City Union Bank Personal Loan

About City Union Bank Personal Loan

Turn your dreams into reality by availing a personal loan from City Union Bank. A personal loan can fulfill many wishes like your child’s education, marriage, business extension, home renovation or credit card debt, etc. The loan gives you the opportunity to avail money instantly to meet all your requirements. By keeping in mind the comfort of the customers, City Union Bank offers Personal Loan product at one of the lowest personal loan interest rates and charges. The bank facilitates Personal Loan services with a hassle-free loan journey making it convenient for its customers.

Apply For Personal Loan

To know more about City Union Bank Personal Loan, kindly go through this article further.

City Union Bank Personal Loan Interest Rates

ParticularsDetails
Interest Rates16%-16.50% p.a.
Loan AmountFive times the net monthly salary or a maximum of ₹25000/-
Tenure3 Years

Eligibility Criteria

  • Permanent Employees of Central Govt, State Govt, Schools, Colleges and other reputed institutions or other reputed companies or organizations
  • The applicants must have a net monthly salary not below ₹5,000

Know Your Eligibility for City Union Bank Personal Loan

To get a personal loan, a person must meet the above-mentioned eligibility criterion that shows the basic criteria for the applicants. Other than the above details, the maximum loan amount that a person can take is also subject to change depending on the income and savings of the applicant.

Generally, banks give lower rates and higher funds to the customers who are working in a renowned company and earning a good monthly salary. To make it clearer, let us take an example.

Suppose you are receiving a net monthly salary of ₹40,000 working in a reputed firm. After you make the necessary expenses, you end up with a saving of ₹20,000. Now your saving is 50% of your income. The amount of saving will be used by the bank to compute your loan eligibility. However, the bank will get your per lakh EMI first by putting the values of maximum loan tenure and existing interest rates.

Amount- ₹ 1 Lakh
Interest Rate- 16%-16.50% p.a.
Loan Tenure-3 Years
Per Lakh EMI-₹ 3,516-3,540

After computing per lakh EMI, City Union Bank will calculate the loan amount eligibility as per the below formula.

Personal Loan Eligibility- ₹1,00,000 x savings/per lakh EMI
– ₹1,00,000 x 20,000/3,516= ₹5.68 lakhs
– ₹1,00,000 x 20,000/3,540= ₹5.65 lakhs

The verdict is out. You can take a personal loan of ₹5.65 lakhs-5.68 lakhs (approximately).

City Union Bank Personal Loan EMI Calculator

An EMI is a sum of interest and principal which is payable each month on a personal loan. If a person is looking for a personal loan, he would obviously be interested in knowing the monthly installments he will have to pay to the bank. With the help of the EMI calculator, you can get the idea of the monthly installments and other important payment details about the loan. By doing so, you can plan your monthly finances in advance and see the maximum loan amount you can afford.

Now, how City Union Bank calculates your EMI of Personal Loans? Well, the EMI calculation is done by the EMI calculator in a very easy way. You can also use the calculator and find the EMI by simply mentioning a loan amount, interest rate and tenure.
Example- You want to apply for a personal loan of ₹1,00,000 from City Union Bank for a tenure of 3 years. If we take the existing interest rate of 16%-16.50% per annum, the EMI, total interest outgo and total amount payable are expected to be ₹3,516-3,540, ₹26,565-27,456, and ₹1,26,565-1,27,456, respectively.

Refer to the below-given table to know your EMI, interest and total amount payable on the same amount of loan for different tenures.

Table showing EMI, interest outgo and total amount payable on your personal loan

Loan Amount
(in ₹)
Loan Tenure
(in Years)
Interest Rate
(in p.a.)
EMI
(in ₹)
Total Interest Outgo
(in ₹)
Total Amount (EMI+Interest)
(in ₹)
5,00,000116%-16.50%9,073-9,0978,877-9,1611,08,877-1,09,161
5,00,000216%-16.50%4,896-4,92017,511-18,0861,17,511-1,18,086
5,00,000316%-16.50%3,516-3,54026,565-27,4561,26,565-1,27,456

Amortization Table

YearPrincipal Payment
(in ₹)
Interest Outgo
(in ₹)
Balance Amount
(in ₹)
128,201-28,03913,991-14,44171,799-71,961
233,059-33,0319,133-9,44938,740-38,930
338,786-38,9783,438-3,5680

Documentation Required

SalariedSelf-employed
Duly Signed Application Form with PhotographDuly Signed Application Form with Photograph
Copy of Passport/Voter ID Card/Driving LicenseCopy of Passport/Voter ID Card/Driving License
Processing Fee ChequeProcessing Fee Cheque
Last 3 Months Bank Statement/6 Months PassbookLast 3 Months Bank Statement/6 Months Passbook
Latest Salary SlipLatest Bank Statement
Current Dated Salary Certificate with Latest Form 16Latest ITR or Form 16

Features and Benefits

  • Maximum loan amount
  • Easy loan repayment options
  • Both Residential and Commercial Property accepted as collateral
  • Quick loan approval
  • Attractive interest rates

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