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From 1st April 2021, the United Bank of India (UBI) and Oriental Bank of Commerce have been merged with Punjab National Bank. United Bank of India gives business loans to micro, small and medium enterprises (MSME) which are provided at affordable interest rates.
The amount of loan provided by UBI is dependent on the type of loan and business needs. The loan is normally sanctioned for a maximum tenure of 5 years which can be extended based on the borrower’s credit score. UBI’s key business loan details are provided below.
United Bank of India Business Loan - Features, Benefits, Highlights
| Loan Particulars | United Trade Credit | United Doctor Plus | United Mahila Udhyami Yojana | United Shilpi Card | United Udyogshree Yojana |
|---|---|---|---|---|---|
Maximum Loan Amount | Rs. 50 lakh based on 20% of projected yearly sales | Rs. 1 lakh - Rs. 2 crores | Up to Rs. 10 lakhs | Rs.25, 000 - Rs.10 lakhs | Up to Rs. 5 lakhs |
Interest Rate | From 12.85% | 0.25% lesser than MSME loan interest rate | Not fixed | Not fixed | Not fixed |
Tenure | Up to 60 months | 3 years - 5 years, with extension up to 7 years | Term loans: 3-5 years Cash credit: Maximum 12 months’ time since the date of withdrawal | Within 3 years | 3-5 years |
Other fees | Pre-payment fee charged at 2.36% of the outstanding loan balance | - | - | - | The processing fee is nil for loan amount up to Rs. 25,000 |
Margin | 0% against the value of house property or commercial building proposed to be mortgaged | Up to Rs. 5 lakh - 10% A loan above Rs. 5 lakh - 15% of the cost of equipment | - | - | - |
Security | Mortgage of free/ marketable immovable property/ securities like LIC policies, KVPs etc. | Hypothecation of equipment, machinery, vehicles, stocks and other moveable assets/mortgage of chambers and other immovable property | - | - | - |
Loan Scheme | Working Capital or Overdraft | Term Loan or Cash credit | Term Loan or Cash credit |
Points to Remember:
- Interest on business loans from the United Bank of India starts at the rate of 9.65% p.a.
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