United Bank Business Loan Jul 2021

United Bank of India offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan United Bank of India.

Key Features of United Bank Business Loans

• Purpose of Loan: You can avail United Bank business loan to expand or modernise your business, purchase assets, set up new units etc.
• Loan available for self employed professionals and non-professionals.
• Borrowers within the age group of 25 and 65 years can avail United Bank business loan.
• Security: Both Secured & Unsecured
• Loan Tenure can range from 12 to 60 years.
• United Bank business loan interest rates are in the range of 13.00% to 13.00 %.
• United Bank Bank business loan EMI per lakh starts from ₹ 2,275.
• Processing Fee: 1.15%
• Special schemes: Some of the special business loan offers of United Bank are:
• United Trade Credit

There are multiple factors on which United Bank of India calculates your interest rate. Some of these factors are -

Currently, the lowest business loan rate offered by United Bank of India starts at 13.00%. There has been no change in the lowest interest rate of United Bank of India business loan interest rate for a long time and the interest rate continues to be in the range of 13.00% to 13.00%.

Last Updated Date	Interest Rates
31 Mar, 2021	13.00%
25 Mar, 2021	13.00%
07 Jan, 2021	13.00%
10 Aug, 2020	13.00%
05 Aug, 2020	13.00%

To avail United Bank of India business loan, you need to fulfill the eligibility criteria as mentioned below:

• Age : United Bank of India offers business loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
• Loan Amount : Based on the loan amount eligibility, United Bank of India gives you loan amount ranging from ₹ 5 Lakh to ₹ 15 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
• Profitability and Revenue : United Bank of India requires profit for minimum 2 years and minimum business turnover of ₹ 50,00,000.
• Business Stability : United Bank of India requires a minimum business track record of 24 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
• ITR and Banking : United Bank of India gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 24 months & 0 months respectively.
• CIBIL Score : United Bank of India will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

United Bank of India offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

• United trade credit offers working capital to the business enterprise in the form of overdraft or term loan.

In addition to interest rates, business loan also carry some other charges which include:

• Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. United Bank of India allows prepayment of loan after paying 0 EMI’s with prepayment charges - 2% of Outstanding Balance
• Processing Fee : United Bank of India asks for a processing fee of 1.15% with applicable service tax

To apply for United Bank business loan, you need to submit the following documents:

• Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
• Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
• Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
• Copy of Income Tax PAN for 24 months
• Bank statement of last 6 months

You can calculate your eligibility for United Bank of India business loan using an online United Bank business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

• In order to get the best offers on a business loan and compare United Bank business loans with other banks, you can apply online through MyLoanCare here.  
• MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  United Bank of India.
• Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

✅Why to take business loan from United Bank of India?

United Bank of India is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 13.00%. The bank also charges a low processing fee starting from 1.15%. Along with that, the bank also offers special business loan schemes such as United Trade Credit , & etc.

✅Has United Bank of India reduced the business loan interest rate?

Currently, the lowest business loan rate offered by United Bank of India starts at 13.00%. There has been no change in the lowest interest rate of United Bank of India business loan interest rate for a long time and the interest rate continues to be in the range of 13.00% to 13.00%.

✅What is the interest charged on United Bank of India business loan?

United Bank of India offers business loans at attractive rates ranging from 13.00% to 13.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

✅What is the lowest EMI per lakh on business loan from United Bank of India?

If you apply for loan from United Bank of India, your lowest EMI per lakh will be ₹ 2,275.You can calculate your EMI on business loan for different tenures at min business rate starting at 13.00% using MyLoanCare business loan EMI calculator.

✅What is the minimum and maximum tenure of business loan in United Bank of India?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

✅How much business loan amount I can borrow from United Bank of India?

United Bank of India offers you business loan for loan amount ranging from ₹ 5 Lakh to a maximum amount of ₹ 15 Lakh. Loan amount eligibility in United Bank further depends upon your income, and repayment capability.

✅What is the processing fee charged by United Bank of India on business loan?

United Bank of India charges a processing fee 1.15% with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

✅Is age an eligibility factor to get loan for business from United Bank of India?

Yes, age is an important eligibility factor to get a business loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

✅What are the prepayment charges on business loan from United Bank of India?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by United Bank of India is 2% of Outstanding Balance.

✅What are the business products offered by United Bank of India?

United Bank of India offers various business products for self-employed professionals and non-professionals. These are listed below:

• United Trade Credit

✅What is the time period of repayment of business loans in United Bank of India?

United Bank of India provides business loans for a maximum tenure of 60 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

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