United Consumer Loan Scheme
Looking for easy loans to make your dreams come true? Step into your nearest branch
of United Bank of India and get our United Consumer Loan (UCL) sanctioned. Repay at your
own convenience in easy monthly installments.
Articles to be purchased
All the household items you had been planning to buy like Refrigerator, Stereo
System, Television Set, V.C.R., V.C.P., Cooking Range, Washing Machine, Air-conditioner,
Furniture, Micro Oven and any other household utility goods, Computer & accessories,
Telex, Fax Machine, Genset, etc. can now be yours.
Eligibility Criteria
The Prospective borrower should maintain a Savings/ Current Deposit/ Term Deposit
A/c with the Bank and fulfill the following criteria-
- Any individual with a minimum net income (take home salary for salaried person) of Rs.
5,000/- per month.
- In respect of working couple, net income of the spouse is considered for the purpose of
computing net income and monthly installments, provided the spouse joins as co-borrower
and monthly installment may be realised from the salaries of either of them. In case of
salaried person, the applicant should be in regular service for atleast 1 (one) year.
- Professional and self-employed persons who are at least 2 years in their profession.
Quantum of Loan
The minimum amount of loan is Rs 0.10 lac. The maximum amount of loan is Rs 4.00
lacs subject to a maximum 36 times of monthly net income. The total deduction from salary
including the proposed EMI should not be more than 60% of Gross Salary.
Margin
Minimum 10 to 20% of the cost of the article to be purchased.
Processing Charge: 0.50%
Interest Rate
| Type of borrower |
Interest Rate (w.e.f. 09.04.2007) |
| i) Individual |
14.25% p.a. |
| ii) With 50% additional security |
13.75% p.a. |
Repayment
The loan is to be repaid in Equal Monthly Installment (EMI) fixed in accordance with
following norms taking into consideration of the quantum of loan sanctioned.
| Amount of Loan |
Number of EMI |
| Upto Rs. 50,000/- |
Maximum 36 EMI |
| Rs. 50,001/- to RS 2.00 lacs |
Maximum 48 EMI |
| Above Rs. 2.00 lacs |
Maximum 60 EMI |
No Penalty is charged for early repayment of the loan
* Conditions apply
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