UCO Bank Personal Loan EMI Calculator will help you to find out your Personal Loan EMI and interest cost based on your loan amount, tenure and interest rate. It will help you to choose your loan amount and loan tenure based on your repayment capacity.
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Personal Loan Interest Rate Comparison of different Banks
|Banks||Interest Rates (per annum)|
|HDFC Bank||10.25% – 21.00%||Apply Now|
|Axis Bank||10.25% onwards||Apply Now|
|Kotak Mahindra Bank||10.75% onwards||Apply Now|
|ICICI Bank||10.25% onwards||Apply Now|
|IDFC First Bank||10.49% – 23.00%||Apply Now|
UCO Bank Personal Loan EMI Calculation
UCO Bank personal loan EMIs are calculated using the reducing balance method of interest calculation. The table below shows EMI calculation for UCO Bank personal loans using varying combinations of loan amount, tenure and interest rates:
|Loan Amount (Rs.)||Interest Rate (p.a.)||Tenure (months)||EMI (Rs./month)|
Comparison of EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate
The following table gives a comparison of the difference in EMI payable when using the flat interest rate method v/s when the reducing balance method is used for different loan amounts, tenures and interest rates:
|Loan Amount (Rs.)||Loan Tenure (months)||Interest Rate (p.a.)||EMI using Flat Rate method|
|EMI using Reducing Balance method|
Factors Affecting UCO Personal Loan EMI
Some key factors which affect UCO Bank personal loan EMIs are discussed below:
- Loan Amount: The amount of money that you borrow from the lender is known as the loan amount or loan principal. Generally, a greater loan amount leads to a higher EMI payout.
- Loan Tenure: It is the period of time over which the loan repayment can be made. Usually longer loan tenure results in lower EMI payouts. However, it may also result in greater interest payout.
- Interest Rate: It is the rate of interest charged by the lender on the loan amount. Generally a higher interest rate leads to a higher EMI payout.
- Interest Calculation Method: Interest payable is also affected by the method used to calculate personal loan EMIs. Most often, EMIs calculated using the reducing balance method are slightly lower as compared to EMIs calculated using the flat rate method.
Benefits of Using an EMI Calculator
The following are some of the key advantages of using an EMI calculator:
- Better Management of Finances: EMI calculator enables customers to assess the cost of the loan even before they apply for it. This helps them to make informed decisions and aids in better planning of finances. It enables them to choose a loan amount and tenure that suits their budget.
- Free to use: EMI calculator can be used anytime and anywhere for free. Also, there is no limit to the number of times that you can use the calculator and thus, you can compare EMI amounts of different personal loans from several lenders and choose the best option for yourself.
- Saves Time: It gives them instant results and they no longer have to carry out tedious mathematical calculations manually and thus, helps to save a lot of time.
- Accurate and Reliable: An EMI calculator uses computerized algorithms to give error-free results and is thus, more accurate and reliable as compared to manual calculations done by hand.
Q1. Can I opt for the autopay option to make my UCO Bank personal loan EMI payment?
Yes, you can choose to autopay your personal loan EMIs by opting for the ECS facility.
Q2. Are the prepayment charges shown by the EMI calculator?
No, the EMI calculator does not show the prepayment charges. However, you can check the prepayment charges in the loan agreement provided by the lender.
Q3. What is floating rate of interest?
Floating interest rate is variable in nature and is based on market fluctuations and RBI policies. For example, Repo Linked Lending Rate (RLLR) is influenced by the repo rate. Whenever RBI changes the repo rate, a similar change is reflected in the loan interest rate. At present, the floating interest rate mechanism is not applicable to UCO Bank personal loans.
Q4. Can I pay UCO Bank personal loan EMIs in cash?
No, you cannot pay UCO Bank personal loan EMIs in cash. Available payment options include postdated cheques and drafts.
Q5. Is there a limit on the maximum value that I can enter for the loan amount and tenure in the personal loan EMI calculator?
You can calculate EMI payouts for personal loans up to Rs. 25 lakh and for tenure ranging up to 60 months using Paisabazaar’s UCO Bank personal loan EMI calculator. However, personal loan tenure generally ranges between 12 to 60 months.
Q6. How to arrive at the right EMI amount?
You can use an EMI calculator to check different combinations of loan amount, tenure and interest rate to reach an EMI amount that suits you. Consider all your outstanding debt and regular monthly expenditure before finalizing a convenient EMI amount that you can pay off easily without disturbing your financial stability.
Q7. Can I reschedule/postpone my personal loan EMI?
No, you cannot postpone/reschedule your UCO Bank personal loan EMIs.