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Personal Loan Interest Rate Comparison of different Banks

Banks/NBFCs Interest Rates(p.a.)
HDFC Bank 10.85% onwards
Axis Bank 11.25% onwards
Kotak Mahindra Bank 10.99% onwards
ICICI Bank 10.85% onwards

Union Bank of India Personal Loan EMI Calculation

Union Bank of India makes use of the reducing balance method to compute the EMI payable on its personal loans. The table below gives EMI calculation for Union Bank of India personal loans using varying combinations of loan amount, interest rate and tenure.

Loan Amount (Rs.) Interest Rate (p.a.) Tenure (months) EMI (Rs./month)
50,000 11% 12 4,419
1 lakh 13% 24 4,754
3 lakh 15% 36 10,400
5 lakh 17% 48 14,428
10 lakh 20% 60 26,494

Comparison of EMI Calculation Methods: Flat Interest Rate v/s Reducing Balance Interest Rate

The given table depicts 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 varying loan amounts, tenures and interest rates:

Loan Amount (Rs.) Loan Tenure (months) Interest Rate (p.a.) EMI using Flat Rate method(Rs.) EMI using Reducing Balance method(Rs.)
50,000 12 11% 4,625 4,419
1 lakh 24 13% 5,250 4,754
3 lakh 36 15% 12,083 10,400
5 lakh 48 17% 17,500 14,428
10 lakh 60 20% 33,333 26,494

Factors Affecting Union Bank of India Personal Loan EMI

Some key factors which affect Union Bank of India personal loan EMIs are discussed below:

  • Loan Amount: The amount of money that you borrow from a bank or NBFC (Non-Banking Financial Companies) is referred to as the loan amount. Usually, as the loan amount increases, the EMI amount also increases and vice versa. For instance, if you avail a personal loan of Rs. 5 lakh at 12% p.a. for a period of 5 years, your EMI payout will be 11,122. However, in case you avail a loan of Rs. 2.5 lakh at the same interest rate and tenure, your EMI payout will be Rs. 5,561.
  • Interest Rate: The rate of interest charged by the lender on the loan amount is called the interest rate. High interest rates usually result in higher EMI payouts. For instance, if you avail a loan for Rs. 2.5 lakh at 12% for 1 year, the monthly EMI payout will be Rs. 22,212. However, if you avail a loan for the same amount and tenure at an interest rate of 14%, the monthly EMI payout will be Rs. 22,447.
  • Loan Tenure: It refers to the loan repayment period, that is, the time period over which the loan can be repaid. Usually, as the loan repayment period increases, the monthly EMI payout decreases. However, it may result in greater total interest payout. For instance, if you avail a loan of Rs. 2.5 lakh at 12% for a period of 1 year, the monthly EMI payout will be Rs. 22,212 with a total interest payout of Rs. 16,546. However, if you take a loan for the same amount and at the same rate of interest for a period of 5 years, your monthly EMI payout will be Rs. 5,561 with a total interest payout of Rs. 83,667.
  • Interest Calculation Method: The method of calculating interest adopted by the lender also affects the personal loan EMIs. Try and avail a loan that follows the reducing balance method of interest calculation rather than the flat rate method. Usually, EMIs computed using the reducing balance method are slightly lower as compared to EMIs computed using the flat rate method. For instance, if you avail a loan for Rs. 2.5 lakh for a period of 60 months at an interest rate of 12% and interest is calculated using the reducing balance method, the monthly EMI payout will be Rs. 5,561. Whereas, if the interest is calculated using the flat rate method for the same loan, the monthly EMI payout will be Rs. 6,667. Thus the preferred option will be going for a loan and lender where interest is calculated using the reducing balance method.

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