Retail Credit

 
United Personal Loan Scheme for Salaried Persons

Worried about how to meet all the expenses coming up at once? Daughter’s marriage, major surgical operation, repairing of old house, passage money for son’s education abroad or any other social pecuniary liability. You can now heave a sigh of relief. Our Personal loan Scheme has been designed just to meet such eventualities.

Eligibility:

• If you are a salaried person, with permanent service for at least 3 years, you may apply for the loan.
• If wife is co-borrower and a working lady or a professional, the annual income of the wife shall be added to the income of the husband for the purpose of ascertaining the eligibility and calculating the permissible amount of loan.

Quantum of Loan:

• The maximum amount of loan shall be Rs. 60,000/- provided it does not exceed 6 months' gross salary.
   
• If your wife is co-borrower the maximum loan amount may be increased to Rs. 1,00,000/- provided it does not exceed 10 months gross salary.
   
• If your wife is co-borrower and a working lady or a professional, the maximum amount of loan may be raised upto Rs. 1,20,000/-provided it does not exceed 12 months gross salary of the couple.

Period of Loan:

• The loan is to be repaid within a period not exceeding 36 months.
    
• If the wife is co-borrower, the repayment period may be extended upto 60 months.

No penalty is charged for early repayment of loan.

Interest Rate :

Concession: A reduction of 0.50% p.a. in rate of interest shall be allowed if 50% of the loan is additionally secured by way of bank’s own Term Deposit, LIP (surrender value), NSC, KVP, Relief Bond, etc. duly verified and accepted by the Bank.