Personal Loans India : Personal Loans from United Bank of India
There is only one difference between personal loan and this is secured or unsecured personal loans. Unsecured personal loans are given without security and of course they will have higher interest and that means more money you have to pay back. On the other hands secured personal loans mean lower interest but this kind of loan will use for security your property, your house or your car. So if you are sure that you can pay each month the loan you use as secure you home, if not dont choose this kind of personal loan.
If you are thinking about taking out a personal loan, then there are a number of things you should be aware of before signing anything. Although personal loans can be extremely useful for paying off debts or improving your cash flow, if you make mistakes then you can end up in financial trouble. If you know about these common personal loan mistakes and how to avoid them then you will find the right loan for your needs.Information about Personal loan for Salaried Persons from United Personal Loan
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 :
Revised w.e.f. 09.04.07
(Fixed)
14.75% p.a.A reduction of 0.25% p.a. in the interest rate shall be allowed if 50% of the loan is additionally secured by way of bank’s own term deposit, SV of LIP, NSC, KVP, Relief Bonds etc. duly verified and accepted by the bank.Sources : http://www.unitedbankofindia.com/