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United Demand Loan Scheme
 

United Bank of India introduces a unique loan scheme against your savings in the form of NSCs/ KVPs/ Life Insurance Policies (Surrender Value). You can avail up to 100% of the face value of your savings instruments or even more than that in case of NSCs/ KVPs. The salient features of the scheme are as under:


Eligibility:
Any individual having investment in the form of LIP (Surrender Value)/ NSC/ KVP to cover the loan amount in his/ her name and be introduced to the bank.


Purpose:

For meeting all types of personal expenses.

Demand loan - Quantum of loan:

a) Only against LICI Policy -- 90% of Surrender Value of LIP. Non-unit linked LIP of LICI with clearly defined surrender value will only be acceptable for finance.
b) Against NSCs/ KVPs (Face Value)--


Upto 1 year

70%

Upto 1 year

70%

Upto 1 year

55%

>1- 2 years

75%

>1- 2 years

75%

>1- 2 years

60%

>2- 3 years

80%

>2- 3 years

80%

>2- 3 years

65%

>3- 4 years

85%

>3- 4 years

85%

>3- 4 years

70%

>4- 5 years

90%

>4- 5 years

90%

>4- 5 years

75%

 

 

>5- 6 years

95%

>5- 6 years

80%

 

 


 

>6- 7 years

85%

 

 


 

>7- 8 years

90%

 

 


 

>8- 9 years

95%

 

 


 

>9- 10 years

100%


Security : Assignment of LIP or pledge of NSCs / KVPs in favour of the Bank


Rate of Interest:

Term Loan

MCLR-Y+1.80% i.e 10.50%

O.D

MCLR-Y+1.80% i.e 10.50%


United Demand Loan Scheme (against Bank’s own Term Deposit)


Purpose : For meeting all types of expenses.

Margin on accrued value of deposit:

  • OD (subject to annual review and satisfactory conduct of account) : 05%
  • Term Loan :
  1. One year or remaining period of maturity, whichever is earlier: 5%
  2. Two years or remaining period of maturity, whichever is earlier:15%
  3. Three years or more or remaining period of maturity, whichever is earlier : 20%

Rate of Interest :

For Loan/OD facility to deposit holder (s)

1.00% above the rate of interest on deposit (no ceiling) If there is more than one deposits in the name of the depositor(s) with varied rate of interest, the rate of interest to be 1.00% higher on the weighted average of rate of interest paid on deposit.

For Loan/OD facility against third party deposit with our bank

Against Single Deposit/ More than one Deposits with same Rate of Interest

2.00% above the rate of interest on deposit/s without any linkage to MCLR

Against More than one Deposits with varied Rate of Interest

2.00% above the weighted average of rate of interests paid on deposits without any linkage to MCLR

You have a wide range of choice of deposits through as many as 10 different schemes offered by UBI. You may select them according to your best suited mode of meeting.