Personal Loan Rates 2018 1606 views
Being one of the largest government-owned banks of India, founded in Mumbai, Union Bank of India is a name to reckon with. The Head Office building of the Bank in Mumbai was inaugurated by Mahatma Gandhi, and his prescient words on that occasion anticipated the tremendous progress of the Bank that it enjoys throughout the following decades.With a huge network of 4,129 ATMs spread across every nook and corner of the country, this bank with its various products caters the needs of all. Amidst its list of products, Union Bank Personal Loan plays a vital role in fulfilling the personal needs of all. To get more information about Union Bank of India Personal Loan, let's go deep inside into this article.
Table of Contents
- 1 Union Bank of India Personal Loan Details- One stop guide to know it all !
- 1.1 Eligibility Criteria for Union Bank of India Personal Loan – How Can You Be Eligible for the loan?
- 1.2 Union Bank of India Personal Loan Eligibility- Deduce your credit viability ?
- 1.3 Union Bank of India Personal Loan EMI Calculator- How much EMI are you going to pay ?
- 1.4 Documentation Required- Key Essentials to Keep in Mind
- 1.5 Features & Benefits of Union Bank of India Personal Loan- Why to Avail the Loan ?
Union Bank of India Personal Loan Details- One stop guide to know it all !
|Interest Rates||11.55%-14.40% p.a.|
|Loan Amount||Up to 10 Lakhs|
|Processing Fees||0.50% of the loan amount|
Eligibility Criteria for Union Bank of India Personal Loan – How Can You Be Eligible for the loan?
- The minimum age limit should be 21 years and maximum should be below 58 years.
- Applicant should be an existing customer of Union Bank
- Applicant should be a resident of India
- Customer should have a regular income and should be a salaried employee (Government service or a regular corporate job)
Union Bank of India Personal Loan Eligibility- Deduce your credit viability ?
Now let's understand how your eligibility gets calculated by using an eligibility calculator:
Let's say you have saved Rs. 45000 per month from your monthly income of Rs. 90,000. Once you have assessed your eligibility by taking into account the loan amount, tenure and rate of interest, you will be able to know the EMIs that you have to incur every month as a repayment towards the personal loan you are eligible for.
Amount- Rs 1 Lakh
Loan Tenure- 5 years
Rate of Interest- 11.55%-14.40% per annum
Your monthly EMI will be Rs.2,202- Rs.2,348
The Calculated Eligibility is as follows:
Rs.1 Lakh x 45000/2202=Rs.20.43 and Rs.1 Lakhx45000/2348=Rs.19.16 Lakhs
The loan amount you are eligible for lies between Rs.19.16 Lakhs – Rs.20.43 Lakhs.
Union Bank of India Personal Loan EMI Calculator- How much EMI are you going to pay ?
Calculating EMI is quick and simple by using EMI calculator. The calculator gives you an accurate result within minutes once you enter the details such as the loan amount, tenure, and rate of interest in order to know your EMI. The calculation method is user-friendly and hence, saves the manual effort. The user simply has to put the values in the relevant fields and click on the calculate button. Let's understand how the calculator works with a suitable example:
For Example: Nikita Patel has applied for a loan of Rs.10,00,000 from Union Bank of India for 5 years. The bank is ready to avail her a loan at an interest rate falling between 11.55%-14.40% per annum. In such case, the value of EMI, total interest outgo and total repayment amount each year will be Rs.22,018-23,476, Rs.3,21,063-4,08,569 and Rs.13,21,063-14,08,569 respectively.
The EMI, total interest outgo and total repayment amount on loan of the same amount at various tenure will be as follows:
Table showing EMI, interest outgo and total amount payable on your personal loan
|Loan Amount||Loan Tenure||Interest Rate||EMI||Total Interest Outgo||Total Amount (EMI+Interest)|
|Rs.10,00,000||1||11.55%-14.40% p.a.||Rs.88,638-89,975||Rs. 63,661-79,705||Rs.10,63,661-10,79,705|
|Rs.10,00,000||2||11.55%-14.40% p.a.||Rs.46,864-48,202||Rs. 1,24,726-1,56,850||Rs.11,24,726-11,56,850|
|Rs.10,00,000||3||11.55%-14.40% p.a.||Rs.33,000-34,372||Rs. 1,87,992-2,37,400||Rs.11,87,992-12,37,400|
|Rs.10,00,000||4||11.55%-14.40% p.a.||Rs.26,113-27,528||Rs. 2,53,445-3,21,322||Rs.12,53,445-13,21,322|
|Year||Principal Payment||Interest Outgo||Balance Amount|
|1||Rs. 156,846-Rs. 147,174||Rs. 107,370-Rs. 134,538||Rs. 843,154-Rs. 852,826|
|2||Rs. 175,954-Rs. 169,825||Rs. 88,262-Rs. 111,887||Rs. 667,200-Rs. 683,001|
|3||Rs. 197,385-Rs. 195,960||Rs. 66,831-Rs. 85,752||Rs. 469,815-Rs. 487,041|
|4||Rs. 221,428-Rs. 226,117||Rs. 42,788-Rs. 55,595||Rs. 248,387-Rs. 260,924|
|5||Rs. 248,597-Rs. 261,202||Rs. 15,815-Rs. 20,798||Rs. 0|
Documentation Required- Key Essentials to Keep in Mind
|Signed application form with photograph||Signed application form with photograph|
|Copy of passport/voter ID card/driving license||Copy of passport/voter ID card/driving license|
|Processing fee cheque||Processing fee cheque|
|Last 3 months bank statement/6 months bank passbook||Last 3 months bank statement/6 months bank passbook|
|Latest salary slip||Latest Bank statement|
|Current dated salary certificate with the latest Form 16||Latest ITR or Form 16|
So, these were the various aspects you have to almost drill it in your head when you are looking forward to avail personal loan from UBI.
Features & Benefits of Union Bank of India Personal Loan- Why to Avail the Loan ?
- Loan available up to Rs. 10 lakhs
- Easy repayment options
- Both Residential and Commercial Property Accepted as Collateral
- Quick disbursal