United Demand Loan Scheme
United Bank of India introduces a unique loan scheme against your savings in
the form of NSCs/ KVPs/ Life Insurance Policies (Surrender Value). You can avail up to
100% of the face value of your savings instruments or even more than that in case of NSCs/
KVPs. The salient features of the scheme are as under:
Eligibility :
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.
Purpose:
For meeting all types of personal expenses.
Quantum of Loan:
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 Term Deposits of the Bank and for S/V of LIP, NSCs, KVPs, Relief Bond with margin as usual
Security: Assignment of LIP or pledge of NSCs/KVPs or transfer of Relief Bond in favour of the Bank.
Interest rate:
| Type of Securities |
Interest Rate (w.e.f. 07.08.2007) |
Loan against LIP(SV)/NSC/KVP/Relief Bond
etc
where Bank provides loan upto 100%
or more of the face value/SV |
Term Loan:
BPLR-1.25% i.e. 12.% p.a.(Floating), at present
O.D: BPLR-0.25% i.e. 13.00% p.a. (floating), at present |
| For loans/Overdraft facility against Bank’s own Term Deposit where margin requirement is as per HO Circular no.CPPMI/ADV/41/OM-574/2003 dated 04.03.2003. |
1.50% above the rate of interest on deposit(no ceiling) |
| For Loans/Overdraft facility against Third party deposits with our Bank. |
2.50% above the rate of interest on deposit (no ceiling) |
Processing Fee = 0.50% except bank's
Own T.D
Repayment: Within 72 months or maturity date of LIP/NSC/KVP, whichever
is less.
|
