United Bank of India Personal Loan - Frequently Asked Questions

Am I eligible for United Bank of India personal loan?

United Bank of India offers personal loans only for salaried individuals earning more than the minimum stipulated amount per month depending on the city of their residence. The minimum monthly income required for United Bank of India personal loan is Salaried with Regular Income. If you fall into this group, you can definitely apply for a United Bank of India personal loan.

How do I repay United Bank of India Personal loan?

You can repay the loan in Equated Monthly Installments (EMI's) using the ECS facility or through post-dated cheques.

What is the maximum loan one can get from United Bank of India?

United Bank of India offers personal loans as high as Rs. 3 Lakhs for successful applicants depending on their financial record and repayment history.

What is the tenure for United Bank of India personal loan?

United Bank of India offers personal loan with a tenure period 36 months making it suitable for all loan seekers.

How many personal loan schemes does United Bank offer?

United Bank of India offers two personal loan schemes, one for Pensioners and another for salaried individuals.

Should an individual have an account with United Bank of India in order to be eligible for a personal loan?

Individuals who wish to apply for a personal loan from United Bank need to have an account with them, with pensioners drawing a pension from any branch through such an account.

Can one apply for a United Bank personal loan online?

Yes, individuals who have an account with the bank can apply for a personal loan online, through the official website of United Bank of India. They will have to provide certain information like their name, age, address, PAN details, contact number and their profession in order to successfully submit the application.

What is the maximum loan amount one can get under a United Personal Loan Scheme?

The quantum of loan depends on a borrower, with pensioners and salaried individuals being offered different amounts. The maximum amount a salaried individual can avail as a loan is Rs 2 lakh or his/her 10 months’ salary, while it is Rs 2 lakh or the 1 year pension for a pensioner. The bank could offer a higher loan amount to salaried individuals at its own discretion.

Does United Bank of India charge a processing fee for its personal loans?

Yes, United Bank of India charges a processing fee for both its personal loan schemes.

What is the processing fee charged by United Bank of India?

United Bank of India charges a processing fee equivalent to 1% of the loan amount sanctioned. For example, if an individual borrows a sum of Rs 1 lakh, then he/she will have to pay Rs 1,000 as processing fee.

Are there any age restrictions one must satisfy in order to avail this loan?

Yes, the age of pensioners who wish to avail a personal loan should be less than 75 years at the time of loan repayment. There are no such age requirements for salaried individuals.

How can one repay a United Bank personal loan and what is the repayment tenure?

Borrowers can repay the loan through regular EMIs, with the maximum loan repayment tenor being 3 years for salaried individuals. Pensioners who have borrowed money from United Bank can repay the loan in either 4 years or 3 years, depending on their age. Pensioners under the age of 70 years get 4 years while those over 70 years get 3 years.

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