United Bank of India Personal Loan

About United Bank of India Personal Loan

Are you worried about the expenses coming up at once? Be it your daughter’s wedding, renovating your home, or money for your son’s education abroad, no matter what would be the reason United Bank of India with its best of Personal Loan product is all set to met all your needs. You can easily avail this loan at low interest rates and less processing fee, as it has been thoughtfully designed to cater every need of yours. In order to grab more information about United Bank of India Personal Loan, go through this article.

Personal Loan

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    United Bank of India Personal Loan Interest Rates

    ParticularsDetails
    Interest Rates13.45%
    Loan AmountUp to ₹10 Lakhs
    Tenure36 Months
    Processing Fees1% of the loan amount
    Prepayment ChargesNil

    United Bank of India Personal Loan Eligibility Criteria

    Salaried:

    A salaried person, with permanent service and regular income for at least 2 years.

    Pensioners:

    A pensioner of Central and State Governments, Central and State Governments’ Undertakings, Defence Services, reputed Companies, Educational Institutions, drawing pension from any Branch of United Bank of India,

    United Bank of India Personal Loan Eligibility

    Now let us understand the loan amount eligibility with the help of an example below.

    Suppose you are working in a renowned company and earning an attractive salary of ₹80,000 monthly. So, after deducting all your necessary monthly expenses, you would be saving around 40%-50% of your income each month. Let’s say, if you are able to save around 50% of your monthly income, you might be interested to know your personal loan eligibility.

    In bank’s point of view, it will assume that you are able to save around ₹40,000 per month out of your monthly income of ₹80,000. So, your savings can be used to repay the EMIs of your personal loan. So, now, if you calculate your amount, tenure and rate of interest, you will get to know your EMIs that you will have to pay every month so as to repay the loan amount that you are eligible for.

    Amount-₹1 Lakh
    Loan Tenure-3 years
    Rate of Interest-14% p.a.
    Your monthly EMI will be ₹3,418

    So your calculation for personal loan would be

    ₹1 Lakh x 40,000/3418=₹11.70

    So, your personal loan amount eligibility ranges between ₹11.70 Lakhs

    United Bank of India Personal Loan EMI Calculator

    An EMI is a sum of interest and principal which is payable each month on personal loan. So, now you must be wondering how United Bank of India calculates your EMI when it comes to personal loan. Well, your EMI gets calculated in a very easy and simple manner. The EMI Calculator takes into account your loan amount, interest rate and tenure of the loan in order to calculate your monthly installments.

    Moreover, firstly the calculator will computes the interest component and then the principal amount that you will have to pay towards the personal loan.

    For Example: If you are interested in availing a loan of ₹2,00,000 from United Bank of India for 3 years, and the bank is charging an interest rate of 14% per annum, EMI, total interest outgo and total amount payable from your pocket at the end of your loan tenure will be:

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 2,00,00014%1₹ 17,957₹ 15,489₹ 2,15,489
    ₹ 2,00,00014%2₹ 9603₹ 30,462₹ 2,30,462
    ₹ 2,00,00014%3₹ 6836₹ 46,079₹ 2,46,079

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 57,631₹ 24,395₹ 1,42,368
    2₹ 66,238₹ 15,788₹ 76,130
    3₹ 76,209₹ 5896₹ 0

    Documentation Required

    Income Documents

    • Latest 3 years Payslip, 6 months Salary account bank statement &, Latest year Form 16.
    • Your current obligations i.e. the other installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use.

    KYC Documentation

    • PAN Card, secondary ID Proof (DL Adhaar card, Voter’s ID) & Passport size photo)

    Proof of Employment/Business Continuity

    • Salaried: Form 16 or Appointment letter, dated 2 years or earlier period

     

    United Bank of India Personal Loan for Pensioners

    All the pensioners have a reason to rejoice as United Bank of India offers them a lucrative deal of personal loan so that all their personal needs can easily be fulfilled. The pensioners of Central and State Governments, Central and State Governments’ Undertakings, Defence Services, reputed Companies, Educational Institutions, drawing a pension from any Branch of United Bank of India are eligible to avail this unsecured credit facility. The pensioners can either visit the nearest bank branch or they can also apply online to avoid any sort of hassle. The bank asks them to submit the duly signed application form along with all the required documents in order to get the instant funds for multiple needs.

    Features & Benefits

    • Maximum Loan Amount
    • Convenient Loan Repayment Options
    • Both Residential and Commercial Property Accepted as Collateral
    • Minimal Documentation and Faster Approvals
    • Attractive Interest Rates

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    EMI Calculator