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Compare Axis Bank vs Union Bank of India Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 17.25%
8.90% - 13.00%
Processing Fees
Processing Fees
Rs.4,999
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 50,000 to ₹ 25 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,149
₹ 2,071
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 60 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 25,000
₹ 20,000
Current Work Experience
Current Work Experience
1 Month
NA
Total Work Experience
Total Work Experience
12 Months
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.4/5.0
3/5.0
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Compare Personal Loan EMI of Axis Bank and Union Bank of India

Loan Amount Axis Bank Union Bank of India
₹ 1 Lakh ₹ 2,149 ₹ 2,071
₹ 5 Lakh ₹ 10,744 ₹ 10,355
₹ 10 Lakh ₹ 21,489 ₹ 20,710
₹ 12 Lakh ₹ 25,787 ₹ 24,852

Which is a better bank for Personal Loan – Union Bank of India or Axis Bank?

Union Bank of India offers lower Personal Loan EMI at Rs. 2071 for 60 Months compared to Axis Bank with a minimum EMI of Rs. 2149 for 60 Months. In addition, average customer ratings for Union Bank of India is currently at 3/5.0, making it a good choice for taking a Personal Loan.

How does Union Bank of India Personal Loan compare with Axis Bank Personal Loan?

It is important to make a detailed comparison of Union Bank of India and Axis Bank on all loan terms and conditions to understand their differences and make an informed decision. Keep in mind that each bank’s scheme has its pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of Union Bank of India Loan is 8.90%, which is lower than the lowest interest rate of Axis Bank at 10.49%. Hence, Union Bank of India is offering a cheaper loan option.
  • Compared to other Personal Loan charges such as processing fees, Axis Bank charges a processing fee of Rs.4,999, while Union Bank of India charges a processing fee of Upto 0.5%, Min Rs. 500.
  • Axis Bank offers Personal Loan upto an amount of ₹ 25 Lakh, while Union Bank of India offers Loan upto an amount of ₹ 5 Lakh. Therefore, Axis Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is the foreclosure facility. Union Bank of India gives the option to close the loan after Zero months at Nil prepayment charges and Axis Bank gives the option to close the loan after 1 months at For Loan Amt Approved of 10 Lacs and above-- 0% FC charges after 12 EMIs if closure through OWN FUNDS,1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%. This makes Union Bank of India a better option for Personal Loan.
  • Axis Bank and Union Bank of India allow part payment on Personal Loan after 1 months at 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%. Axis Bank applies a charge of 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2% and Union Bank of India charges Nil charges on Personal Loan.
  • Axis Bank has an average customer rating of 4.4. In contrast, Union Bank of India has an average customer rating of 3, based on which it is clear that Axis Bank has a high customer service focus, an easy process and a quick turnaround.

Which bank offers a lower interest rate on Personal Loan – Union Bank of India or Axis Bank?

As per the current rates, Union Bank of India offers a lower interest rate of 8.90% on loans compared to Axis Bank, which offers a Personal Loan at 10.49%.

Know more about Axis Bank Personal Loan

Know more about Union Bank of India Personal Loan

Compare Axis Bank Personal Loan With Other Banks

Compare Union Bank of India Personal Loan With Other Banks

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Personal Loan News - Oct 2021
  • 2021-10-14 : Zavron Finserv Launches Instant Personal Loan Application
    Zavron Finserv- a non-banking financial institution- has introduced an instant personal loan application. This App will help customers to take loans instantly within few minutes that too from their mobile phone. A loan for a minimum of Rs 10,000 and a maximum of Rs 2 lakh is available.
  • 2021-10-13 : Early Salary Introduces Dussehra Offers
    Early Salary has announced the Dussehra offer on personal loans by 50% off on processing fees. The interest rate charged by the instant mobile application is Rs. 9 per day.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
    Bank of Baroda has decreased personal loan rates by 25 points to 9.75%. Earlier the personal loan started at 10.00%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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