United Bank Business Loan Interest Rate Oct 2019
United Bank of India Business Loan Interest Rates India
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
| Loan for Self Employed | Features |
|---|---|
| Processing Fee | 1.15% |
| Tenure | From 12 months to 60 months |
| Lowest EMI per lakh | ₹ 2,275 |
| Loan Amount | Min ₹ 5 Lakh and Max ₹ 50 Lakh |
| Part Prepayment, Charges | 2% of Outstanding Balance |
| Early Foreclosure, Charges | 2% of Outstanding Balance |
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United Bank of India Business Loan
United Bank of India offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from United Bank of India:
- You can prepay part of your loan anytime after paying 1 % prepayment charges
- You can foreclose your entire Business loan anytime after paying 0 EMI's at foreclosure charges - 2% of Outstanding Balance
- United Bank of India has over 2,014 branches in India where you can avail service
United Bank of India Business Loan Interest Rate Calculator
There are multiple factors on which basis bank 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 ₹ 50 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
- CIBIL Score: United Bank of India offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from United Bank of India, your CIBIL score should be atleast 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 loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 0.
- Time in Business: United Bank of India offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from United Bank of India is 24 months.
United Bank of India Eligibility Criteria
Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:
| Eligibility Criteria | Description |
|---|---|
| Age: | 25 to 65 years |
| Minimum Turnover | ₹ 0 |
| Business Existence (in months) | 24 months |
| ITR (months) | 24 months |
| Loan Amount | ₹ 5 Lakh to ₹ 50 Lakh |
| Loan Tenure | 60 months |
| Owned House or Place of Work | Not Required |
| CIBIL Score | 750 and above |
United Bank of India Business Loan Eligibility Calculator
Eligibility of Business loan in United Bank of India relies on two important factor:
1.Your ability to repay the loan and
2.Your past track record in repayment of loans.
The main factors on which the eligibility of an applicant depends are
- Age: Age plays an important role to know your eligibility and repayment capacity. United Bank of India offers 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, bank gives you loan ranging from ₹ 5 Lakh to ₹ 50 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
- Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. United Bank of India requires profit for minimum 2 years and minimum business turnover of ₹ 0.
- Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. United Bank of India requires 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 loan.
- ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 24 months and bank statement for minimum 0 months will be required by United Bank of India.
- CIBIL Score: When checking loan eligibility, United Bank of India will look at the complete CIBIL report. United Bank of India will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.
United Bank of India Business Loan EMI Calculator
United Bank of India Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by United Bank of India is ₹ 2,275 per lakh loan amount. EMI of United Bank of India depends on factors like:
- Interest Rate: Higher the interest rate, higher will be the EMI. For a 60 months loan from United Bank of India at an interest rate of 13.00% per annum, EMI will be ₹ 2,275 per Rs. one lakh loan amount. At an interest rate of 13.00% for the same loan, the EMI will be ₹ 2,275 .
- Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 13.00% per annum, the EMI on United Bank of India business loan would range from ₹ 8,932 to ₹ 2,275 for loan tenure ranging from 12 to 60 months.
- Amount Borrowed: United Bank of India Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 5 Lakh, the EMI at 13.00% for 60 months would be ₹ 11,377 . Similarly for amount borrowed ₹ 50 Lakh, the EMI at 13.00% for 60 months would be ₹ 1.14 Lakh.
- Business loan EMI calculator of United Bank of India helps you to calculate your monthly EMI at different rate of interest
- United Bank of India EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
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:
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
- 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
Compare United Bank of India Business Loan with other banks
- Allahabad Bank
- Andhra Bank
- Bajaj Finserv
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- Bank of Maharashtra
- Citibank
- Corporation Bank
- DCB Bank
- Dhan Laxmi Bank
- Fullerton India
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IDFC First Bank
- IIFL
- Indian Overseas Bank
- IndusInd Bank
- Kotak Bank
- Lendingkart
- Neogrowth
- OBC
- PNB
- RBL Bank
- SBI
- Syndicate Bank
- Tata Capital
- United Bank of India
- Yes Bank
FAQs on Business Loan United Bank of India
Bank offers loan at 13.00% rate with the lowest EMI of ₹ 2,275 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to United Bank of India.
What is the interest charged on United Bank of India business loan?Interest rates on Business loan in United Bank of India are very attractive starting from 13.00% to 13.00%. Bank offer various offer for self employed professionals to get loan at 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 .
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 loan if you need a minimum amount of ₹ 5 Lakh to a maximum amount of ₹ 50 Lakh.
What is the processing fee charged by United Bank of India on business loan?United Bank of India charges a processing fee of 1.15% with applicable tax.
Is age an eligibility factor to get loan for business from United Bank of India ?Yes, age is an important eligibility factor to get 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 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 .
| City | Customer Care Number |
|---|---|
| United Bank of India | 1800-345-0345 |
| United Bank of India | 1800-345-0345 |
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| United Bank of India | 1800-345-0345 |
