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.
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.
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:
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,
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.
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.
Year | Interest | Principal | Total | Outstanding Loan Amount |
2022 | 25,228 | 1,33,874 | 1,59,102 | 2,23,322 |
2023 | 16,748 | 62,803 | 79,551 | 3,57,197 |
2024 | 13,393 | 1,45,707 | 1,59,100 | 77,615 |
2025 | 1,936 | 77,616 | 79,552 | 0 |
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:
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.
Go through the following points to learn about some of the significant advantages of using the Union Bank personal loan interest rate calculator:
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:
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
Union Personal Loan – Non-Salaried Employees
Union Personal Loan – Special Retail Lending Scheme for Government Employees
Union Women Professional Personal Loan Scheme
Union Professional Personal Loan
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.
Other Banks Personal Loan EMI Calculator:
1. IDFC Personal Loan EMI Calculator
2. IDBI Personal Loan EMI Calculator
3. Bank of India Personal Loan EMI Calculator
4. Indusind Personal Loan EMI Calculator
5. Canara Bank Personal Loan EMI Calculator
6. Axis Bank Personal Loan EMI Calculator
7. Indian Bank Personal Loan EMI Calculator
8. YES Bank Personal Loan EMI Calculator
9. Bandhan Bank Personal Loan EMI Calculator
10. Central Bank of India Personal Loan EMI Calculator
11. Ujjivan Small Finance Bank Personal Loan EMI Calculator