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Compare Federal Bank vs Union Bank of India Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 17.99%
8.90% - 13.00%
Processing Fees
Processing Fees
0.5%, Min Rs. 500
0.5%, Min Rs. 500
Loan Amount
Loan Amount
₹ 50,000 to ₹ 10 Lakh
₹ 50,000 to ₹ 5 Lakh
Loan Tenure
Loan Tenure
12 to 48 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,560
₹ 2,071
Part Payment Charges
Part Payment Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 0 months at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
21 to 55 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 50,000
₹ 20,000
Current Work Experience
Current Work Experience
36 Months
NA
Total Work Experience
Total Work Experience
NA
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3/5.0
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Compare Personal Loan EMI of Federal Bank and Union Bank of India

Loan Amount Federal Bank Union Bank of India
₹ 1 Lakh ₹ 2,560 ₹ 2,071
₹ 5 Lakh ₹ 12,799 ₹ 10,355
₹ 10 Lakh ₹ 25,599 ₹ 20,710
₹ 12 Lakh ₹ 30,718 ₹ 24,852

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

Union Bank of India offers lower Personal Loan EMI at Rs. 2071 for 60 Months compared to Federal Bank with a minimum EMI of Rs. 2560 for 48 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 Federal Bank Personal Loan?

It is important to make a detailed comparison of Union Bank of India and Federal 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 Federal 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, Federal Bank charges a processing fee of 0.5%, Min Rs. 500, while Union Bank of India charges a processing fee of Upto 0.5%, Min Rs. 500.
  • Federal Bank offers Personal Loan upto an amount of ₹ 10 Lakh, while Union Bank of India offers Loan upto an amount of ₹ 5 Lakh. Therefore, Federal 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. Federal Bank and Union Bank of India gives the option to close the loan after Zero months at Nil prepayment charges and Nil prepayment charges. This makes Federal Bank a better option for Personal Loan.
  • Federal Bank and Union Bank of India allow part payment on Personal Loan after Zero months at Nil charges. Federal Bank applies a charge of Nil charges and Union Bank of India charges Nil charges on Personal Loan.
  • Union Bank of India has an average customer rating of 3. In contrast, has an average customer rating of , based on which it is clear that Union Bank of India 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 Federal Bank?

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

Know more about Federal Bank Personal Loan

Know more about Union Bank of India Personal Loan

Compare Federal Bank Personal Loan With Other Banks

Compare Union Bank of India Personal Loan With Other Banks

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Personal Loan News - Sep 2021
  • 2021-09-20 : PNB Introduces Festival Bonanza Offer
    Punjab National Bank (PNB) has introduced a festival bonanza offer under which they reduced home loan interest to 6.80%. Also, the lender has waived off processing fees and documentation charges on all retail loans like home loans, personal loans, car loans, gold loans, property loans. These charges are valid till December 31, 2021.
  • 2021-09-09 : Gold Loan Soars High in 12 Months
    In the last 12 months, gold loans and credit cards have seen significant growth. Gold loans outstanding has increased by 77.4% and personal loans have jumped by 11.2% till July 2021.
  • 2021-09-02 : Axis Bank Personal Loan Rates Changed
    The personal loan rates for Axis Bank have changed for new and BT offers. The Bank is now offering personal loans for new & BT cases starting at 10.25% & 10.49%, respectively.
  • 2021-09-02 : HDFC Bank offers Special Personal Loan
    HDFC Bank has launched a personal scheme for new, and BT offers at an attractive rate. The new personal loan rates are stating at 10.25%
  • 2021-09-01 : Mortgage lending has increased GDP by 11%
    National Housing Bank has informed that mortgage lending in India has increased India’s Gross Domestic Product (GDP) by 11%, an economy worth Rs 27 trillion. 65% of the loans are provided by banks and the rest 35% by NBFCs.
*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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