United Bank of India Personal Loan Interest Rate Vellore

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About United Bank of India Personal Loan Interest Rate Vellore

What is United Bank of India Personal Loan Vellore?
A personal loan can take from a bank, credit or financial company to an individual or group for non-commercial use. A personal loan is a kind of an unsecured loan in which the borrowers do not have any guarantee or security to secure the repayment of the loan.

United Bank of India personal loan is a loan taken with easy cash and convenient, with no equity. The use of a personal loan is the discretion of the person getting the loan.

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What is United Bank of India Personal Loan Interest Rate Vellore?
United Bank of India Personal Loan Interest Rate helps you tide on a contingency. Like all loans, you pay interest for the borrowed sum. In exchange for lending money, the bank receives an interest based on a fixed rate which is set on an annual basis.

Bank breaks the repayment of the loan in installments where the capital and the interest rate of the loan are reduced during the loan period. Bank can charge a minimum interest rate from its customers by following the base rate system.

Facts about United Bank of India Personal Loan Interest Rate Vellore
Some facts about the united bank of India personal loan interest rate are as follows:

  1. If you have a good credit score, you can easily get a good personal loan interest rate.
  2. If the loan is repaid over a large number of installments, then the rate of interest and a grand total of the interest paid are higher.    
  3. Interest rates are lower for secured a personal loan and higher for an unsecured personal loan.

United Bank of India Personal Loan Interest Rate Types

United Bank of India Personal Loan Interest Rate Vellore

  1. Fixed interest rate: In fixed interest rate, the interest rates do not change during the fixed period of a loan. It is basically locked for the duration of the agreement. The fixed interest rate is totally depended on the lender assumption. The fixed rate goes high if the discount rate is low.
  2. Variable interest rate: In variable interest rate, the rates vary on the changes in the cash rate. These interest rates change at any given time due to the guidelines offered by providers.
  3. Partially fixed interest rate: In partially fixed interest rate, the customer has two choices either he pay a partial interest rate on one part of the loan or pays the variable interest rate on other. It is the responsibility of the creditor to give guidelines on this type of rate to the borrower.

United Bank of India Personal Loan Interest Rate Determination
Factors to determined the interest rate of united bank of India on personal loan in Vellore:

The interest rate is determined when investment is equal to savings in the economy. The interest rate is actually calculated on monthly basis. The four factors should be balanced to reach the equilibrium interest rate. These are demand and supply for money, savings, and investments.

United Bank of India Personal Loan Interest Rate Vellore: Benefits
Following are the benefits of united bank of India personal loan interest rate in Vellore:

  1. Loan amount: up to 15 Lacs
  2. Loan repayment period/Tenure: varies up to 60 months
  3. Simple documentation procedure
  4. Faster processing
  5. Repay with easy EMI

United Bank of India Personal Loan Interest Rate Vellore: Loan Features
Details of united bank of India personal loan interest rate are:

  1. Minimum loan amount: Rs.50000
  2. Maximum loan amount: Rs.1500000
  3. Minimum loan tenure: 1 year
  4. Maximum loan tenure: 5 years
  5. Minimum interest rate: 12%
  6. Maximum interest rate: 18%

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United Bank of India Personal Loan Interest Rate Vellore: Fees and Charges
Following are fees and charges offered by United bank of India on personal loan interest rate:

  1. Processing fees: 3%
  2. Prepayment charges: 5%
  3. Late payment penalty: 2%
  4. Comment on charges: booking fee-2.5%

United Bank of India Personal Loan Interest Rate Vellore: Important Factors
Following are the factors which determine united bank of India personal loan interest rate:

  1. Company status
  2. Income
  3. Credit and payment history
  4. Relationship with the bank you intend to take a loan from

United Bank of India Personal Loan Vellore: Eligibility Criteria
Salaried Person

  1. Minimum age: 21 years
  2. Maximum age: 60 years
  3. Minimum annual income: Rs.1,20,000
  4. Net monthly income: Rs. 20,000/- & above
  5. Total experience in employment: 3 years and above
  6. Current experience: 6 months and above

Self Employed Person

  1. Minimum age: 25 years
  2. Maximum age: 65 years
  3. Minimum annual income: Rs.1,20,000
  4. Total experience in employment: 3 years and above

United Bank of India Personal Loan Vellore: Documents Required
Salaried Person

  1. Passport size photograph
  2. Latest 2-month salary slip
  3. Last 3 months bank account statements
  4. Identity proof: Passport/Driving license /Photo credit card/Voter’s ID/PAN card
  5. Residence proof: Passport copy/Telephone or Electricity bill/ Ration Card/Bank statement

Self Employed Person

  1. Passport size photograph
  2. IT returns for the last 2 years
  3. Last 6 months bank account statement
  4. Balance sheet and P&L account for last 2 years certified by CA
  5. Identity proof: Passport/Driving license /Photo credit card/Voter’s ID/PAN card
  6. Residence proof: Passport copy/Telephone or Electricity bill/ Ration Card/Bank statement
Leading Personal Loan Providers (Click to Apply)
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