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Compare Personal Loan - IDBI Bank vs Union Bank of India

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Bank
Parameters
Interest Rate
Interest Rate
12.00% - 13.50%
8.90% - 13.00%
Processing Fees
Processing Fees
1.00%
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 60 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 2,224
₹ 2,071
Part Payment Charges
Part Payment Charges
Allowed after 1 month at 2% of the outstanding loan amount + applicable taxes
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 1 month at Nil prepayment charges
Allowed after 0 months at Nil prepayment charges
Eligible Age
Eligible Age
22 to 60 Years
21 to 58 Years
Minimum Income
Minimum Income
₹ 20,000
₹ 20,000
Current Work Experience
Current Work Experience
12 Months
0 Months
Total Work Experience
Total Work Experience
36 Months
0 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3/5.0
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Compare EMI of IDBI Bank and Union Bank of India Personal Loan

Loan Amount IDBI Bank Union Bank of India
₹ 1 Lakh ₹ 2,224 ₹ 2,071
₹ 5 Lakh ₹ 11,122 ₹ 10,355
₹ 10 Lakh ₹ 22,244 ₹ 20,710
₹ 12 Lakh ₹ 26,693 ₹ 24,852

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

Union Bank of India offers lower Personal Loan EMI at 2071 on a Personal Loan for 60 Months as compared to IDBI Bank with a minimum EMI of 2224 for 60 Months. Average customer ratings for Union Bank of India is currently at 3/5.0 which makes it a good choice for taking a Personal Loan.

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

It is important to do a detailed comparison of Union Bank of India and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own 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 Personal Loan is 8.90%, which is lower than the lowest interest rate of IDBI Bank at 12.00%. Hence, Union Bank of India is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, IDBI Bank charges a processing fees of 1.00% while Union Bank of India charges a processing fees of 0.5%, Min Rs. 500.
  • IDBI Bank offers Personal Loan upto an amount of ₹ 10 Lakh while Union Bank of India offer Personal Loan upto an amount of ₹ 5 Lakh. IDBI 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 foreclosure facility. Union Bank of India gives the option to close the loan after Zero months at Nil prepayment charges and IDBI Bank gives the option to close the loan after 1 months at Nil prepayment charges. This makes Union Bank of India a better option for Personal Loan.
  • IDBI Bank and Union Bank of India allow part payment on Personal Loan after 1 months at 2% of the outstanding loan amount + applicable taxes. IDBI Bank applies a charge of 2% of the outstanding loan amount + applicable taxes and Union Bank of India charges Nil charges on Personal Loan.
  • Union Bank of India has an average customer ratings of 3, while 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 Personal Loan process and a quick turnaround.

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

As per the current rates, Union Bank of India offers a lower interest rate of 8.90% on Personal Loan when compared to IDBI Bank which offers a Personal Loan at 12.00%.

Know all about Personal Loan

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Personal Loan News - Aug 2021
  • 2021-07-16 : Amalgamation of Bank of Baroda, erstwhile Vijaya Bank and erstwhile Dena Bank
    Bank of Baroda, on its website, stated that the IFSC codes of the erstwhile Vijaya Bank and Dena Bank were discontinued on March 1, 2021. Customers have been asked to apply for cheque books with the new MICR code at the earliest.
  • 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
  • 2021-07-16 : Bandhan Bank total loans rise 8% to ₹80,128 crore in Q1, deposits up 28%
    Bandhan Bank witnessed an 8% rise in its loans and advances to ₹80,128 crores in the June quarter this fiscal. The loans and advances during the same period of 2020 stood at ₹74,331 crore. Compared sequentially, it was down by 8% from ₹87,043 crores in the March quarter. Total deposits grew by 28% year-on-year to ₹77,336 crores, while the CASA (current account and savings account) deposits jumped by 48% to ₹33,197 crores in the first quarter of 2021-22.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 2021-07-15 : OBC & UBI merged with PNB
    After the merger of OBC and UBI with PNB in April 2020, PNB has now updated the IFSC codes of all the branches of PNB and UBI. New IFSC codes have come into effect from July 1, 2021.
*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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