United Personal Loan Scheme for Pensioners
As a senior citizen of the society, you command a special respect from United
Bank of India. The Bank is offering you a loan scheme for assisting you to meet your
various family and personal needs after retirement.
The salient features of the Revised Scheme are as under:
Objective:
To extend term loan to you to meet your family and personal expenses.
Eligibility:
If you are a pensioner of Central and State Governments, Central and State Governments'
Undertakings, Defence Services, reputed Companies, Educational Institutions (Universities,
Institutes, Schools and Colleges) and drawing pension from the Branches of the United
Bank, you are eligible for loan under the Scheme from the Branch, where your pension is
paid.
Age of the Borrower:
Your age at the time of availing loan should be such that the entire loan is repaid
before your attaining seventy five years of age.
Quantum of Loan:
A maximum of twelve months' net pension disbursed by the branch subject to a maximum of
Rs. 1.00 (one) lac.
Margin : Nil
Processing Charge : 1%
Disbursement of Loan :
The loan shall be disbursed through your Savings Bank A/c other than the account in
which your pension is credited every month. If you are not having any other Savings Bank
A/c with the branch, you may open a Savings A/c with the Branch jointly with another
member of your family, preferably with family pensioner for the purpose of availing of the
loan under the Scheme.
Rate of Interest :
12.75% p.a (w.e.f. 09.04.07)
Concession in Rate of interest:
If the loan is additionally secured to the tune of 50% a further reduction of 0.25% in
rate of interest shall be allowed. The rate of interest is fixed for the entire period of
loan and will not undergo any change during entire period of the loan.
Repayment :
| (i) |
Maximum of 48 EMIs if you
are upto 70 years. |
| (ii) |
Maximum of 36 EMIs if you
are above 70 years. |
(The repayment schedule shall be so fixed that the EMI shall not be more
than 40% of the net monthly pension disbursed).
No Pre-payment charge
Security :
There shall be no security for the loan except the personal guarantee of the family
pensioner as mentioned in the PPO. If there is no family pensioner or the family pensioner
is dead, then personal guarantee of your working son or daughter or of a Third Party shall
be accepted. If you are unable to provide personal guarantee as stipulated above, you
shall have to cover at least 50% of the loan by pledge of any security acceptable to the
Bank.
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