United Bank of India has two personal loans in its armoury, a personal loan for pensioners and a personal loan for the salaried class. These personal loans can be availed to meet any personal financial requirement and United Bank of India has ensured that the interest rate on these loans is competitively priced. A simple and hassle free loan application process is another unique trait of personal loans offered by United Bank of India.
United Bank of India Personal Loan Interest Rates 2018
| Particulars | Salaried |
| Interest rate | For working women: 1 year MCLR + 5.15% = 14.55% p.a. (0.25% concession) For others: 1 year MCLR + 5.40% = 14.80% p.a. |
| Loan Amount | Maximum of Rs.2 lakh or 10 months’ gross salary, whichever lower. For pensioners: Maximum of Rs.2 lakh or 12 months’ gross pension, whichever lower. |
| Loan Tenure | Maximum: 36 months. |
| Lowest EMI | Not applicable. |
| Processing Fee | 1% of the loan amount sanctioned. |
| Age | Not more than 60 years by the time the loan is fully repaid. For pensioners: Not more than 75 years by the time the loan is fully repaid. |
| Prepayment/Foreclosure Charges | No charge. |
Factors affecting United Bank of India Personal Loan Interest Rates
There are multiple factors which can affect the interest rates one pays for a personal loan from United Bank of India, some of which are mentioned below.
- Loan tenure – The tenure of a personal loan has an impact on interest rates, with loans for short tenures attracting higher interest rates compared to loans for longer tenures.
- Relationship with United Bank of India – Individuals having a good relationship with United Bank of India might be in a position to negotiate their interest rates, due to their past banking history. It is possible for banks to reduce interest rates for valued customers and for those who have displayed commitment towards their loan repayments in the past.
- Employment details – The profession of an individual has a bearing on interest rates, as is visible in the rates charged by United Bank of India for different people. Pensioners are charged a lower interest rate as they are not actively employed and depend on their pension to make ends meet. Interest rates for salaried borrowers are kept steady as they have a regular source of income to repay their loans.
- Age – Age can have a bearing on interest rates as youngsters (under 25 years) could be charged a higher interest rate compared to others due to multiple reasons.
- Gender – United Bank of India charges a lower rate of interest to salaried women borrowers compared to their male counterparts
How CIBIL score affects United Bank of India Personal Loan Interest Rates
United Bank of India checks the CIBIL score of an applicant before sanctioning or rejecting a loan. A CIBIL score provides extremely important data to the bank regarding the credit history and can help the bank determine if an applicant is creditworthy. Applicants with a good CIBIL score could negotiate their interest rates on the back of this score, and it is possible for them to get a loan at better rates. Individuals with a poor CIBIL score will not be in a position to negotiate interest rates and could end up paying a higher interest rate compared to others.
Key things about United Bank of India Personal Loan Interest Rates
- The base rate is the minimum rate at which United Bank of India lends and personal loan interest rates vary according to changes in the base rate.
- In case of fixed interest rates the interest rate remains same throughout the loan repayment tenure.
- Any changes in repo rate could have an impact on interest rates charged by United Bank of India.
- Personal loans offered by United Bank of India have a floating interest rate.
