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Compare IndusInd Bank vs Union Bank of India Personal Loan

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Bank
Interest Rate
Interest Rate
10.49% - 20.00%
10.20% - 13.90%
Processing Fees
Processing Fees
Min 0.75% to Max 1.75%
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
₹ 2,135
Part Payment Charges
Part Payment Charges
Not Allowed
Allowed after 0 months at Nil prepayment charges
Foreclosure Charges
Foreclosure Charges
Allowed after 12 months at 4%
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
12 Months
NA
Total Work Experience
Total Work Experience
24 Months
NA
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
4.5/5.0
3/5.0
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Compare Personal Loan EMI of IndusInd Bank and Union Bank of India

Loan Amount IndusInd Bank Union Bank of India
₹ 1 Lakh ₹ 2,149 ₹ 2,135
₹ 5 Lakh ₹ 10,744 ₹ 10,673
₹ 10 Lakh ₹ 21,489 ₹ 21,346
₹ 12 Lakh ₹ 25,787 ₹ 25,615

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

Union Bank of India offers lower Personal Loan EMI at Rs. 2135 for 60 Months compared to IndusInd 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 IndusInd Bank Personal Loan?

It is important to make a detailed comparison of Union Bank of India and IndusInd 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 10.20%, which is lower than the lowest interest rate of IndusInd 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, IndusInd Bank charges a processing fee of Min 0.75% to Max 1.75%, while Union Bank of India charges a processing fee of Upto 0.5%, Min Rs. 500.
  • IndusInd Bank offers Personal Loan upto an amount of ₹ 25 Lakh, while Union Bank of India offers Loan upto an amount of ₹ 5 Lakh. Therefore, IndusInd 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 IndusInd Bank gives the option to close the loan after 12 months at 4%. This makes Union Bank of India a better option for Personal Loan.
  • Union Bank of India allows part payment on Personal Loan after Zero months at Nil charges, while IndusInd Bank does not offer a part payment facility. This makes Union Bank of India a better option for instant loan requirements.
  • IndusInd Bank has an average customer rating of 4.5. In contrast, Union Bank of India has an average customer rating of 3, based on which it is clear that IndusInd 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 IndusInd Bank?

As per the current rates, Union Bank of India offers a lower interest rate of 10.20% on loans compared to IndusInd Bank, which offers a Personal Loan at 10.49%.

Know more about IndusInd Bank Personal Loan

Know more about Union Bank of India Personal Loan

Compare IndusInd Bank Personal Loan With Other Banks

Compare Union Bank of India Personal Loan With Other Banks

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Personal Loan News - Sep 2022
  • 2022-09-12 : Union Bank of India hikes interest rates - home, car EMIs set to rise
    Union Bank of India has increased its marginal cost-based lending rate (MCLR) in the range of 0.05 per cent to 0.35 per cent, which would make the loans from the bank more expensive. MCLR rates for overnight and one-month tenures to 7.00 per cent and 7.15 per cent, thus increasing them by 5 bps. For the three-month tenure, the rates are the same as before and are at 7.25 per cent.
  • 2022-09-09 : HDFC Bank to introduce 10-second personal loan service
    India’s largest private sector lender HDFC Bank is aiming at introducing the 10-seconds loan service for everyone including those who do not have an account with the bank. The bank has been a paradigm pioneer in 10-second loans for existing customers and has been able to deliver this over the past six years.
  • 2022-09-07 : Kotak Mahindra Bank Goes Live with Client Onboarding via Face Authentication
    The bank has become the first to enable client onboarding via face authentication and does not require an additional device except the mobile phone.
  • 2022-09-07 : HDFC Bank Expands Personal Loan in 10 Seconds
    The bank will offer Personal Loan in 30 seconds to all, including self-employed and non-existing customers of HDFC Bank.
  • 2022-08-18 : HDFC bank opens its first all women branch in Kerela`s kozhikode.
    HDFC has opened its first all-women branch in Kozhikode. The branch, located in Cherootty Road, the hub of traders in the district, will have 4 women bankers. HDFC Bank is driving diversity and inclusion within the organization with a special focus on enhancing gender diversity.
*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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