United Bank Of India Business Loan- Ideal for You

Business sector is the biggest contributor in the indian economy. For the proper functioning of every firm, money is the common asset which is the most efficient asset for the welfare of the enterprise. To purchase any asset like plant and machinery, land and building, or to start a new product line for the expansion of business funds are the foremost requirement.  

But each and every time the firm itself is not able to fulfil all of its financial requirements. There are many requirements which cannot be fulfilled by using the company’s funds such as growth and development of the company. At that time the company have to borrow some from the lender or some financial institution of banks.

A United Bank Of India Business loan is a good choice. It is a type of credit which specially intended for business purposes. It involves the creation of debt which will have to be repaid with added interest. These are considered to one of the best business loans.  

United bank of india is the most diversified bank of the country. It was established on 18 december 1950. It is the largest financer of consumer durables in the country. For specially  the self employed people this financial institution has launched this United bank of India business loans so that they can fulfill all their short term as well as requirements. This is very convenient for the people as it is the unsecured credit. It means that the applicant do not have to provide any collateral security against the credit amount.

Features of United bank of India Business Loans

• Unsecured loan: The credit offered by this financial institution is unsecured. It gives the applicant a benefit that he dono have to submit any property or car  or gold to borrow the credit amount. This credit is free from collateral security or guarantor. This gives the applicant a big relief and he will be able to enjoy the benefit properly.

• Interest : the interest charged on these type of credits can be charged as fixed rates as well floating rates. Fixed rates means the rate of interest will remain same and will not change throughout the credit tenure. The applicant have to pay fix installments even is the rate of interests goes high under the benchmark of the institution. Floating rates means the rate of interest which has to paid by the applicant will be changing throughout the credit tenure. These rates can be choosed by the applicant if he ha surety that the interest rates will decrease in future.

• Interest charged: The interest rates charged by this financial institution are very competitive and convenient for the individual. The interest charged by this institution are very low. The rate of interest which is to be paid by the applicant is charged at the rate of 9.65 per cent per annum to 14.80 per cent per annum.

• Loan tenure: The tenure is meant by the time period under which the applicant have to repay the credit amount along with the interest rates. The tenure of credit offered by the bank is up to 10 years. The applicant itself can choose the time period in which he can repay the whole amount of credit along with interest that will be charged on his united Bank of India business loan.

• Maximum loan amount: The maximum amount of credit  that can be borrowed by this financial institution very high. The applicant can borrow upto 2 crore INR as the credit.

Eligibility criteria for United Bank of India business loans

• Category: Any salaried employee of government or a private corporate is applicable for the credit in this institution. Even any self employed, professional, partnership firm and any private company can apply for the credit in this institution.

• Age: any salaried employee of government or private corporation will be eligible if his age is between 21 years to 58 years. Any self employed or professional who lies between the age of 21 years to 65 years can apply for the credit in this financial institution.

Documents required for United Bank of India Business Loans

• Duly signed application form

• Id Proof: Voter's ID/ passport/ Aadhar card/ Driving license/ PAN card/ in case of a company, signature identification from present bankers of proprietor, or partner of director.

• Address Proof: Latest telephone bill/ Electricity bill/ Rent Agreement/ property tax receipt/ passport

• Proof of Business address

• Last three years of balance sheet

• Income tax returns

• Sales tax returns / service tax returns

• Memorandum of association and articles of association or partnership deed of partners in case of partnership

• Balance sheet and profit and loss statement audited by CA of last two years

• Bank statement or form 16 or pass book

• Passport size photographs