Union Bank Personal Loan EMI Calculator

The Union Bank is one of the known banks for personal loans. Union Bank Personal Loan has fulfilled the monetary of many customers from students to resourceful people with its several options i.e.

1. Union Women Professional Personal Loan Scheme
2. Union Personal Scheme for Salaried Individuals Other than Government Employees
3. Union Personal Loan - Non-Salaried
4. Union Personal Loan - Salaried
5. Personal Loan Under Special Retail Lending Scheme for Government Employees
6. Union Professional Personal Loan Scheme
7. Union Ashiyana Personal Loan Scheme
8. Union Ashiyana Overdraft Scheme

Union Bank is the option that everyone can opt for. Its features and schemes are most suitable and easily accessible for all ages. So, if you are looking for a personal loan for a specific reason Union Ban has that one specific for you.

Use our Union Bank Personal Loan Calculator to calculate your Interest rate and tenure on the loan amount you have decided on and get the desired benefits.

What is the Union Bank Personal Loan Formula?

This specific formula is used for getting the accurate EMI of the Union Bank of India Personal Loan:

E = P x r x (1+r) ^n/((1+r) ^n-1)

where,
P - Principal Amount
N - Tenure of the Loan
R - Rate of Interest

Union Bank Personal Loan Eligibility Criteria:

1. Union Bank of India Age Criteria

• For Salaried individuals

  The minimum age requirement is usually 21 years; the maximum age at loan maturity should be around 60 years.

• For Self-employed individuals

  The age range may vary, but it generally falls between 21 and 65 years.

2. Union Bank Employment Criteria

• For Salaried individuals

  Applicants must be in a stable job (employed) with a minimum of 1 to 3 years of work experience.

• For Self-employed individuals

  He/She has a stable source of income, and the business should be active for a certain period, from 2 to 5 years.

3. Union Bank Income Criteria

• For Salaried individuals

  The applicant's minimum monthly income should meet the bank's specified threshold, which varies depending on the loan amount and other factors.

• For Self-employed individuals

  The minimum annual income from the business should meet the bank's specified criteria.

4. Union Bank of India Personal Loan Credit Score

A good credit score is essential for Personal Loan approval. Like other Banks, Union Bank of India also commonly reviews your credit score which should be between 700 and above, by indicating a strong credit history and repayment capability.

5. Citizenship Required for Union Bank Personal Loan

Applicants can be Indian citizens or Non-Resident Indians (NRIs), Only the condition is that they should meet the mentioned specific criteria of Personal Loan outlined by the Union Bank of India.

Advantages of using the Union Bank of India Personal Loan Calculator

• Get Accurate Estimates:

  The Union Bank of India Personal Loan calculator gives you the right idea about how much you'll pay each month (EMIs), the Total Rate of interest, and the overall cost of your loan.

• Plan Your Money Better:

  This Calculator helps you plan your money by letting you adjust your financial things like how much you want to acquire from the bank and how long you want to keep it. This helps you figure out if you can afford the Union Bank Personal Loan EMI or not.

• Compare Your Options:

  You can use this calculator to see how many different Numbers you can try, like borrowing more or less money, paying it back sooner or later, and changing your payments. This helps you pick the best option that fits your financial planning.

• Save Time:

  Instead of doing the math using pen and paper, the calculator does it for you quickly and allows you to try it out for infinite times.

• Make Smart Choices:

  By getting an accurate number of EMIs about how much you'll need to pay back to the bank. With the Union Bank of India Calculator, you can make smarter choices about whether this loan is right for you or if you should think about other ways to get money.

• Easy to Use:

  You can find the calculator online or on your phone as well, so you can use it whenever you want, wherever you are. It's a Quick Pick smart tool for everyone.

What are Documents required for a Union Bank Personal Loan?

1. Identity proof (Aadhar card, passport, or voter ID).
2. Address proof (Electricity bills or rental agreements).
3. Income proof (Salary slips for salaried individuals or income tax returns (ITR) for self-employed individuals).
4. Bank statements.

Note: These eligibility criteria may vary depending on the specific loan product, loan amount, repayment tenure, and the policies of the Union Bank of India. Prospective borrowers are advised to check the bank's official website or contact the nearest branch for detailed information on eligibility requirements and documentation needed for personal loans.

Conclusion

Ready to calculate your Union Bank Personal Loan? With Union Bank's diverse range of personal loan schemes and the convenience of its online calculator, accessing funds for your needs has never been easier. By understanding the eligibility criteria, advantages & using the calculator effectively. You can take control of your finances and make the most suitable choices for your financial needs.

Use our Union Bank Personal Loan Calculator now to plan your finances and make informed decisions about your loan.