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United Bank Business Loan Jul 2021

United Bank Business Loan Interest Rates India

Last Updated 15th Jul 2021

United Bank of India offers Business Loan starting at interest rate of 13.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 13.00%
Processing Fee 1.15%
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,275
Loan Amount Min ₹ 5 Lakh and Max ₹ 15 Lakh
Part Payment Facility 2% of Outstanding Balance
Foreclosure Facility 2% of Outstanding Balance

United Bank of India has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on United Bank of India Business Loan.

Apply for Business Loan @ 14.00%*

United Bank Business Loan Details

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:

Factors affecting United Bank Business Loan Rates

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

Loan amount

Business loan rate in United Bank of India depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 5 Lakh to upto ₹ 15 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

United Bank of India offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from United Bank of India, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

United Bank of India will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 50,00,000

Time in Business

United Bank of India offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from United Bank of India is 24 months.

Lowest United Bank of India Business Loan Interest Rates

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%.

United Bank of India Business Loan Rate Trends of Last 1 Year

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%

United Bank Business Loan Eligibility Criteria

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 Business Loan Products

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

United Bank of India Business Loan Fees and Charges

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

Documents Required for United Bank Business Loan

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

United Bank Business Loan Eligibility Calculator

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.

How to Apply United Bank of India Business Loan Online at MyLoanCare?

  • 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.

FAQs

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.

United Bank of India Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 1800-345-0345
Ahmedabad 1800-345-0345
Ambala 1800-345-0345
Anand 1800-345-0345
Aurangabad Bihar 1800-345-0345

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United Bank Business Loan News - Jul 2021
  • 2021-07-15 : UBI and OBC merged with PNB
    After the merger of UBI and OBC with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
  • 2019-11-01 : United Bank of India and Srei Equipment to co-lend loans
    The United Bank of India, collaborated with Srei Equipment Finance Ltd to form a co-lending arrangement that could provide loans to the MSME sector. The partners organized loan Utsav in around 20 cities in the country. Loans were provided for the purchase of construction equipment of up to 90 percent of its total value, for a tenure of up to 5 years with EMI facility.
  • 2019-10-31 : United Bank of India reports net profit at Rs 124 crores in Q2
    United Bank of India reported a net profit of Rs 124 crores in the second quarter of the present fiscal year, with its total income rising to Rs 3,013.74 crores. Further, the bank reported a decline in the non-performing assets like bad loans such as personal and business loans to 15.51 percent from 22.69 percent.
  • 2019-07-31 : United Bank of India posted Rs. 105 crore profit in the first quarter
    United Bank of India (UBI) has reported a profit of Rs. 105 crore during the first quarter of FY19-20 as against Rs. 389 crore loss a year ago. The total banking business grew by around 3% during this period. Following the footsteps of other lenders, UBI is also planning to bring down the fixed deposit rates after some time. Moreover, it is planning to achieve growth across retail loans and MSME loans to 60% by 2020.
  • 2017-12-22 : online classifieds player Quikr
    After the mounting pressure from Reserve Bank of India, the  United Bank of India has started to step up efforts towards financial improvement, planning a turnaround by March 2018. The central bank has imposed additional restrictions on United Bank of India under the Prompt Corrective Action (PCA) framework. The bank will close 8 to 10 branches and many of its ATMs. It is also considering selling Rs 1,500 crore worth loan to ARCs in this quarter.
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