Union Bank of India Personal Loan EMI Calculator

The Union Bank of India can offer you personal loans that can range from the number of Rs. 15 lakhs and even to a tenure of 5 years. This is one way the bank fulfils the monetary needs of its customers, and these personal loans from Union Bank of India are of many kinds.

The types of personal loans that Union Bank of India provides its customers are personal loans for the salaried, for the self-employed, the special retail lending scheme for government employees, the professional personal loan scheme, loans for pensioners, and more. 

These loans are easily repaid through EMIs. If you are looking forward to getting one of the loans that are mentioned, you can use the Union Bank Personal Loan Calculator to know the EMI amount and the interest amount that you will incur from the personal loan.

Everything You Need to Know About the Union Bank of India Personal Loan Calculator

The UBI Personal Loan Calculator has varied features and uses, and you can learn everything about it here.

The Union Bank Personal Loan Interest Rate Calculator is an online tool that you can use from anywhere as long as you have stable access to the internet and Groww's website.

This tool will show you beforehand how much the EMI amount will be on the personal loan. This is a free tool that works on an algorithm. 

Function of the Personal Loan EMI Calculator Union Bank of India

The Bank of India personal loan calculator can show you the interest amount, and the EMI amount that will incur on your loan based on three main attributes and they are the principal amount that you want to borrow, the rate of interest that the bank is offering you, and the tenure for which you will be repaying the loan or the tenure of the loan.

Advantages of Using Groww's Bank of India Personal Loan Calculator

This calculator can help you in varied ways, and some of the most crucial ways that it can be an assistance to you are:

• You can compare different tenures and principal amounts to adjust the EMI outcome of your personal loan from the Bank of India.
• This calculator can be used for free, and you will not be charged in any way, no matter how many times you utilize it.
• The calculator is 100% accurate, and there will be no errors that usually occur when you manually calculate.
• You can decide whether or not the EMI of the personal loan from the Bank of India is affordable or not.
• You could also save a lot of time on calculations and decision-making.

Usage of the Bank of India Personal Loan EMI Calculator

You can use this calculator without any help and with no technical expertise. You will only have to follow three important steps:

Step 1: You will have to provide the amount that you want (this is the principal amount).

Step 2: You will then have to provide the period or time frame for which you want to take in repaying the loan (this will be the tenure of the personal loan.)

Step 3: Finally, you will have to provide the rate which the bank is offering you (this is the interest that the bank will be charging over the principal amount.)

After these steps have been followed, you can automatically see the display of the EMI amount and total interest charged over your personal loan in the Bank of India.

The Standard Formula to Calculate EMI

The calculator works on a standard formula to give you the EMI amount, and that formula is

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

P - Principal Amount

R - Rate of Interest

N - Tenure

This formula can also be explained with an example:

Mr Rajesh wants to borrow a personal loan from the Bank of India. He decided to take this loan in July 2022, and the amount of the loan is Rs. 4.2 lakhs, with a tenure of 3 years and at the rate of interest that the Bank of India is offering him is 8.5%. The EMI of his personal loan is as follows.

Principal Amount (P)= Rs. 4.2 lakhs

Rate (r)= 8.5%

Tenure (N)= 3 Years (36 months)

EMI = Rs. 13,258

Amortization Table

Here is the breakup in repayment of Mr. Rajesh's personal loan from the Bank of India: