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Union Bank of India Personal Loan EMI Calculator, Nov 2021

Last Updated 25th Nov 2021

  • Personal loan EMI in Union Bank of India depends upon loan amount, loan tenure, interest rate, monthly salary and company that you work for.
  • Union Bank of India Personal Loan EMI Calculator is an online tool to estimate monthly EMI and its division into principal and Interest during the entire loan tenure.
  • Lowest monthly EMI is ₹ 2,071 per lakh on Union Bank Bank personal loan as calculated using the lowest interest rate of 8.90% for the longest tenure of 60 months.
  • For example, the table below gives the EMIs on Union Bank Personal Loan at different loan amounts and loan tenure, if taken at the lowest rate.
Loan Amount1 Year Loan3 Year loan5 Year loan
₹ 1 Lakh₹ 8,741₹ 3,175₹ 2,071
₹ 5 Lakh₹ 43,703₹ 15,877₹ 10,355
₹ 10 Lakh₹ 87,405₹ 31,753₹ 20,710

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Personal Loan EMI Calculator Union Bank

Union Bank of India Personal Loan EMI is a fixed amount of money paid by you to Union Bank of India based on your loan amount, tenure and interest rate. Every month, it is due on a fixed day of the month till the loan is fully paid back. You can calculate your Union Bank of India personal loan EMI in advance, to plan your loan payments and further expenses, using the Personal Loan EMI Calculator Union Bank. The calculator functions on a mathematical algorithm and gives accurate results in no time.

Why should you use Union Bank of India Personal Loan EMI Calculator?

  • Calculate the EMI within your budget: Helps you compare the EMIs with a different loan amount and tenure. Always talk to the bank to know the interest rate you will be eligible for Union Bank of India personal loan which can range between 8.90% to 13.00%.
  • Compare Union Bank of India personal Loan EMI: Helps you compare the estimated EMI on a personal loan from Union Bank of India with that of leading banks in India using the same loan amount of upto ₹ 5 Lakh for a maximum tenure of 60 months, but at different interest rates.
  • Calculate interest on Union Bank of India personal loan: You can calculate the split of total EMIs into interest and principal repayment on your loan from Union Bank over the loan tenure.
  • Detailed amortisation schedule: This allows you to see the pace at which your principal amount will be repaid during the loan tenure month on month. This is helpful if you decide to prepay your loan at Union Bank or balance transfer to another bank.

Union Bank of India Personal Loan EMI Calculator to Estimate the EMI that Fits your Budget

Input different loan amounts and tenure at the eligible interest rate on Union Bank of India Personal Loan EMI calculator to calculate various EMIs at different rates and tenure. The table captures the calculation of Union Bank of India Personal Loan EMI Calculation at the various combinations of loan amount and years when taking at the lowest rate of 8.90%. So if you think that you can afford to pay an EMI of ₹ 10,000 in your budget, taking a ₹ 3 Lakh loan for 3 years or ₹ 5 Lakh loan for 5 years, maybe the right Union Bank of India personal loan plan for you.Personal Loan EMI is calculated for Union Bank for different loan amounts and tenures at the rate of 8.90%.

Loan Amount (Rs.)2 Years3 Years5 Years
1 Lakh ₹ 4,564 ₹ 3,175 ₹ 2,071
3 Lakh ₹ 13,692 ₹ 9,526 ₹ 6,213
5 Lakh ₹ 22,819 ₹ 15,877 ₹ 10,355
10 Lakh ₹ 45,639 ₹ 31,753 ₹ 20,710

Factors Affecting Union Bank of India Personal Loan EMI

  • Loan amount – You will pay a higher EMI for the higher loan amount. Union Bank of India gives a minimum loan of ₹ 50,000 and a maximum loan amount of ₹ 5 Lakh.
  • Interest rate - Higher interest rate increases your loan EMI as well as the total cost of the loan. Union Bank of India personal loan interest rate for salary account holders can be lower than their quote rates, which can reduce the overall cost of loan and EMI. Lowest interest rate offered by Union Bank of India is 8.90%. However, it is advisable to do complete market research and compare rates online before you apply for a loan.
  • Loan tenure – This is the period over which you can repay your loan in Union Bank of India. So, your EMI will be lower if you take a 60months loan from Union Bank of India as compared to a loan taken for 12months. The logic being that if you get a longer period to repay, you can repay in a smaller instalment.

Comparison of Union Bank of India Personal Loan EMI with other Banks

Bank Name Interest Rate Loan Amount of ₹ 1 Lakh Loan Amount of ₹ 5 Lakh Loan Amount of ₹ 10 Lakh
Union Bank of India8.90% ₹ 8,741 ₹ 43,703 ₹ 87,405
Andhra Bank 8.90% ₹ 8,741 ₹ 43,703 ₹ 87,405
Corporation Bank 8.90% ₹ 8,741 ₹ 43,703 ₹ 87,405
PNB 8.90% ₹ 8,741 ₹ 43,703 ₹ 87,405
Allahabad Bank 9.05% ₹ 8,747 ₹ 43,737 ₹ 87,475

Union Bank of India Personal Loan Amortization Calculator

Union Bank of India Personal Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. Union Bank of India gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Personal Loan of ₹ 3.50 Lakh for 4 years from Union Bank of India at an interest rate of 8.90%. EMI calculated for this loan amount is ₹ 8,693 and the total annual EMIs to be paid annually is ₹ 1,04,318. The EMI schedule of loan for 4 years is explained below in the table –

Amortization Schedule for a Personal Loan of ₹ 3.50 Lakh over the 4 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 5,146 ₹ 12,240 ₹ 17,386 ₹ 3,37,760
2022 ₹ 26,955 ₹ 77,362 ₹ 1,04,318 ₹ 2,60,398
2023 ₹ 19,782 ₹ 84,536 ₹ 1,04,318 ₹ 1,75,862
2024 ₹ 11,944 ₹ 92,374 ₹ 1,04,318 ₹ 83,488
2025 ₹ 3,443 ₹ 83,488 ₹ 86,932 -₹ 0

In the above illustration, on a Union Bank of India Personal Loan of₹ 3.50 Lakh, taken at the lowest interest rate of 8.90, EMI paid is ₹ 8,693 and an annual total of EMIs is ₹ 1,04,318, the interest component is ₹ 28,090 while the principal component is ₹ 76,228 in year 1 of loan disbursement. You repay only 21.78% of the total principal after paying 12 EMIs during the first year.

Union Bank of India Personal Loan Interest Calculator Formula

Union Bank of India calculates personal loan EMI based on the following formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Union Bank of India Personal Loan EMI is calculated:

In the above formula,

P = Loan amount.Union Bank of India personal loan amount can range from ₹ 50,000 to ₹ 5 Lakh.

r = Rate of interest per month. The current Union Bank of India Personal Loan rate is 8.90%.
n = Tenure in month. This can range up to 60months in case of Union Bank of India.

How to use Union Bank of India Personal Loan EMI Calculator

  • Union Bank of India personal loan calculator are online tool which give out EMI calculations using a combination of loan amount, interest rate and loan tenure.
  • Union Bank of India EMI calculator considers “reducing balance basis” and assumes that payment of EMI is made in arrears meaning interest is charged for the month preceding the EMI payment date and not in advance.

Union Bank of India Personal Loan EMI for ₹ 1 Lakh

The following table shows Union Bank of India Personal Loan EMI for ₹ 1,00,000 for different tenures at an interest rate of 8.90%

Loan AmountInterest RateTenure(Year)EMI
₹ 1,00,0008.90% 1₹ 8,741
₹ 1,00,0008.90% 2₹ 4,564
₹ 1,00,0008.90% 3₹ 3,175
₹ 1,00,0008.90% 4₹ 2,484
₹ 1,00,0008.90% 5₹ 2,071

Union Bank of India Personal Loan EMI for ₹ 3 Lakh

The following table shows Union Bank of India Personal Loan EMI for ₹ 3,00,000 for different tenures at an interest rate of 8.90%.

Loan AmountInterest RateTenure(Year)EMI
₹ 3,00,0008.90% 1₹ 26,222
₹ 3,00,0008.90% 2₹ 13,692
₹ 3,00,0008.90% 3₹ 9,526
₹ 3,00,0008.90% 4₹ 7,451
₹ 3,00,0008.90% 5₹ 6,213

Union Bank of India Personal Loan EMI for ₹ 5 Lakh

The following table shows Union Bank of India Personal Loan EMI for ₹ 5,00,000 for different tenures at an interest rate of 8.90%.

Loan AmountInterest RateTenure(Year)EMI
₹ 5,00,0008.90% 1₹ 43,703
₹ 5,00,0008.90% 2₹ 22,819
₹ 5,00,0008.90% 3₹ 15,877
₹ 5,00,0008.90% 4₹ 12,419
₹ 5,00,0008.90% 5₹ 10,355

Union Bank of India Personal Loan EMI for ₹ 10 Lakh

The following table shows Union Bank of India Personal Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 8.90%.

Loan AmountInterest RateTenure(Year)EMI
₹ 10,00,0008.90% 1₹ 87,405
₹ 10,00,0008.90% 2₹ 45,639
₹ 10,00,0008.90% 3₹ 31,753
₹ 10,00,0008.90% 4₹ 24,838
₹ 10,00,0008.90% 5₹ 20,710

How to Pay Union Bank of India Personal Loan EMI?

There are various online & offline methods to pay your Union Bank of India Personal Loan EMI. To repay your Union Bank of India EMI online, you can log in to your net banking account or else you can also use the mobile banking of Union Bank of India. Union Bank of India also allows you to pay EMI through ECI or standing instructions or a cheque facility by visiting the nearest Union Bank of India branch.

FAQs

Why should I calculate Union Bank loan EMI before taking a loan?

It is advised to calculate personal loan EMI in advance before taking a personal loan. There are several benefits of calculating your Union Bank of India personal loan EMI. For instance, if you want to avail Union Bank of India personal loan at the lowest rate of 8.90% and your monthly EMI, which comes out at ₹ 2,071 is more than your monthly budget. You have the chance to apply for a lower loan amount that fits your monthly budget and makes EMI easily affordable. In addition, if you already know the EMI you have to pay each month, you can plan your expenses accordingly. Finally, based on the EMI amount, you can opt to make a prepayment of your loan in the future when you have a surplus amount.

What is the lowest EMI per lakh offered by Union Bank of India on a personal loan?

Union Bank of India offers a personal loan at a 8.90% interest rate for a maximum of 60 months, and hence lowest EMI per lakh loan amount is ₹ 2,071. However, Union Bank of India may offer a lower interest rate to you if you hold your salary account with the bank or if you are an existing customer.

How can I pre-close Union Bank of India personal loan?

You can pre-close your Union Bank of India personal loan by visiting the branch with the required set of documents. Submit the form of preclosure, pay the amount and take the acknowledgement of the balance amount that you have paid.

What are the prepayment charges on Union Bank of India ?

Union Bank of India offers you an option of prepayment after 0 months at Nil prepayment charges.You have to pay these charges if you decide to pay the loan amount before the due date.

Is there any processing charge on a personal loan from Union Bank of India?

Yes, Union Bank of India charges a certain amount of processing fee to process your loan application. Currently, Union Bank of India charges a processing fee of 0.5%, Min Rs. 500 on a Personal Loan.

Will I get a personal loan from Union Bank of India if I have a bad credit score?

No, for taking a loan from Union Bank of India, you must have a good credit score of 700 and above. Usually, most banks avoid giving loans if you have a low credit score.Also, availing a personal loan at low cibil score might fetch you a high Union Bank of India personal loan rate.

What is the EMI for a₹ 20 Lakh personal loan in Union Bank of India Bank?

At the current rate of 8.90%, EMI on Union Bank of India personal loan for loan amount ₹ 20 Lakh varies based on the loan tenure. For instance, for 2 year, 3 year and 6 years, EMI is ₹ 2,47,546, ₹ 2,59,387 and ₹ 2,96,558 respectively.

Can I have a co-applicant while applying for a Personal loan with Union Bank of India ?

Yes, you can opt for a co-applicant to take a personal loan from Union Bank of India that will increase your loan eligiblity as the income of the co-applicant is also taken into account.

Can we pay more than EMI in Union Bank of India personal loan?

If you have funds, then you can pay more than the regular EMI on your Union Bank of India Personal Loan. This will reduce your interest burden along with the outstanding principal. You can also pay one additional EMI every year to reduce loan tenure and in turn interest amount.

How can I pay my Union Bank of India loan EMI?

You can pay the Union Bank of India personal Loan EMI by using the ECS facility or standing instruction. You can also visit the branch and submit the EMI cheque or can opt for automated deductions from your salary account.

Compare Personal Loan EMI of All Banks

Union Bank of India Personal Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-208-2244
Ahmedabad 1800-208-2244
Ambala 1800-208-2244
Anand 1800-208-2244
Aurangabad Bihar 1800-208-2244
Bangalore 1800-208-2244
Bhilai 1800-208-2244
Bhilwara 1800-208-2244
Bhiwadi 1800-208-2244
Bhopal 1800-208-2244
Bhubaneswar Cuttack 1800-208-2244
Bikaner 1800-208-2244
Chandigarh 1800-208-2244
Chennai 1800-208-2244
Cochin 1800-208-2244
Coimbatore 1800-208-2244
Dehradun 1800-208-2244
Delhi 1800-208-2244
Durg 1800-208-2244
Faridabad 1800-208-2244
Gandhinagar 1800-208-2244
Ghaziabad 1800-208-2244
Goa 1800-208-2244
Greater Noida 1800-208-2244
Gurgaon 1800-208-2244
Guwahati 1800-208-2244
Gwalior 1800-208-2244
Hyderabad 1800-208-2244
Indore 1800-208-2244
Jabalpur 1800-208-2244
Jaipur 1800-208-2244
Jalandhar 1800-208-2244
Jodhpur 1800-208-2244
Kanpur 1800-208-2244
Karnal 1800-208-2244
Kolhapur 1800-208-2244
Kolkata 1800-208-2244
Kota 1800-208-2244
Kozhikode 1800-208-2244
Lucknow 1800-208-2244
Ludhiana 1800-208-2244
Madurai 1800-208-2244
Meerut 1800-208-2244
Mehsana 1800-208-2244
Mohali Sas Nagar 1800-208-2244
Mumbai 1800-208-2244
Mussoorie 1800-208-2244
Nagpur 1800-208-2244
Nashik 1800-208-2244
Noida 1800-208-2244
Noida Extn 1800-208-2244
Panipat 1800-208-2244
Patna 1800-208-2244
Pondicherry 1800-208-2244
Pune 1800-208-2244
Raipur 1800-208-2244
Rajkot 1800-208-2244
Ranchi 1800-208-2244
Rohtak 1800-208-2244
Roorkee 1800-208-2244
Salem 1800-208-2244
Shimla 1800-208-2244
Sonipat 1800-208-2244
Surat 1800-208-2244
Trichy 1800-208-2244
Udaipur 1800-208-2244
Vadodara 1800-208-2244
Varanasi 1800-208-2244
Vijaywada 1800-208-2244
Vizag 1800-208-2244

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Union Bank Personal Loan News - Nov 2021
  • 2021-07-16 : UBI update on change in IFSC code for merged banks - Andhra Bank and Corporation Bank
    Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile e-Andhra Bank and e-Corporation Bank branches will change with effect from July 1, 2021. Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes
  • 2021-01-03 : Union Bank completes integration of all branches of Corporation Bank
    Union Bank of India has completed the IT integration after which all the branches of former Corporation Bank have come fully under its fold as part of the amalgamation exercise. Union Bank offers retail loans like home, personal, car, two-wheeler, gold loan along with business and mudra loans.
  • 2020-11-10 : Union Bank of India net profit ₹517 cr in Q2
    Union Bank of India reported a net profit of Rs 517 crore in the September quarter as against a loss of Rs 994 crore in the same period last year. The net interest income (NII) rose 6.05% to Rs 6,293 crore on the back of retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans. Further, the net interest margin (NIM) dipped to 2.51% in Q2FY21 from 2.68% in the year-ago quarter.
  • 2020-08-24 : Union Bank of India posted Rs. 340.95 crore net profit in Q1FY21
    Union Bank of India posted a net profit of Rs.340.95 crores for the period ended June 30, 2020, as against a net loss of Rs.2713.03 crores for the period ended March 31, 2020. Further, the Bank reported total income of Rs.20487.01 crores bolstered by retail loans like home, personal, car, two-wheeler and gold loan along with business and mudra loans.
  • 2020-02-12 : Union Bank posted a Q3 profit of Rs. 575 Crores
    Union Bank reported an increase in Q3 profit to Rs. 575 crores on the back of higher recoveries. Net interest income grew by 23% year-on-year basis at Rs. 3,134 crores against Rs. 2,493 crores in the year-ago period driven by an increase in Home Loan and Personal Loan.
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