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United Bank Business Loan EMI Calculator India Jul 2020

Business Loan EMI Calculator United Bank of India

Last Updated 01st Jul 2020

Get monthly EMI as low as Rs. 2,275 per lakh on United Bank of India business loan. Business loan EMI in United Bank of India depends upon loan annual turnover, gross receipts, number of years of ITR, loan amount, loan tenure and interest rate.

Loan Amount1 Year Loan2 year loan5 year loan
₹ 1 Lakh₹ 8,932₹ 4,754₹ 2,275
₹ 5 Lakh₹ 44,659₹ 23,771₹ 11,377
₹ 10 Lakh₹ 89,317₹ 47,542₹ 22,753

United Bank of India has merged into Punjab National Bank on April 1, 2020. The interest rates of Punjab National Bank will now be applicable on United Bank of India Business Loan.

Business Loan EMI Calculator
Lowest Interest Rate

Business Loan Calculator United Bank of India

  • Business loan EMI (or equated monthly installment) is a fixed amount of money paid by you to United Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • United Bank of India offers business loans with loan tenure up to 60 months that translates into a lowest loan EMI of ₹ 2,275 per lakh, which makes it affordable for business loan borrowers. Lowest Rate of interest offered by United Bank of India on business loan is 13.00%.

Use EMI Calculator to Calculate your EMI on Business Loan at Different Tenure

Business loan EMI for ₹ 10 Lakh loan amount at lowest 13.00% interest rate offered by United Bank of India for different tenures

1 year 2 year 5 year
United Bank of India EMI for loan amount of ₹ 10 Lakh at 13.00% ₹ 89,317 ₹ 47,542 ₹ 22,753
Total amount you pay back to the bank including principal and interest ₹ 11,36,476 ₹ 12,91,578 ₹ 18,95,838
Interest you have to pay over loan tenure ₹ 1,36,476 ₹ 2,91,578 ₹ 8,95,838
  • The above table shows the longer your loan tenure, lower is the EMI you pay on the loan. However, your total interest outgo is significantly higher in a long tenure loan. In the above example, if you take ₹ 10 Lakh loan for a period of 5 years, you pay the lowest EMI of ₹ 22,753. However, you pay an interest of ₹ 8,95,838 on a ₹ 10 Lakh loan.
  • In contrast, if you take a ₹ 10 Lakh loan from United Bank of India at the lowest loan rate offered for a period of 1 year, you pay a higher loan EMI of ₹ 89,317 and pay an interest of only ₹ 1,36,476 which is less than half of what you paid in a 5 year loan. Hence, it is advisable to choose your loan tenure wisely as longer tenure means high interest expenses.

Factors affecting United Bank of India Business Loan EMI

  • Loan amount - This is the amount borrower promises to repay to the bank with the interest applied. United Bank of India gives minimum business loan of ₹ 5,00,000 up to an amount of ₹ 50,00,000.
  • Interest rate - Interest rate is the rate charged over the principal amount borrowed. Higher interest rate increases your loan EMI which will increase the total cost of the loan. Lowest interest rate offered by United Bank of India is 13.00%. Do complete market research and compare rates online before you apply for a business loan.
  • Loan tenure - This is the period in which you can repay your business loan to the bank. Longer loan tenure means lower loan EMI. Generally, United Bank of India offers business loan for a maximum tenure of 60 months.

United Bank Business Loan Calculator Formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how United Bank business loan EMI is calculated:
In above formula,
P = Loan amount. This can range from ₹ 5,00,000 to ₹ 50,00,000
r = Rate of interest per month. Current rate is 13.00%
n = tenure in month. For United Bank, this can be 60 months

Tips to decide the right amount of United Bank of India Business Loan EMI

  • Ascertain the amount you need to borrow: It is important that before approaching United Bank of India for business loan, you need to estimate the amount of loan you need to borrow. Remember business loan is an unsecured short term loan, and hence it is advisable to minimize your loan amount to the extent possible. Also, based on the EMI you can service, try to opt for lowest tenure of loans as long tenure loans result in huge interest outgo.
  • Review your current obligations: Before taking loan from United Bank of India, it is advisable to do an evaluation of your current monthly expenses including any EMI obligations that you have on your current loans. The assessment will help you to estimate the amount of EMI you can pay comfortably after taking into account other obligations. Once you arrive at the EMI you can service, you can also decide on the right loan tenure.

FAQs

What is the calculation of United Bank of India Business Loan EMI?

Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to United Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

  • Business Loan EMI (or equated monthly installment) is a fixed amount of money paid by you to United Bank of India against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With United Bank of India offering business loan with loan tenure up to 60 months, the loan EMI can be as low as ₹ 2,275 per lakh, to make it more affordable and convenient to meet your business needs. Rate of interest offered by United Bank of India are as low as 13.00%. You can check EMI for other tenures using our United Bank of India business loan calculator.
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

How does MyLoanCare business loan calculator calculate EMI?

This calculator calculates EMI considering a combination of loan amount, interest rate and loan tenure.

  • This calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears (means interest is charged for the month preceding the EMI payment date) and not in advance.

Will the United Bank of India business loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Typically, the business loan EMI remains unchanged unless the customer requests for a change and the same is approved by United Bank of India subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI).

  • In case the floating rate of interest on your business loan increases, United Bank of India will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by United Bank of India, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranche EMI scheme, your loan EMI will increase with each disbursement.

Will business loan EMI change in case of prepayment?

United Bank of India allows prepayment at nil charges or penalty in case of floating rate business loans.

  • When you make a prepayment, the outstanding principal amount on your loan reduces. In this case, you may choose to either keep the EMI same and reduce the loan tenure (that is paying off the loan faster) or reduce the EMI and keep the loan tenure same (that is paying lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

Why should I calculate United Bank of India loan EMI before taking a loan?

In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and makes EMI easily affordable.

  • If you already know the EMI you have to pay each month, then you can plan your expenses accordingly.
  • Based on the EMI amount, you can opt for making prepayment of your business loan in future when you have surplus amount.

Compare Business Loan EMI of All Banks

United Bank of India Business Loan EMI Calculator Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-345-0345
Ahmedabad 1800-345-0345
Ambala 1800-345-0345
Anand 1800-345-0345
Aurangabad Bihar 1800-345-0345
Bangalore 1800-345-0345
Bhilai 1800-345-0345
Bhilwara 1800-345-0345
Bhiwadi 1800-345-0345
Bhopal 1800-345-0345
Bhubaneswar Cuttack 1800-345-0345
Bikaner 1800-345-0345
Chandigarh 1800-345-0345
Chennai 1800-345-0345
Cochin 1800-345-0345
Coimbatore 1800-345-0345
Dehradun 1800-345-0345
Delhi 1800-345-0345
Durg 1800-345-0345
Faridabad 1800-345-0345
Gandhinagar 1800-345-0345
Ghaziabad 1800-345-0345
Goa 1800-345-0345
Greater Noida 1800-345-0345
Gurgaon 1800-345-0345
Guwahati 1800-345-0345
Gwalior 1800-345-0345
Hyderabad 1800-345-0345
Indore 1800-345-0345
Jabalpur 1800-345-0345
Jaipur 1800-345-0345
Jalandhar 1800-345-0345
Jodhpur 1800-345-0345
Kanpur 1800-345-0345
Karnal 1800-345-0345
Kolhapur 1800-345-0345
Kolkata 1800-345-0345
Kota 1800-345-0345
Kozhikode 1800-345-0345
Lucknow 1800-345-0345
Ludhiana 1800-345-0345
Madurai 1800-345-0345
Meerut 1800-345-0345
Mehsana 1800-345-0345
Mohali Sas Nagar 1800-345-0345
Mumbai 1800-345-0345
Mussoorie 1800-345-0345
Nagpur 1800-345-0345
Nashik 1800-345-0345
Noida 1800-345-0345
Noida Extn 1800-345-0345
Panipat 1800-345-0345
Patna 1800-345-0345
Pondicherry 1800-345-0345
Pune 1800-345-0345
Raipur 1800-345-0345
Rajkot 1800-345-0345
Ranchi 1800-345-0345
Rohtak 1800-345-0345
Roorkee 1800-345-0345
Salem 1800-345-0345
Shimla 1800-345-0345
Sonipat 1800-345-0345
Surat 1800-345-0345
Trichy 1800-345-0345
Udaipur 1800-345-0345
Vadodara 1800-345-0345
Varanasi 1800-345-0345
Vijaywada 1800-345-0345
Vizag 1800-345-0345

United Bank Business Loan News - Jul 2020
  • 2019-11-01 : United Bank of India and Srei Equipment to co-lend loans
    The United Bank of India, collaborated with Srei Equipment Finance Ltd to form a co-lending arrangement that could provide loans to the MSME sector. The partners organized loan Utsav in around 20 cities in the country. Loans were provided for the purchase of construction equipment of up to 90 percent of its total value, for a tenure of up to 5 years with EMI facility.
  • 2019-10-31 : United Bank of India reports net profit at Rs 124 crores in Q2
    United Bank of India reported a net profit of Rs 124 crores in the second quarter of the present fiscal year, with its total income rising to Rs 3,013.74 crores. Further, the bank reported a decline in the non-performing assets like bad loans such as personal and business loans to 15.51 percent from 22.69 percent.
  • 2019-07-31 : United Bank of India posted Rs. 105 crore profit in the first quarter
    United Bank of India (UBI) has reported a profit of Rs. 105 crore during the first quarter of FY19-20 as against Rs. 389 crore loss a year ago. The total banking business grew by around 3% during this period. Following the footsteps of other lenders, UBI is also planning to bring down the fixed deposit rates after some time. Moreover, it is planning to achieve growth across retail loans and MSME loans to 60% by 2020.
  • 2017-12-22 : online classifieds player Quikr
    After the mounting pressure from Reserve Bank of India, the  United Bank of India has started to step up efforts towards financial improvement, planning a turnaround by March 2018. The central bank has imposed additional restrictions on United Bank of India under the Prompt Corrective Action (PCA) framework. The bank will close 8 to 10 branches and many of its ATMs. It is also considering selling Rs 1,500 crore worth loan to ARCs in this quarter.
  • 2017-05-19 : United Bank of India to raise funds up to Rs. 1,000 crore
    United Bank of India is looking to raise funds up to Rs. 1,000 crore through various options. In its regulatory filing, the bank has reported that its board of directors has approved rising of equity capital via Qualified Institutions Placement, Public Issue and Right Issue. However, the bank has not disclosed the purpose of raising the capital.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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