United Bank of India
United Bank of India

United Bank of India

United Bank of India is an Indian government-owned financial services company headquartered in Kolkata. Founded in 1950, the Bank presently has a three tier organizational setup consisting of its Head Office in Kolkata, 35 Regional offices and 2005 branches spread all over India. Its major presence, however, is in eastern India. United Bank of India services It is in the process of undertaking international expansion. United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. Today, the Bank is 100% CBS enabled, and has a total business of more than Rs. 2 lakh crores. Post-nationalization, it expanded its branch network in a huge way and took active participation in the developmental activities, particularly in the rural and semi-urban areas.

About United Bank of India

Union Bank of India financial services has discharged a key role in spreading banking services in different parts of the country, particularly in Eastern and North-Eastern India. It has also sponsored 4 Regional Rural Banks. Further, it had established two floating mobile branches on motor launches in an endeavor to make banking services to the people living in the areas of the Sunderbans in West Bengal, which are not easily accessible. These mobile branches moved from island to island on different days of the week; however, these were discontinued with the opening of full-fledged branches at those centres.

Operations of all the branches have now been computerized and Electronic Fund Transfer System has come to be implemented in the Bank’s branches. Amongst the delivery channel based products of Bank are, debit card, prepaid card, ATM, Internet Banking, Mobile banking, Tele Banking, SMS Banking, etc.

Vision and Mission

The vision of the Bank is to emerge as a dynamic, techno savvy, customer centric, progressive, and financially sound premier bank of the country with pan-Indian presence. It focuses on business growth and profitability with strong emphasis on risk management. It emphasizes on nurturing an environment of professionalism, trust and transparency, adhering to the highest standards of corporate governance and corporate social responsibilities. The motto of the Bank is to meet the expectations of all its stake holders as well as the aspirations of its employees. A relentless pursuit of excellence is the core philosophy and driving force of United Bank of India banking services.

United Bank of India Loans

United Bank of India Home Loan: the housing loan scheme serves the purpose of purchase/construction /extension/repairs/renovation/furnishing of residential house/flat including the purchase of land and construction thereon. It can also be availed for takeover of the Housing Loan from other Banks/Housing Finance Companies. Any individual above 21 years of age having regular income, i.e. salary/business/professionals and self-employed persons. Self-employed borrowers or business persons can also apply for this loan, provided they have been in a particular trade or profession for at least 2 years. The quantum of loan depends on the location of the house/flat/property- in metro cities, it is a maximum of 300 lakhs, in urban centres Rs. 75 lakhs, in semi urban centres up to Rs. 45 lakhs, and in rural areas, up to Rs. 25 lakhs.

Further, according to the United Smart Loan Scheme, existing home loan borrowers having completed at least 2 years of repayment schedule can get additional finance for any purpose at easier terms and conditions. Under this category, the minimum quantum of loan is Rs. 20,000, while the maximum ceiling is Rs. 5 lakhs, with the quantum of finance being the principal amount of exiting housing loan repaid. United Housing Loan for Pensioners is available to all pensioners of Central and State Governments, Central and State Govt. Undertakings, Defense Services, reputed companies, educational institutes (Universities, Institutions, Schools, and Colleges) including UBI pensioners. The monthly net pension of the borrower should be at least Rs. 5,000, and the age at the time of availing loan should not be more than 70 years.

United Bank of India Personal Loan : salaried individuals who are worried about financing personal needs, such as a marriage ceremony, a major surgical operation, overseas education, etc. can apply for this loan. He/she needs to have a permanent service and a regular income for at least 2 years to fulfill the criteria. Also, the net take home salary after all the deductions , including EMI of the proposed loan should not be less than 40% of gross monthly salary or Rs. 15000, whichever is higher. The maximum amount of loan under this scheme is Rs. 2 lakhs or 10 months’ gross salary, whichever is less. However, United Bank of India loan advantage is that a higher amount may be sanctioned at the Bank’s discretion.

There is also a Personal Loan from United Bank of India scheme for assisting pensioners to aid them in meeting various family and personal needs post-retirement. The applicant should be a pensioner of Central and State Governments, Central and State Governments’ Undertakings, Defense Services, reputed companies, educational institutes (Universities, Institutions, Schools, and Colleges) and drawing pension from any UBI branch. The age of the borrower at the time of availing loan should be such that the entire loan is repaid before he/she attains 75 years of age. The quantum of loan is a maximum of Rs. 2 lakhs subject to 12 months’ gross pension.

United Bank of India Loan Against Property : The chief objective of the United Mortgage Loan is to provide term loan or OD against mortgage of house/flat or any other commercial property to the owner of the property (excluding agricultural land or any other vacant land). Any individual (salaried/professional/self-employed/pensioner/others) falling within the age bracket of 21 to 65 years having property to be mortgaged can avail this loan, as laid down by United Bank of India loan against property eligibility criteria. Proprietorship/partnetship firms/companies are also eligible for this loan. The quantum of loan in rural areas is Rs. 5 lakhs, in semi-urban areas, Rs. 100 lakhs, in urban centres Rs. 300 lakhs, while in metros, it is Rs. 500 lakhs.

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