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Target Group

Teaching and non teaching staff of Govt. and Govt. aided schools. Colleges, Universities including Deemed Universities.

Purpose

To extend finance under United Housing Loan Scheme, United Personal Loan Scheme, United Consumer Loan Scheme, United Car Loan Scheme and United Festival Loan Scheme to the target group per terms and conditions of respective schemes with the relaxations as mentioned in this scheme.

Besides, in-principle approval for sanction of educational loan to sons/daughters of the teaching and non teaching staff of educational institution can also be issued subject of fulfilling terms and conditons as mentioned below.

I) the student secures at least 65% marks in the pre-qualifying test/examination of higher secondary (10+2), CBSE, ISC or its equivalent conducted by schools / institutions just before final examination. Formal sanction letter shall be issued upon his / her getting at least 60% marks in the final examination and gaining admission to a course conducted by colleges/universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / MCI etc. through standard selection

Eligibility

The salary of the applicant under target group must be disbursed through the financing branch and all other terms and conditions of respective schemes except the deviations given in this scheme are complied with.

United Shikshak Samman Yojona

FOR SALARIED STAFF: Salaried people are always welcome. If you belong to salaried class, you can solve your immediate financial problems smoothly. We believe you will not hesitate to have a glimpse over the following features of bank’s retail loan schemes.

Eligibility

Individual, aged 21 years or above, having Regular Income who is not a defaulter borrower of any Bank / Financial Institution.
 

Purposes

1. Construction of house / flat

2. Purchase of new / old (not more than 35 years) house/flat

3. Renovation / extension / repair of house

4. Purchase of land for construction of house thereon

5. Take over of housing loan availed from other banks / FIs.
 

Individual and With wife as co- borrower : Rs.100.00 lac (Max. in Metro)

Enhancement of loan up to 10% is permissible for furnishing.

The quantum of loan shall be determined by the bank considering the cost of the house/flat (Stamp Duty and Registration cost may be included in the total project cost, subject to margin stipulation as applicable) and the applicant’s age, income, assets and liabilities and repayment capacity etc.
 

Margin

1. Where finance is for purchase / construction or renovation / extension / repair / furnishing of House / Flat,

A. In case of individual : Min. 15% of Project Cost.

B. If spouse joins as a co-borrower : Min. 10% of Project Cost.

2. Where finance is for purchase of land or purchase of old house / flat

: 20% in all cases.

United Housing Loan scheme

Any Individual with minimum net income (take home for salaried persons) of Rs.5,000/- p.m

For Salaried Persons : The applicant is in regular service for at least one year and should have left over service to cover repayment period.

Rs.0.10 lac to Rs.4.00 lac subject to a maximum 36 times of monthly net income excluding the instalment of the proposed loan. The total deduction including the proposed EMI should not be more than 60% of Gross income.

10 to 20% of the cost of the article
Comments link to United Consumer Loan scheme be provided to facilitate smooth browsing of relatted items

Purchase of new as well as old car not over 4 years old (valuation to be made by an Automobile Engineer)
 

Any Individual with minimum net income (take home for salaried persons) of Rs.5,000/- p.m.

For Salaried persons : The applicant is in regular service for at least 2 years and remaining period of service to cover repayment period.
 

Max. Rs. 12 lac in case of new car and Rs. 6.00 lac in case of old car subject to 90% of the on road price (irrespective of wife as Co-borrower or not) or 36 times of monthly net income excluding the instalment of the proposed loan, whichever is less. The total deduction from salary including the proposed EMI should not be more than 60% of Gross Salary.
 

10% of the cost of the car (on road price) in case of new car.
30% of the valuation amount in case of old car
 

1. Nil; if employer ensures repayment either by way of remittance of salary to the bank or EMI deducted from the salary of the employee remitted to the Bank and attachment of terminal benefits.

United Car Loan scheme

Providing loan against mortgage of property to the owner of the property. The property may be House/Flat or any other commercial property but not agricultural land or any other vacant land.
 

The loan is meant for general purpose of the borrower to meet any personal/ business requirement except speculations.
 

Any individual in the age bracket of 21-65 years having property to be mortgaged and sufficient income to repay the loan.
 

In case of Term Loan minimum Rs.1.00 Lac and maximum Rs.15.00 Lac. In case of OD facility for business purposes the maximum amount may be raised to Rs.25.00 lac subject to the following.

a) 24-times of monthly net income excluding the EMI of the proposed loan.

b) 60% of the value of property.

c) Total monthly deduction from gross income including the proposed EMI should not exceed 60% of the gross income of the borrower.
 

United Mortgage Loan scheme

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.
 

For meeting all types of personal expenses.
 

a)Against LICI Policy -- 100% of SV of LIP Amount.

b)Against NSCs/ KVPs --

Age of the NSC/KVP Percentage of Loan amount on purchase price (i.e. Face Value)

During & After Ist year of purchase 100.00%

After 2nd year of purchase 103.00%

After 3rd year of purchase 110.00%

After 4th year of purchase 118.00%

After 5th year of purchase 127.00%

c) Against bank’s own T.D - 90% of the face value
 

Assignment of LIP or pledge of NSCs / KVPs in favour of the bank.

Permanent employees of Govt. / Semi-Govt., and its undertakings, reputed corporate houses, educational institutions, corporations, municipalities. Employees of the bank are also eligible for finance under the scheme provided the applicant has not availed clean over draft facility for staff.
 

2. If wife is co-borrower: Rs.1 lac or 10 months gross salary, whichever is less;

3. If wife is co-borrower and a working lady or a professional: Rs.1.20 lac or 12 months gross salary, whichever is less.
 

1. Individual: 13.00% p.a.

2. If wife is a co-borrower: Max. 60 months;

United Personal Loan scheme

Purpose

To cater to financial requirements of individuals during festive season for any purpose other than speculation.
 

Eligibility

Any salaried individual (singly or jointly) who satisfies the following conditions:-

a. Age: Above 21 years and remaining service to cover the repayment schedule.

b. Having two years of confirmed service.

c. Salary is disbursed through the financing Branch or the employer/DDO ensures remittance of EMI to the financing branch by deduction from salary
 

Quantum of loan

Min. Rs. 2,000/-

Max. Rs. 25,000/- provided it does not exceed 2 times of Gross monthly income of the borrower and total deduction from monthly income including the proposed EMI shall not be more than 60% of the gross monthly income.
 

Repayment
Period

10 months Repayment shall start from second month subsequent to the month in which the loan is disbursed.

United Festival loan scheme