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Bank loans are the most common type of loan capital for various purposes. The bank provides its customer short-term and even long-term loan according to the requirement of the customer and according to the eligibility of the customers. Banks fixes the rate of interest and the timing and the repayment values according to the norms standardized by the Reserve Bank of India.
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United Bank of India Types of Loans
There are many different types of housing loans provided by the United Bank of India. The details of some of the popular ones are below:
United Housing Loan Scheme
Purpose:
- For construction / purchase / repairs / extension / furnishing of residential houses / purchasing flat / purchase of land and construction.
- Loan for supplementary finance to complete the project.
- Takeover of the existing loan from other bank or other housing finance companies.
- Take on or purchase of long-term lease minimum of 10 years of the house or flat from government bodies or Public sector Units. ICICI Bank Loans also provides the housing loans at low interest rates.
- For the purchase or the construction of the second house or flat.
- For purchase of the 3rd house or flat. The rate of interest applicable on the 3rd is 0.65 percent more than the 1st and 2nd.
Eligibility:
- The loans can be availed by persons above 21 years of age, having regular income i.e. business / salary / professional and self-employed persons.
- A salaried person should be in permanent and regular service.
- Experienced and established professional / self-employed / business person should be at least 2 years in the trade. If you have any doubts regarding loans then you can contact with United Bank of India Customer care with out visiting the bank personally.
Quantum:
According to the location of the flat or house or property maximum of 300 lac is provided in metro cities, maximum of 75 lac in urban locations, maximum of 45 lac in semi-urban areas and max up to 25 lac in rural areas. Compare UBI bank interest rates and loans with BOI Loans and Allahabad Bank Loans for more savings.
Repair or Extension or Extension of the existing house:
1) For repairs: rupee 10 lac maximum is provided to the customer in case of demand of repair of the house.
2) For extension: In case the customer desires to extend his/her existing house, he/she can avail a maximum of 15 lac of United Housing Loan.
United Car loan
Purpose: For the purchase of a new or old car.
Eligibility Criteria:
- For a salaried person with the takeaway income of 25000 rupees after the deduction of the EMI of the proposed loan can be eligible to apply for the loan. In case the customer will have a pensionary income he/she can extend the repayment age up to 70 years.
- For a businessman, professional and Self-employed, maximum entry age would be 65 years. HDFC Bank Loans also provides car loans at low interest rates compared to other banks.
Quantum:
- Individuals can have a maximum of 40 lac for United Car loan.
- The old car should not be older than 36 months.
Margin:
New Car – 15 % of the road price of the vehicle.
Old car – 25 % of the valuation of the old car that is certified by the valour.
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United Education Loan Scheme
If the student has an Indian nationalism and has secured in any of the below institutes. He/she will be eligible to opt for the United Education loan scheme for their higher studies. SBI Loans also provides the education loans at low interest rates to their valuable customers. United Bank of India also provides best offers on United Bank of India Debit Cards and United Bank of India Credit Cards .
Courses eligible to study in India:
- Post Graduation Courses: Masters and Ph.D.
- Professional Courses: Engineering, Agriculture, Medical, Veterinary, Management etc.
- Computer certificate courses
- Courses conducted by IIT, IIM, NIFT, IISC etc.
- Evening courses of approved Institutes.
Eligibility: The student needs to be of Indian national and has to pursue a technical or professional degree from any recognized college and has been selected through entrance exam or through a merit-based selection process. you can check your loan status with United Bank of India Internet Banking.
Quantum of loan: For any studies in India a maximum up to 10 lac rupee can be sanctioned and for studies abroad maximum up to rupee 20 lakhs can be sanctioned.
FAQ’s Related to United Bank of India Loans
- What are the details of repayment of the United Housing loans Scheme?
A) Repayment will be for a maximum period of 30 years and the tenure is also fixed on the basis of the age of the applicant.
B) If the salaried person justifies that after the retirement he or she can pay the amount by the source of some interest or deposit or pension then the loan can be extended for the age limit of 70 years.
C) For the professional and self-employed person, the loan shall be paid until the age of 70 years.
2. What is the processing charge that is levied on the United Housing Loan Scheme?
- What is the rate of interest for the United Housing Loan Scheme?
- What is the processing charge for united car loan?
- What is the margin for United Education Loan Scheme?
