Union Bank of India Personal Loan Interest Rates
Last Updated : June 30, 2020, 12:35 p.m.
After the recent merger of Andhra Bank and Corporation bank into it, Union Bank of India has emerged as one of the top public sector banks of India. Union Bank of India provides several types of banking products to customers among which Personal Loan is the quite popular one. And the reason behind its popularity among customers is the affordable Union Bank of India personal loan interest rates that help them keep the repayment amount within their repayment capacity.
This page could help you if you are looking to have some more information about the personal loan interest rates offered by the Union Bank of India.
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Union Bank of India Personal Loan Interest Rates April 2024
In the case of any loan, the interest rate is the most important thing that an individual has to take care of. And while availing a personal loan , the importance of it becomes much higher. Thinking about the reason behind it? Well, the first thing is a personal loan is an unsecured loan and its interest rates directly affect the repayment amount (EMI amount) with which you repay your loan. Your EMI amount consists of both principal and interest amount. Hence, the higher the personal loan interest rates, the higher would be your EMI amount and vice versa. Ranging from 11.80% - 15.50% per annum, Union Bank of India Personal Loan Interest Rates help you in obtaining a pocket-friendly EMI amount.
There is one another thing that you should know that Union Bank of India Personal Loan Interest Rates depend on several factors. So, the lender will check all these factors first and then decide the final rate of interest for you. These factors are your age, employment type, employment history, monthly income, and credit score. Some of the important details related to the Union Bank of India Personal Loan Interest Rates are given below. Let’s have a look!
| Particulars | Details |
|---|---|
| Minimum Loan Amount | Customized |
| Maximum Loan Amount | INR 15 lakh for Existing Borrowers INR 5 lakh for New Borrowers |
| Interest Rate | 11.80% - 15.50% |
| Tenure | 5 Years or 60 Months |
| Processing Fees | 0.50% of the Loan Amount |
| Security | Not Required |
| Repayment Method | Equated Monthly Installment (EMI) |
Union Bank of India Personal Loan Balance Transfer Rates
If you want to transfer your outstanding principal amount to Union Bank of India to get lower interest rates compared to your current one, you can opt for its Balance Transfer facility. This facility would help you in reducing your EMI amount and also the interest amount you are paying. It may be possible that your current lender has been charging you higher interest rates and you want to switch to lower rates.
To opt for this facility, you only need to pay a nominal processing fee, which will ultimately depend on your principal outstanding amount. There is one other thing that you should know that you can opt for the Personal Loan Balance Transfer Facility only if you have been paying all your EMIs on time and your credit score is good, which is considered to be a minimum of 700. Union Bank of India will check both of these things, and then you could get this facility.
How Much Money Can You Save with the Union Bank of India Personal Loan Balance Transfer Facility?
Let’s understand this through an example. Suppose an applicant already has a 5-year personal loan of INR 8 lakh at 13.50% per annum. With this loan amount, the applicant must be paying an EMI of INR 18,408. Let’s say that after paying EMIs for 2 years without any delay, the applicant wants to opt for a Personal Loan Balance Transfer facility at an interest rate of 9.95% per annum and get the same at Union Bank of India. How much will the individual save on the said transaction? Let’s find out in the table below.
| Loan Aspect | Details |
|---|---|
| Existing Loan Amount | INR 8 lakh |
| Interest Rate | 13.50% per annum |
| Tenure | 60 months |
| EMI at the current interest rate of 13.50% per annum | INR 18,408 |
| Estimated Interest Outgo at 13.50% per annum | INR 3,04,473 |
| Interest Paid till now ( 2 Years ) | INR 1,84,230 |
| Outstanding Balance at the end of 2 years | INR 5,42,440 |
| EMI at the new interest rate of 9.95% per annum | INR 17,490 |
| Interest Outgo at the new interest rate of 8.95% per annum | INR 87,210 |
| Interest Paid till now + Interest for the remaining 3 years | INR 2,71,440 |
| Estimated EMI Saving | INR 918 per month |
| Estimated Interest Savings | INR 33,033 |
So, you can see that by opting for a Balance Transfer facility, an applicant can save around INR 900 per month on the EMI amount and INR 33,033 on the interest amount paid over the loan tenure. This is all possible because of the affordable Union Bank of India Personal Loan Interest Rates. We have used the Personal Loan EMI Calculator tool to calculate savings. The calculator is available online, so you can go and use it numerous times.
How to Apply for Union Bank of India Personal Loan?
If you want to enjoy the benefits of lower personal loan interest rates and want to apply for Union Bank of India personal loan , you need to follow a simple process. First of all, you will need to go to the official website of Union Bank of India where you will see the ‘Personal Loan’ section. Here, you will need to fill in the application form where you will have to provide a few personal loan details such as your date of birth, mobile number, city, email id and details related to your loan such as required loan amount, tenure, etc. You will need to submit the form after filling all these details. Soon the representatives of Union Bank of India will get in touch regarding your personal loan application.
How to get in touch with Union Bank of India Personal Loan Customer Care?
If you face any problem or query related to your Union Bank of India Personal Loan Interest Rates, you can call 1800-208-2244 which is the customer care number of Union Bank of India. Their representatives will solve all your problems in the shortest time possible.