Union Mutual Fund is a part of Union Bank of India and offers a variety of schemes to the investors under the equity, debt, and hybrid categories. Union Asset Management Private Limited (formerly known as Union KBC Mutual Fund) manages these schemes of Union Mutual Fund. Investors thinking to invest in Union Mutual Funds SIPs can check their monthly SIP amounts based on the desired corpus with the help of an SIP calculator for Union Bank. The company focuses on creating strong asset management in India with the help of the unrivalled brand value of Union Bank of India, knowledge of their vast customer base, and extensive network.
What is Union Bank SIP calculator and How does it Work?
A SIP is a method of investment in the preferred mutual fund scheme at regular intervals (weekly, monthly, quarterly, etc). It is indeed a great tool for your investments as it offers you the option to build a corpus with small inputs, and gives you the benefit of rupee cost averaging. Union Bank of India SIP calculator will help you estimate the monthly SIP amount you would require to allocate towards your mutual fund investments to reach the desired amount within the set time horizon
This Calculator helps to calculate the wealth gained for your periodic SIP investment at the end of the tenure of your monthly/quarterly SIP. This amount is calculated based on an expected rate of return.
How to Use the Union Mutual Fund SIP Calculator?
Here’s how to use the calculator.
Step 1: Enter the monthly investment amount you want to invest or make use of the slider provided to select the amount
Step 2: In this step, enter the return rate or move the slider
Step 3: Choose the investment period.
Step 4: Click on the ‘Invest now’ button.
It will show the invested amount, estimated returns and the total value. It’s that easy!
Union Bank SIP Calculator Formula
The Union Bank SIP calculator uses the following formula to calculate returns based on the rate of return, principal amount ( SIP value ) and the expected time frame.
A = P*((1+i)^n)-1)/i)*(1+i)
A – stands for the Amount you will receive
P – is the SIP amount you invest
I – is the compounded rate of return, which is the annual rate of return %/12
n – represents the number of months
Benefits of Using Union Bank SIP Calculator
- A SIP calculator helps you to get an estimate of your returns. All you need to do is enter the simple details to gain the results of your total invested amount.
- It gives faster, error-free calculations, thus saving you a lot of time and hassle.
- One of the key benefits of using a SIP calculator is the fact that you can forecast your investment plans beforehand and look at different outcomes.
- With SIP Calculator, you can toggle the interest rates and see the potential returns on different SIPs with the same tenor and same investment amount.
Union Bank of India SIP Calculator – FAQs
Ques. Can the SIP investment amount be increased?
Ans. Yes, one can opt for a periodic top-up of the SIP investment amount while opting for a new SIP.
Ques. What if I miss some of my SIP installments or don’t have sufficient money in my bank account?
Ans. With the auto-debit feature, there is no need to remember the debit dates as the bank account gets debited automatically on the selected date. However, just in case there is no funds in the bank account, you will miss a SIP installment. However, there is no penalty or any fee for missing it once or twice but after multiple misses, it gets cancelled.
Ques. Is there any restriction on the SIP investment amount?
Ans. There is no cap on the amount you can invest in SIPs.
Ques. What is the use of the Union Bank SIP calculator and how it works?
Ans. The online SIP Calculator of Union Bank shows the value of your SIP instalments at the end of the investment duration.
Ques. How does a Union Bank SIP Calculator work?
Ans. It’s simple to use; all you need is to enter the values of SIP instalment, duration of investment, and the annual rate of return.