Union Bank Personal Loan Calculator is an assistive tool that enables one to compute the outcome of the Union Bank Personal Loan. The tool is extensively used to create a roadmap of the future of expenses that come from the loan in form of interest payments. The Union Bank Personal Loan Calculator has many features that make it a lucrative option for anyone considering borrowing.
Financial emergencies are a part and parcel of life that can emerge in anyone’s fate without prior notice. One of the major ways to tackle this is to equip oneself with enough amount of monetary resources. Moreover, it is usually the case that one does not have the provision to put cash on the table. Consequently, personal loans are a go-to solution for many. Not only for emergencies, but personal loans are also a very versatile instrument that can be used for an array of reasons. For all these, Union Bank Personal Loan comes into play for its customers who can avail of the benefits of the bank’s financial assistance.
Union Bank Bank Personal Loan Calculator - Key feature
One of the major reasons why everyone uses the Union Bank Personal Loan Calculator is that it has various features to offer its users along with meticulously programmed with strong AI. The online tool is can be said to have the following key features.
- The tool is a major time-saver as it can compute loan outcomes in real-time.
- The Union Bank personal loan calculator interface is easy to use and gives users a hassle-free experience.
- It helps estimate the personal loan in terms of how the monthly recurring expense is structured.
- The tool provides clear data to the user.
- One has the provision to adjust the values of the loan easily with the tool.
- Can be used to create a comparative analysis of several interest rates across banks as well as use the tool to check the affordable loan amount one should apply for.
Why Should You Use Union Bank Personal Loan EMI Calculator?
Much of the reason one should use the Union Bank Personal Loan Calculator is included in the tool’s features. Other than that, firstly, users can utilise the results from the calculator to determine whether or not the personal loan scheme is suitable for them. Secondly, one can anticipate the approximate recurring monthly repayment structure in advance, which can help them smoothly get through the loan tenure. Moreover, when it comes to planning, one has to be prepared for emergencies. With the help of the Union Bank Personal Loan EMI Calculator, that part is taken care of. Lastly, it would be prudent to use a calculator rather than involve one’s time and energy in manual calculations. The Union Bank Loan EMI Calculator is error-free and saves time as well.
Union Bank Personal Loan EMI Calculator Formula & Example
When considering applying for a loan, a few things that can indirectly help a borrower make better financial decisions. Awareness of how EMIs are calculated may not make much difference but can still assist in crosschecking with actual bank offers. EMIs are calculated based on the interest rate, loan tenure, and loan amount. For interest rates that are compounded, the computation becomes somewhat complex. Here is how one can calculate the EMI:
P x R x (1+R)^N / [(1+R)^N-1]
- P stands for the principal borrowed amount,
- R denotes the interest rate,
- N denotes how many instalments will be there
For example, suppose you are applying for a personal loan with the Union Bank of INR 1 Lakh for an interest rate of 10 percent, for a tenure of 1 year. In that case, the Union Bank personal loan EMI calculator will depict the following terms.
Benefits of Using Union Bank Personal Loan EMI Calculator
Incorporating the use of Union Bank Personal Loan EMI Calculator makes computing, analysing, planning, and comparing an easy and hassle-free process. Before applying for a loan, it would benefit a borrower to know their financial capacity for a loan in terms of how much they can borrow. For that, awareness of one’s financial situation is a prerequisite. The Union Bank Personal Loan EMI Calculator helps users decide whether or not it would be feasible for them to afford the loan. This makes the calculator an efficient and beneficial tool to use. On top of that, the Union Bank loan EMI calculator has various benefits.
- The tool is easily accessible online. There isn’t any need to look around much.
- The outcomes are projected in real-time.
- One can use the tool as many times as one wants. There is no time or number of use limit defined.
- One of the main benefits of the Union Bank personal loan EMI calculator is the provision to make comparisons.
- The information about the Union Bank personal loan EMI calculator can be used for making more accurate financial decisions.
Factors Affecting Union Bank Personal Loan EMI
EMI or Equated Monthly Installments are a result of various factors, including the interest rate, the tenure of the loan, and the amount of loan sanctioned. These are, however, variables that keep fluctuating from borrower to borrower. If one wonders how these are decided, it takes in the factors based on the customer’s profile and borrowing history and adjusts per the bank’s policy. Some factors affecting Union Bank personal loan EMI are as follows:
- Union Bank personal loan interest rate: The first and foremost factor to consider is the prevailing interest rates per market standards. Banks must adhere to the market's performance and balance it with profitability and competitive rates.
- Loan Amount: Banks deploy loan capital concerning a few aspects such as the repayment capacity of the borrower, history of the applicant, and credit score. Since there are risks involved when sanctioning large amounts, it is only prudent for the bank to ensure they will get their money back. Furthermore, collateral makes it easier for a person to get the loan amount they need.
- Loan Tenure: Finally, the Union Bank personal loan EMI depends on the loan's duration. Borrowers can choose how long they require to repay a certain loan amount. The more the duration, the more interest they will be charged. Customers have to be smart about this as they expect to lower their expenses and meet their financial obligations. The EMI will be broken down as per the loan tenure. One can always use Union Bank's personal loan EMI calculator to foresee their expenses.
Comparison of Union Bank Personal Loan EMI with other Banks
With many financial institutions in place, customers have the advantage of various options. Consequently, banks are forced to keep the interest rates to a minimum per market standards. Moreover, Union Bank personal loan comes with competitive interest rates for applicants, helping them reduce their search efforts. With Union Bank Personal Loan Interest Rate around 12%, here is a list of banks with their personal loan interest rate offers so customers can easily compare the Union Bank personal loan EMI with other banking institutions.
|Bank Name||Personal Loan Interest Rates|
|Bank of Baroda||8.50% onwards|
|Kotak Mahindra Bank||11.5% to 24%|
|Punjab National Bank||10.45%|
|State Bank of India||10.50%|
|Avanse||10% to 16.50%|
|Allahabad Bank||9.20% onwards|
|Andhra Bank||10.80% onwards|
|Bajaj Finserv||12.99% onwards|
|Bank of India||9.35% onwards|
|Bank of Maharashtra||9.70% onwards|
|CASHe||33% to 36%|
|Central Bank||8.45% onwards|
|Early Salary||24% onwards|
|Federal Bank||11.49% onwards|
|Fullerton India||11.99% onwards|
|Home Credit||24% onwards|
Union Bank Personal Loan Amortisation Calculator
Customers applying for a Union Bank personal loan can gravely benefit from a Union Bank personal loan calculator. Individuals can use the online calculator tool to ascertain how their monthly recurring payments will appear. This is helpful in many ways. Firstly, users can use the data to assess whether or not they can afford the loan. Moreover, the information can assist in creating a financial layout of expenses. Also, the EMI will help the customer curb unnecessary spending.
Amortisation Schedule for a Personal Loan of INR 35 Lakh over 15 years
The table below pertains to the amortisation schedule for a personal loan of INR 35 lakhs over 15 years. The interest rate is assumed to be 9.05% p.a.
Union Bank Personal Loan EMI for INR 10 Lakh
The below table showcases the amortisation schedule for a personal loan of INR 10 lakhs over a period of 5 years. The interest rate is assumed to be 9.05% p.a.
Union Bank Personal Loan EMI for INR 20 Lakh
The amortisation schedule for a personal loan of INR 20 lakhs over a period of 5 years is shown in the table below.
Union Bank Personal Loan EMI for INR 25 Lakh
The below table shows the amortisation schedule for a personal loan of INR 25 lakhs over a period of 5 years. The interest rate is assumed to be 9.05% p.a.
Union Bank Personal Loan EMI for INR 30 Lakh
The amortisation schedule for a personal loan of INR 30 lakhs over a period of 5 years is shown in the table below. The interest rate is assumed to be 9.05% p.a.
Union Bank Personal Loan EMI for INR 50 Lakh
The table below pertains to the amortisation schedule for a personal loan of INR 50 lakhs over a period of 5 years. The interest rate is assumed to be 9.05% p.a.
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Frequently Asked Questions (FAQs)
What is the EMI of a 1 lakh personal loan in a union bank?
Union Bank offers attractive interest rates for personal loans. The interest rate ranges from 7.80% to 8.85%. If a loan availed of INR 1,00,000 is availed, the monthly EMI can range from INR 650 to INR 713.
How much personal loan can I get on my salary of 15000 from union bank?
Union Bank offers its customers an array of loans, including the Union Bank personal loan, to meet their various financial requirements.
What is the EMI for a 1.5 lakhs personal loan in union bank?
There is a general understanding that a loan can be sanctioned by a financial institution that is six times the borrower’s income. For an income of INR 15,000, the best scenario is that one can avail of a loan up to INR 9 Lakhs.
Is a CIBIL score required for a personal loan from Union Bank?
One can check their eligibility for requesting a Union Bank personal loan by visiting the bank’s official website or by getting in touch with a bank agent by visiting the bank’s nearest branch or getting in touch with a customer service representative of the bank.
What is the rate of interest on a personal loan in Union Bank?
Union Bank sanctions loans to various categories of individuals. The loan capital deployment can range from INR 50,000 to INR 10 Lakhs for a regular salaried person. The range for senior citizens and pensioners is INR 25,000 to INR 5 Lakhs.
What is the union bank personal loan processing fee?
Customers looking for a personal loan have to incur a processing fee depending on their loan amount. For loans up to INR 25,000, no charges are pressed. From INR 25,000 to INR 2 Lakhs, there is a fee of INR 1000 per loan. Moreover, for an amount ranging from INR 5 crore to INR 25 crore.
Why should I calculate union bank personal loan EMI before taking a loan?
It will be prudent to consider computing their personal loan EMI before applying to gauge the expenses involved. This can help the borrower analyse whether they can afford the loan. Moreover, with a prior calculation, they can also plan their finances.