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United Salary Payment (Overdraft / Term Loan)

Purpose

 Providing Term Loanand Over Draft facility to meet family & personal expenses.

 

 

Eligibility

A. Salaried employees of organizations listed under Group A, B & C, between the age of 21- 65 years (including repayment period), having regularity of income & maintaining salary account under USP scheme with the financing branch.

B. Applicant should be in permanent service for a period of minimum 1 year and have remaining period of service to cover repayment period.

C. The spouse shall be made co-borrower wherever possible.

 

 

Quantum of loan

For the Employees of Group-A Organizations: Maximum Rs. 15.00 Lac or 10 months gross salary whichever is less, provided in all cases, monthly net take home salary after all deductions including EMI of the proposed loan should be atleast 40% of gross monthly salary or Rs. 10000.00 whichever is higher.

 

For the Employees of Group-B Organizations: Maximum Rs. 10.00 Lac or 10 months gross salary whichever is less, provided in all cases, monthly net take home salary after all deductions including EMI of the proposed loan should be atleast 40% of gross monthly salary or Rs. 10000.00 whichever is higher.

 

For the Employees of Group-C Organizations: Maximum Rs. 5.00 Lac or 10 months gross salary whichever is less, provided in all cases, monthly net take home salary after all deductions including EMI of the proposed loan should be atleast 40% of gross monthly salary or Rs. 10000.00 whichever is higher.

 

Over Draft Limit:

  • OD limit equivalent to 1 (one) month's net take home (net salary) pay may be extended to the employees of Group-A, B & C organizations in addition to personal loan, subject to monthly net take home salary after all deductions including interest on OD & EMI of the personal loan should be atleast 40% of gross monthly salary or Rs. 10000.00 whichever is higher.

 

Interest

1. Full Check Off: MCLR-Y+3.00% i.e. 11.60% p.a.

2. Partial Check Off: MCLR-Y+3.50% i.e. 12.10% p.a.

3. No Check Off: MCLR-Y+4.00% i.e. 12.60% p.a.

 

Interest rate is subject to reset with applicable MCLR-Y on next review date of loan and will not change with change in MCLR-Y during interim. 

 


Add on benefits

  • Opening of A/c: with zero balance. 
  • Maintenance of A/c: zero balance. 
  • Free Debit card: (for 1st year only) 
  • RTGS/NEFT & Inter sol Transfer free of charges. 
  • Internet Banking & Mobile Banking free of charges. 
  • Opening of Demat A/c with zero balance and free of charge (1st year). 
  • Updation of Pass Book from other Branch free of charge. 
  • Can be opened in joint name. 
  • Two cheque books (20 leaves) free per year. 
  • Preferential allotment of Safe Deposit Lockers (subject to availability). 
  • Same A/c No. will continue even if the salary disbursement A/c is transferred to other Branch(s) to facilitate existing linkage to ECS, Auto-debit, and Standing, instructions etc. 
  • No processing & documentation charges will be levied for the employee availing OD limit under the scheme. 
  • Waiver of processing & documentation (mortgage) charges for other retails loans to be availed by the employee. 

Processing Charges

1.18% of the loan amount

 

Processing Charges are 0.59% of the Loan Amount till 31.12.2017

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.