UBI loans for IB staff

United Bank of India (UBI) has tied-up with the Intelligence Bureau (IB) of police for disbursing home loans at easy terms and conditions.

Under the scheme, all of 800 IB employees will be eligible for the scheme under which IB employees will be provided loans at competitive rates for construction of house on land, purchase of land for house-building and purchase of flats.

Loans will also be provided for building flats on a co-operative basis. Employees will also be eligible for personal and other kinds of loans at no additional mortgage once an employee takes a housing loan from the Bank.

"The police department has a tremendous contribution to the society and our tie-up is to provide some sort of return to them. The tie-up was a gratitude to the police authority. We are also talking to other government departments for tying up for such loan disbursal schemes," explained the chairman and managing director of UBI, Madhukar.