a lower interest rate on a personal loan.
Existing Relationship with United Bank of India – To borrow the United Bank of India Personal Loan, you need to meet the following criteria –
- Confirmed, permanent employees of Central, State Govt., PSUs, including service with the previous employer(s) must draw their salary from United Bank of India
- And if the applicant is a LIC agent, he/she should have maintained a Saving Fund account with United Bank of India
Work Experience – As you know banks don’t sanction personal loans to new employees because they don’t have the stability in their job. So to apply for a United Bank of India Personal Loan and to get a lower interest rate, you must have a work experience of 2 years.
Monthly Obligations – You can also reduce the interest burden on having less to zero obligations. Individuals having no loan EMIs or credit card bills can get a lower interest rate compared to someone having those. Even if the obligations are there, United Bank of India will check the exact obligation amount. If that is found minimal, the rate can be lower.
Facing Repayment Hassles Due to a Higher Interest Rate? A Balance Transfer to United Bank of India Could Help You!
If you already have a personal loan and want to transfer it to a new bank as your existing interest rates are quite high, you can apply for a balance transfer at United Bank of India. The process is simple. You can either go to the bank branch or visit the bank official website.
Fill the balance transfer form and wait for the bank response. If you are satisfied with its offer, you can proceed further and transfer the existing loan balance to United Bank of India at a lower rate. Check the below example and see how it works.
Example – Ravi is paying a personal loan of INR 8 lakh each at 17% interest rate. He paid EMIs successfully for at least 2 years. But now, Ravi thinks of changing the lender to get a lower EMI. Because of Ravi’s excellent repayment track, United Bank of India offers him an interest rate of 12%. Let’s see how much Ravi could save by transferring his loan to United Bank of India.
|Original Loan Amount||8,00,000|
|EMI @ 17%||19882|
|Interest Payable Over 5 years @ 17%||3,92,924|
|Interest Paid Till 2 Years||2,34,828|
|Balance loan Amount at the End of 2 Years||5,57,658|
|New EMI @ 12.00%||18522|
|Interest Payable @ 12.00% for 3 Years||1,09,142|
|Paid interest @ 17% + Interest Payable @ 12.00%||3,43,970|
|Savings in Terms of EMI||1,360 (19,882-18,522)|
|Savings in Terms of Interest Outgo||48,954 (3,92,924-3,43,970)|