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Amir Azam
by on June 22, 2021
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Covid-19 has had significant economic and financial ramifications over the world, particularly in India. To combat the challenges caused by Covid-19, Afinoz comes up with COVID-19 personal loan programs from Union Bank of India that allows consumers to meet their immediate financial needs, check their loan status through the UBI Personal Loan EMI calculator, and address liquidity mismatches, as the coronavirus pandemic has disrupted business and made it impossible for people to work. Thus, customers can check here at Afinoz.com for Union Bank of India Personal Loan offers which allows them to meet their immediate financial needs.

Union Bank Personal Loan EMI Calculator

Once you've decided to take out a personal loan for an emergency or a short-term requirement, you'll want to figure out how much the monthly EMI would be. Checking your EMI monthly outgo is vital because it will assist you to decide on your loan amount and plan your monthly budget.

With this in mind, Union Bank of India, like all other banks, has developed a personal loan EMI calculator that calculates your EMI in less than a minute. Isn't it handier to know how much you'll have to pay each month for the loan you're taking out? Union Bank of India offers the best way to get a loan and get an instant solution for the same.

Why people prefer the Union Bank of India EMI Calculator?

  • Calculate EMIs within your budget: This allows you to compare EMIs for various loan amounts and terms. Always check with the bank to determine the interest rate on a Union Bank of India personal loan, which can range from 8.90% to 13.00%.
  • Compare Union Bank of India Personal Loan EMI: This tool allows you to compare the predicted EMI on a personal loan from Union Bank of India with those of leading Indian banks, using the same loan amount of up to Rs. 5 lakh and a maximum tenure of 60 months, but with different interest rates.
  • Calculate interest on a Union Bank of India personal loan: You can divide your total EMIs into interest and principal repayments over the life of your loan with Union Bank.
  • Amortization schedule in detail: This allows you to see how quickly your principal will be repaid month by month during the loan term.

Steps to use the Union Bank of India Personal Loan EMI Calculator?

  • The Union Bank of India personal loan calculator is an online tool that calculates EMIs based on a loan amount, interest rate, and loan term.
  • The Union Bank of India EMI calculator uses a "reduced balance premise" and assumes that EMI payments are made in arrears, which means that interest is paid for the month before the EMI payment date rather than in advance.

How to calculate Union Bank Personal Loan Interest Rate?

The EMI for a personal loan is calculated by the Union Bank of India using the formula below:

(1+r)n/([(1+r)n]-1) P*r* (1+r)n/([(1+r)n]-1) 

The following is an example of how the EMI on a Union Bank of India personal loan is calculated:

In the formula above,

  • P stands for the loan amount. The amount of a personal loan from the Union Bank of India might range from 50,000 to 5 lakh rupees.
  • r is the monthly interest rate. The current Personal Loan rate of Union Bank of India is 8.9%.
  • n is the number of months in a month's tenure. In the case of the Union Bank of India, this can be up to 60 months.

Essential Factors affecting Union Bank of India Personal Loan EMI

  • Loan amount: The bigger the loan amount, the higher the EMI. The Union Bank of India offers a minimum loan of 50,000 rupees and a maximum loan of 5 lakh rupees.
  • Interest rate: A higher interest rate raises both your EMI and the overall cost of your loan. The interest rate on a Union Bank of India personal loan for salary account holders may be lower than their stated rates, lowering the entire cost. Union Bank of India has the lowest interest rate of 8.90%. However, before applying for a loan, you should conduct thorough market research and compare rates online.
  • Loan tenure: It refers to the amount of time you have to repay your Union Bank of India loan. As a result, if you obtain a 60-month loan from Union Bank of India instead of a 12-month loan, your EMI will be lower.

Conclusion

At last, here we would like to summarise that Union Bank Personal Loan is offered at a low interest rate and it is simple to use its EMI Calculator. If you have a financial emergency, you can apply for Union Bank Personal Loan with the entire guidelines and lending plan if you are satisfied that the interest rate, loan tenure, and loan amount satisfy your financial needs accordingly. For other financial advice, you can contact Afinoz.com.

Posted in: business, Loan
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