Union Bank Business Loan Calculator
The automated Union Bank of India business loan EMI calculator was created to make calculating EMI amounts for all borrowers simple and quick. You can use an EMI calculator available online for free and for as many tries as required, inputting different amounts and tenures. You can analyse the EMI amount, total interest paid, and the amount due upon maturity to determine which EMI best suits your financial obligations.
Features of Union Bank Business EMI Loans Calculator
There are a lot of features of the Union Bank Business EMI Loan calculator, and some of them are listed below:
- Accuracy in determining the EMI amount.
- Determines the exact value of the Loan amount
- Assists in getting the correct figure for your payments
What are the Benefits of Calculating a Union Bank Business Loan EMI Online?
Calculating Union Business Loan Online can benefit anyone who wants a Business Loan. Enlisted below are some of the notable benefits:
- Displays the exact amount of the EMI for the business loan that is being used
- Assists with time savings and effective loan planning
- Uses an amortisation schedule to show a thorough overview of the loan taken out.
- Aids in better financial planning for the future
- Option to select different schedules and EMI instalment lengths following your needs
- Term loans and financing for MSMEs are available to meet the applicants' needs for working capital.
- The interest rates on MSME loans are fair.
Union Bank Business Loan EMI Calculator Formula and how Does it Work?
A basic mathematical formula is used to calculate the Business Loan EMI. The EMI formula is straightforward, which makes it easier to determine the exact amount. The three factors used to calculate the EMI are the loan amount, interest rate, and tenure.
E = P x R x (1 + R) ^ n / ((1 + R) ^ n-1)
- P = Principal Amount
- R = Interest Rate
- N = Total number of months during the loan tenure.
Things to Consider While Calculating a Union Bank Business Loan
There are majorly three things to consider while calculating the Union Business Loan EMI:
The amount you plan to borrow will determine your EMI. The EMI is high when the amount is higher and low when the amount is lower. But it also depends on how long an individual will take to repay the loan. Usually, financial institutions cater to requests for smaller loan amounts at attractive interest rates compared to higher loan amounts, as they bring a higher risk factor. Therefore, applying for a loan amount that complies with your financial situation and goals without adding undue stress is important.
This factor is crucial in determining loan EMIs. It should only be selected after carefully weighing the loan possibilities provided by various lenders. The interest rate in a business loan is the cost that the Union Bank will levy from a customer against the sanctioned loan. A strong credit score will allow you to avail of a business loan at a lower interest rate, whereas a low credit score will lead to higher interest rates. If you can secure a business loan at a lower interest rate, your repayment will be low. On the flip side, if you secure a loan with a higher interest rate, your repayment will increase.
The loan tenor, also known as the repayment period, is crucial in determining the EMI. While a shorter tenure ensures a higher EMI, a longer-term ensures a lower EMI. Keeping this in mind, it is vital to plan a manageable term to prevent paying more interest.
Quickest Way to Get a Business loan from Union Bank?
One can easily apply for a Union Bank Business Loan through Urban Money. It is straightforward for anyone to use. However, some mandatory documents are required to submit the loan application successfully. Those essential documents are listed below.
PAN card, Passport, Voter Identification card, MAPIN card, or Driver's License.
Proof of Residence
PAN card, Passport, Voter Identification card, MAPIN card, or Driver's Licence.
Proof of Age
Documents of Financial Proof
Two years worth of income tax returns, a balance sheet that has been examined by a certified Chartered Accountant (CA), two years' worth of profit and loss statements, and a statement outlining the business transaction
Bank statement of business account and personal account for the last two years.
Business Ownership Proof
Bank statement of business account and personal account for the last two years.
An application with the correct details and passport-sized photographs is required to complete the process.
Need Loan Assistance?
Connect with Loan Advisor Now!
Know More About
Union Bank Of India's Ifsc Codes
- Union Bank Of India Andhra Pradesh
- Union Bank Of India Assam
- Union Bank Of India Bihar
- Union Bank Of India Chandigarh
- Union Bank Of India Chhattisgarh
- Union Bank Of India Delhi
- Union Bank Of India Goa
- Union Bank Of India Gujarat
- Union Bank Of India Haryana
- Union Bank Of India Himachal Pradesh
- Union Bank Of India Jammu & Kashmir
- Union Bank Of India Jharkhand
- Union Bank Of India Karnataka
- Union Bank Of India Kerala
- Union Bank Of India Madhya Pradesh
- Union Bank Of India Maharashtra
- Union Bank Of India Manipur
- Union Bank Of India Meghalaya
- Union Bank Of India Mizoram
- Union Bank Of India Orissa
- Union Bank Of India Pondicherry
- Union Bank Of India Punjab
- Union Bank Of India Rajasthan
- Union Bank Of India Tamil Nadu
- Union Bank Of India Telangana
- Union Bank Of India Tripura
- Union Bank Of India Uttaranchal
- Union Bank Of India Uttar Pradesh
- Union Bank Of India West Bengal
- Axis Bank Business Loan Calculator
- ICICI Bank Business Loan Calculator
- HDFC Bank Business Loan Calculator
- Bank of Baroda Business Loan Calculator
- Canara Bank Business Loan Calculator
- State Bank of India Business Loan Calculator
- IndusInd Bank Business Loan Calculator
- Punjab National Bank Business Loan Calculator
- YES Bank Business Loan Calculator
- Federal Bank Business Loan Calculator
- IDBI Bank Business Loan Calculator
- CITI Bank Business Loan Calculator
- IDFC FIRST Bank Business Loan Calculator
- Deutsche Bank Business Loan Calculator
- RBL Bank Business Loan Calculator
- DCB Bank Business Loan Calculator
- Kotak Bank Business Loan Calculator
Union Bank Of India's Products
Union Bank Of India's Calculators
Fixed Deposit Rate
Frequently Asked Questions (FAQs)
What is the rate of interest on a business loan in union bank?
Union Bank’s business loan’s rate of interest is 9.50% p.a – 14.80% p.a.
Can I get a business loan of 10 lakhs from union bank?
One can get a business loan from 10 lakh to 10 crores for procuring machinery and equipment and ongoing working capital requirements from Union Bank. The loan can also be used to pay off large debts. Under this program, borrowers can obtain a business loan with interest rates starting at 9.50% p.a.
What is the EMI calculation formula for a business loan from Union Bank?
One can easily calculate the business loan of Union Bank from the Urban Money Business Loan EMI calculator.
Will a business loan’s EMI change in case of prepayment in union bank?
If the loan is repaid using verified internal funds, there is no penalty for the prepayment in Union Bank.
Why should I calculate union bank business loan EMI before taking a loan?
One should calculate Union Bank Loan EMI before taking a loan to get a good idea of your monthly financial commitment and the approximate loan term.
What is the Union Bank business loan processing fee?
Union Bank’s loan processing fee depends on the loan amount. For the amount of Rs.2 lacs, Rs. 1000/- per loan is charged, loans ranging from 2 lacs – 5 crores, 1.30 % of limit subject to a minimum of Rs. 3000, and loans ranging from 5 crores – 25 crores 1.10 % of limit subject to a minimum of amount.
Get your latest Credit Score, FREE
Business Loan Guide
Get in-depth knowledge about all things related to loans and your finances
What is a Long-Term Loan?
A long-term loan is a type of financing that provides borrowers with a substantial amount of money to be repaid over an extended period, typically exceeding one year. Unlike short-term loans that are
Dairy Farm Loan in 2023-24 : Online Procedure
Dairy farm business loans are available to anybody who wants to start, run, or improve their own farms. A small dairy unit with two to four mulch cattle can be established, as can a medium or large da
Corporate Identification Number (CIN)
CIN or Corporate Identification Number is a unique identification numeric sequence assigned to registered companies in India by a registrar of companies popularly known as ROCs. The Corporate Identifi