Union Bank of India Personal Loan EMI Calculator
Last Updated : June 30, 2020, 12:50 p.m.
Do you want to know the EMIs on your Union Bank of India personal loan? If the answer is YES, all you need to do is use the Union Bank of India Personal Loan EMI Calculator. The tool with simple algorithms calculates your EMI, Interest outgo and the total payable amount for a personal loan . The function of this personal loan EMI calculator is based on the following three variables –
- Loan Amount
- Tenure
- Interest Rate
Union Bank of India Personal Loan EMI Calculator generates the EMI in a few seconds as soon as you enter these variables in the calculator.
Apply Personal Loan @ 10.75%* Rate
| Loan Amount | |
| Interest Rate | |
| Tenure(Months) | |
| Monthly Instalment (EMI) | |
| Total Interest Amount | |
| Total Amount (Principal + Interest) |
| Year | Principal | Interest | Balance Amount |
|---|
Union Bank of India Personal Loan EMI Calculator
If you want to know more about the Personal Loan EMI Calculator tool , have a look at the example below to get clarity on the same.
Suppose Neha, a 28-year-old MNC manager who works in a reputed Company, is looking for a personal loan of INR 15 Lakh for her marriage expenses. And she applied for a personal loan at Union Bank of India . The bank approves the request and offers her a personal loan interest rate of 11.80% per annum for 5 years. But Neha is worried about the EMIs, so she wants to use Union Bank of India Personal Loan EMI Calculator to find her answers. See the table below and know what happens in Neha’s case.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 15,00,000 | 11.80% | 1 | ₹ 1,33,133 | ₹ 97,595 | ₹ 15,97,595 |
| ₹ 15,00,000 | 11.80% | 2 | ₹ 70,470 | ₹ 1,91,285 | ₹ 16,91,285 |
| ₹ 15,00,000 | 11.80% | 3 | ₹ 49,678 | ₹ 2,88,419 | ₹ 17,88,419 |
| ₹ 15,00,000 | 11.80% | 4 | ₹ 39,354 | ₹ 3,88,974 | ₹ 18,88,974 |
| ₹ 15,00,000 | 11.80% | 5 | ₹ 33,215 | ₹ 4,92,916 | ₹ 19,92,916 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 2,33,968 | ₹ 1,64,614 | ₹ 12,66,031 |
| 2 | ₹ 2,63,120 | ₹ 1,35,463 | ₹ 10,02,910 |
| 3 | ₹ 2,95,904 | ₹ 1,02,679 | ₹ 7,07,006 |
| 4 | ₹ 3,32,772 | ₹ 65,811 | ₹ 3,74,234 |
| 5 | ₹ 3,74,557 | ₹ 24,349 | ₹ 0 |
Union Bank of India Personal Loan EMI Calculation Formula
The Union Bank of India Personal Loan EMI Calculator uses the below formula to calculate your EMI amount.
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
where,
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
Advantages of Union Bank of India Personal Loan EMI Calculator
The personal loan EMI calculator comes with the following benefits.
- Time-efficient: The Union Bank of India Personal Loan EMI Calculator tool saves your time in the calculation by generating instant EMI.
- Easy to use: Anyone can use the Union Bank of India Personal Loan EMI Calculator tool by entering the loan details inside the EMI calculator.
- 24X7 availability: You have the convenience of using the tool anytime on your smartphone, laptop or desktop.
- Error-free result: Your EMI amount is free from the errors as it works on a mathematical formula.