United Bank of India presents a "Smart Loan" Scheme for "Smart Borrowers of United Housing Loan Borrowers. The scheme facilitates additional finance to the existing Housing Loan customers of the Bank for any purpose at easier terms and conditions. You need not provide any other security for the loan. The salient features of the scheme are :-
Existing Housing Loan borrowers having completed minimum 2 (two) years of repayment schedule.
Any personal purpose except speculation including purchase furniture/fixtures and interior decoration of the house/flat.
Quantum of Loan :
The maximum quantum of loan should be the principal amount of existing housing loan repaid subject to:
i. Maximum ceiling of Rs.5.00 Lakh
ii. Both the loan amounts i.e. Existing outstanding balance in housing loan and the fresh loan to be sanctioned under Smart Loan scheme should not exceed the original limit sanctioned in housing loan
iii. The maximum repayment period of term loan under the scheme shall be for 05 years. However it should not exceed the residual tenor of the original housing loan. In case of overdraft, the limit should be reviewed every year.
iv. Total deductions including EMI of proposed term loan/interest of proposed overdraft should not exceed 60% of gross monthly salary/income of borrower(s).
Extension of existing Mortgage with Housing Loan
The maximum repayment period of term loan under the scheme shall be for 05 years. However it should not exceed the residual tenor of the original housing loan. In case of overdraft, the limit should be reviewed every year.
Processing Charges : Processing Charges: 2.38% of the sanctioned loan
United Smart Loan Scheme (Floating Rate)
MCLR-Y+2.80% i.e. 11.40%