This loan scheme is specially crafted for government employees to help them in their need of the hour concerning their financial goals and requirements. This is a multi-purpose loan and can be availed by government employees with minimum paperwork at attractive rates of interest through a hassle-free process. With access to this loan facility, you can fulfil all your urgent financial requirements, such as funding a wedding, overseas travel, higher education, etc.

Availing a personal loan depends on how urgent your financial obligation is. Since a personal loan is a flexible, unsecured loan and can be used for a variety of purposes, you should opt for a personal loan only when you need it and are confident of repaying it through monthly EMIs on time.

Since a personal loan is an unsecured loan, there is no collateral required for this loan.

• SECURITY
  • No security, subject to the condition that the Spouse of the applicant must join as co-applicant.
• GUARANTEE
  • In case the borrower is single/widow/divorcee, then the personal guarantee of one of the co-employee with sufficient means.

Under UBI’s Personal Loan - Special Retail Lending Scheme for Government Employees, the Quantum of Loan sanctioned is as follows:

• QUANTUM
  • Minimum Amount – No limit
  • The maximum quantum of the loan per individual is Rs. 25 lakhs, subject to repayment capacity.

The loans will be sanctioned either as a Term Loan (TL) or Overdraft (OD). However, the employees who do not maintain a salary account with us will be eligible only for the term loan facility.

Since the loans sanctioned under this scheme are either Term Loans (TL) or an Overdraft (OD), the repayment tenures are as follows:

REPAYMENT TENURE

• Term Loan:
  • The maximum repayment period will be seven years (84 months), subject to the condition that repayment should be a co-terminus with retirement.
• Overdraft:
  • On attaining the age of 55 years or 5 years before the retirement date, whichever is earlier, 20% of the OD limit will be reduced each year, leading to an adjustment of the entire OD limit on the retirement of the borrower.
  • Salary is to be credited to the OD account every month.
  • Interest should be serviced monthly by the borrower.

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No moratorium period is allowed under this scheme. The repayment shall commence from the succeeding month of the first disbursement of the loan.

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