Union Bank Personal Loan EMI Calculator

Financial crises may occur unexpectedly, necessitating sufficient money resources. With their flexibility and advantages, personal loans are trusty options for crisis situations and other financial necessities. The Union Bank Personal Loan EMI Calculator is a helpful feature that assists you in planning the loan effectively by calculating interest payouts and monthly instalments. Featuring easy-to-use functionality, the calculator makes it easy to plan a loan without compromising precision while saving effort and time.

Continue reading to explore the Union Bank Personal Loan EMI Calculator, its benefits, how to use it, and more.

What Is Union Bank Personal Loan EMI Calculator?

Union Bank personal loan calculator is an online, simple, accessible financial tool built to help you make effective financial decisions. This calculator will give you an accurate breakdown of monthly EMIs and help you calculate the loan amount according to your budgetary requirements and needs.

Thus, this calculator provides an instant prediction of monthly instalments for the personal loan opted for by Union Bank, similar to other banks. This procedure is seamless—enter the desired loan amount, loan tenure, preferred loan repayment duration, and current interest rates. Instantly, the screen estimates the EMI amount and lets you plan your finances. 

How Does a Union Bank Personal Loan EMI Calculator Help?

The Union Bank Personal Loan EMI Calculator is a potent tool that lets prospective borrowers determine their affordability and repayment capacity before taking a personal loan. Offering the correct EMI estimates allows users to plan their finances properly. This is how this calculator can assist:

• Correct EMI Calculation: Enables determination of exact monthly instalments so that there is a proper repayment plan.
• Eliminates Human Mistakes: Eliminates cumbersome manual calculations, minimising the chance of wrong results.
• Loan Comparison: Enables users to try various loan amounts, tenures, and interest rates to identify the optimal match for their budget.
• Free Unlimited Application: Access online free of cost, allowing several calculations to calibrate loan planning.
• Improved Financial Planning: Provides valuable information on loan amortisation, enabling borrowers to plan repayments confidently.

Union Bank Personal Loan EMI Calculator Formula

A proper understanding of the formula used in the Union Bank Personal Loan calculator enables borrowers efficiently manage their monthly repayments. The formula for EMI considers factors such as the loan amount, interest rates, and repayment tenure. This knowledge is essential for borrowers to plan finances effectively and make informed decisions. 

The EMI computation becomes complex with compounding interest rates. Here is the formula that is used in the process of calculating the EMIs of your loan:

EMI = P x r x (1+r)^n/((1+r)^n-1)

Where,

• P stands for the principal loan amount granted by the bank
• N indicates the tenure of the loan
• R is the applicable rate of interest

Union Bank Personal Loan EMI Calculator Example

Consider a simple example to understand the EMI calculation on a Union Bank personal loan. For instance, Mr Bimal borrows a personal loan from the Bank of India. He opted for this loan in July 2022, and the loan amount is Rs. 4.2 Lakhs for a tenure of 3 years. The Bank of India offered an interest rate of 8.5% at this time. 

Thus, the principal amount (P) = Rs. 4.2 Lakhs
Tenure (N) = 3 years, i.e. 36 months
Rates of interest ® = 8.5%

Putting the above values on the formula stated, the EMI on the loan amount opted for will be:

E = 4.2*8.5*(1+8.5) ^3/ ((1+8.5) ^3-1)

E = 13,258

The required monthly EMI amount totals up to Rs. 13,258. 

Union Bank Personal Loan Amortisation 

The amortisation or repayment schedule contains a detailed breakdown of your repayments throughout the predetermined tenure. It shows how the principal and interest of each EMI contribute to repaying the loan until the maturity date. Once you put in the required values, you can get the amortisation schedule for the entire tenure from the Union Bank personal loan calculator.

How To Use Union Bank Personal EMI Calculator

Using a Union Bank personal loan calculator involves zero technological complications and requires no prior expertise. Carrying a user-friendly interface, you can utilise it by following the below-mentioned steps:

• Visit the Union Bank personal loan EMI calculator portal.
• Enter the principal loan amount you wish to apply for.
• Provide the tenure throughout which you want to repay the loan.
• Now select the interest rate the bank charges for your chosen tenure and loan amount.

The calculator shall automatically calculate the EMIs and instantly show you accurate answers to EMIs you will have to pay per month throughout your chosen tenure. This way, you can try different combinations of the values until you are satisfied with the results based on your financial situation.

Union Bank Personal Loan EMI Calculator Advantages

Go through the following points to learn about some of the significant advantages of using the Union Bank personal loan interest rate calculator:

• User-friendly: The Union Bank Personal Loan EMI Calculator by Cleartax has a very user-friendly interface. You can use the calculator even without technological expertise or background. You will only require a stable internet connection and the input variables, and you will be ready to go.
• Instant and Right Solutions: The calculator saves you from manual computation, which consumes time and leads to wrong results. Using the Union Bank personal loan calculator, you can obtain correct results based on the variables you provide within minutes, thus saving time and effort.
• Helps in Managing Finances: Before making any financial commitments, learning about your loan repayment ability is essential. This calculator enables you to do that by providing accurate answers every time you use it. It allows you to understand which loan amount suits your financial situation and the timeframe within which you should repay it, acting as a budget management tool.
• Enables Constructive Comparison: The Union Bank personal loan calculator allows you to try out different combinations of variables required to calculate the EMIs for your loan, allowing you to compare several loan amounts. This way, you can assess and evaluate the loan amount you should take out without facing any financial setbacks.
• Offers Flexibility and Convenience: These online calculators can be accessed from anywhere, anytime, with a stable internet connection. You are not required to pay additional charges for using them, adding to your convenience.

Union Bank Personal Loan EMI Charges

Understanding the fees while opting for a personal loan from Union Bank of India helps you assess the loan's affordability, avoid any further unexpected expenses, etc. Here is a detailed overview of the fees for opting for different categories of personal loans with Union Bank of India:

• Union Personal Loan: Processing fee: 1% of the loan amount with a minimum fee of Rs. 500 and a maximum fee of Rs. 7,500
• Union Cash Loan for Pensioners: Processing fee: 0.10% of the loan amount, with a minimum fee of Rs. 100
• Union Women Professional Personal Loan Scheme (UWPPL)
  • Processing fee: No charges applicable
  • Overdue charges: for any default or delay in payments, the bank charges a penal interest rate of 2% per annum on the overdue amount, along with the applicable rates of interest

Union Bank Personal Loan Calculator Eligibility

The Union Bank personal loan eligibility criteria are simple and easy to meet. The bank provides various loan schemes that match the different applicant profiles. 

Let's explore the eligibility criteria in detail for each category of applicants:

Union Personal Loan – Salaried Employees

• Eligibility: Should be a permanent employee of any reputable private organisation in India
• Salary: Maintain a gross monthly salary of Rs. 15,000, and Rs. 20,000 is applicable for major cities that include Pune, Kolkata, Chennai, Ahmedabad, Delhi, Mumbai, Bangalore
• Bank Account: Must have a salary account with Union Bank of India

Union Personal Loan – Non-Salaried Employees

• Eligibility: Non-salaried employees with a regular source of income
• Age: Should be 25 years at the time of application and a maximum of 75 years during the maturity of the loan
• Bank Relationship: Should be a customer in the bank for at least 2 years and maintain a savings account with a quarterly balance of Rs. 25,000

Union Personal Loan – Special Retail Lending Scheme for Government Employees

• Eligibility: Should be a permanent employee of central or state government, PSUs, defence and other related organisations
• Age: Should be a minimum of 18 years of age

Union Women Professional Personal Loan Scheme

• Eligibility: Women individuals should have a minimum annual income of Rs. 5 Lakh
• Age: Non-salaried employees should be aged a minimum of 21 years, and non-salaried should be 23 years minimum

Union Professional Personal Loan

• Eligibility: Applicable for both salaried and non-salaried employees (that includes engineers, doctors, accountants and others)
• Age: Salaried individuals should be a minimum of 18 years, and non-salaried should be a minimum of 25 years

Union Bank Personal Loan Interest Rate

The Union Bank Personal Loan interest rates range from 11.50% to 15.20% per annum for loan amounts up to Rs. 15 Lakh. However, these rates vary based on the applicant's profile. For salaried individuals, loan amounts typically range from Rs. 50,000 to Rs. 10 Lakh, while pensioners and senior citizens can avail loans between Rs. 25,000 and Rs. 5 Lakh. The final interest rate is influenced by factors such as the loan amount, credit score, repayment tenure, and other eligibility criteria, leading to periodic fluctuations.

Briefly, the Union Bank Personal Loan EMI Calculator is a value addition that guarantees greater transparency and effectiveness in planning loans. Delivering precise EMI calculations makes loan choices and terms simpler. Due to its user-friendly interface, customers can easily analyse options, thus making well-informed financial decisions. Its convenience and reliability enable borrowers to meet their financial objectives while ensuring stability.