| 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 Calculator
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Personal Loan Interest Rate Comparison of different Banks
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:
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How Can I Apply for a Personal Loan Online?
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Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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