United Bank of India Personal Loan Interest Rates

United Bank of India charges a competitive interest rate starting at 13.45% p.a. onwards on its personal loans. Borrowers will also have to pay a one-time processing fee of 1% - 1.18% of the loan amount.

The lender offers personal loans for salaried employees and pensioners. Salaried employees can borrow a maximum of Rs.2 lakh or up to 10 months' gross salary and pensioners can borrow a maximum of Rs.2 lakh or up to 12 months' gross pension.

The maximum loan tenure that can be selected is 36 months. You can borrow personal loans from the lender if you require credit to meet any personal need such as hospitalization/medical expenses, wedding costs, travel expenses, etc.

Merging of the Bank

Effective 1 April 2020, United Bank of India has merged with Punjab National Bank and PNB will become the second largest lender of the country. For now there are no changes in Account Number and IFSC Code. For more information checkout Punjab National Bank Interest Rates.

Scheme	Interest Rates
Union Personal (Tie-up)	9.05-12.35%
Union Personal (Non Tie-up)	9.05-12.35%
Union Personal (Non-Salaried)	9.10-12.65%
Union Professional – Salaried Tie-up	9.00-12.55%
Union Professional – Salaried Non-Tie-up	9.00-12.55%
Union Professional – Non-Salaried	9.10-12.65%
Union Ashiyana – Salaried	8.95-12.25%
Union Ashiyana – Non-Salaried	8.95-12.25%
Union Women Professional	Salaried 8.90-12.45%; Non-Salaried 9.00-12.55%
Union Cash	10.10% flat
Special Retail Lending (Govt Employees)	8.90-12.30%

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Factors Affecting United Bank of India Personal Loan Interest Rates

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.
CIBIL Score - United Bank of India checks the CIBIL score of an applicant before sanctioning or rejecting a loan. 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.

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FAQs on United Bank of India Personal Loan Interest Rates

1.I am a self-employed individual. Can I borrow a personal loan from United Bank of India?

No, the lender currently offers loans to only salaried individuals and pensioners.

2.How can I calculate the payable EMI for the loan amount that I wish to borrow?

You can use a personal loan EMI calculator to check your payable EMI.

3.How long does United Bank of India take to process personal loan applications?

United Bank of India processes personal loan applications in a timely manner. To ensure that your application is processed quickly, ensure that you fill up the application form correctly and submit the required documents. Also, make sure to check the lender's eligibility criteria before you apply for the loan.

4.What is the processing fee? Do I have to pay it every month as part of my EMI?

No, the processing fee is a one-time charge that is deducted by the lender from your loan amount before it is disbursed to your account. You do not have to pay it on a monthly basis.

5.I have a credit score of 600. Will I be able to negotiate a lower interest rate?

Ideally, if you wish to negotiate for a lower rate of interest, you should have a credit score over 700. However, if you have a good relationship with your lender or if your repayment capacity has significantly increased, you can try to negotiate for a lower rate of interest.

Important Personal Loan Pages

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