Union Bank of India offers personal loans for both salaried and self-employed individuals. The bank runs a special scheme for government employees at an interest rate of 10.60% p.a. The personal loan from Union Bank of India can be availed for various reasons like medical emergencies, travelling to destinations, consolidating various debts into one, planning a wedding or for the renovation of home, etc.

Personal loan EMI Calculator

Using EMI Calculator is like a child’s play, where all one has to compute details of the loan amount, loan tenure and interest rate. The magical tool gives exact details of the monthly outflow of cash towards the loan amount. It helps the user in making an informed decision towards availing the exact loan amount and going with the lender which is offering the best interest rates.


EMI Calculations at different tenures

Loan Amount

1st year

2nd year

3rd year

4th year

5th year

Rs 1,00,000

Rs 8,912

Rs 4,735

Rs 3,350

Rs 2,662

Rs 2,254

Factors affecting Union Bank of India Personal Loan EMI

Loan Tenure – Union Bank of India offers the loan for a maximum tenure of 5 years. Lowering of personal loan EMI is dependent on longer tenure.

Loan Amount – Higher loan amount invites higher EMI. Union Bank of India offers a loan of up to Rs 15 lakh.  

Interest Rate - The lowest interest rate offered by the Union Bank of India is 12.60%. For salary account holders of Union Bank of India, interest rates can be lower than their quote rates. 

Union Bank of India Personal Loan EMI Calculation formula

The formula for calculating personal loan adopted by Union Bank of India is P*r* (1+r)^n/([(1+r)^n]-1)

Below is the illustration of how Union Bank of India Personal Loan EMI is calculated:

n = Tenure in month

r = Per month rate of interest

P= Loan Amounts

Features and Benefits- Union Bank of India Personal Loan EMI Calculator

The EMI Calculator is a smart tool that gives you instant calculations within minutes, giving an estimate of monthly outflow of debts. Its dynamics can better be understood by computing different details every next time.

Let us find out the benefits of using a personal loan EMI Calculator. 

Graphical representation of data- The role of EMI Calculator is not restricted to mere providing data. The graphical representation of the data makes the individual aware of the gradual payment which they are going to make towards the loan amount. 

Accuracy – The result displayed by the EMI Calculator on computing details like loan amount, loan tenure, and interest rate, will be accurate. This may not be possible in case of manual calculation.

Time Saver- Manual calculation of the EMI would take much time posing chances of incorrect details at times. Using EMI Calculator will reduce the task to the friction of seconds. It is more suitable in deriving a correct estimate.

24/7 availability – There is no restriction on using the EMI Calculator as many times one wants. An applicant can check the details by computing the loan amount, interest rate, tenure and figure out by analyzing how much loan is required. It allows to adjust the details and check which one is working for you.

How to use Afinoz Personal Loan EMI Calculator

Using Personal loan EMI Calculator at Afinoz is quite simple and can be easily made use of even by the first- time user. Afinoz is a marketplace for users to compare and shop for the best loans under one umbrella. The interest rates offered are affordable by the lenders.

Visit the website and go to the section of the EMI calculator. Compute the details and get results within a fraction of seconds. The EMI Calculator is simple to use and gives you the details, without putting up much effort. The accuracy of the data is noteworthy and can be made use of in figuring out the future requirement of applying for the loan amount.

Union Bank of India Personal Loan Interest Rate

Union Bank of India offers personal loans interest rate of 12.60% p.a for salaried and self-employed individuals. For government employees, the interest rate offered is 10.60% p.a.

The various factors which influence interest rates of personal loan are credit score, employer of the applicant, the income of the applicant, age, etc.

The process of applying for the loan is easy, convenient and hassle-free.

Union Bank of India Personal Loan Eligibility Criteria

The eligibility for Union Bank of India Personal loans depends on several factors. Below we are discussing a few of them.

  • Repayment capability – The applicant seeking the loan is required to look for sources that let him repay the debt amount smoothly. The lender while evaluating the application form will first consider the repayment sources and take the decision accordingly. An applicant applying for a higher loan amount should look for other sources of repayment.
  • Credit score – This is one of the most vital factors which play an important role in either approving or rejecting the loan. A healthy credit score of above 800 creates a positive impression in the eyes of the lender. An applicant applying for the loan should update the credit score.
  • The applicant should be a resident of India.
  • Should be having an income of more than Rs15,000. 
  • Should be residing in the current place for a minimum of 1 year.
  • Should be above 21 years of age.
  • Should have minimum 1year stability in the job.

Documents Required to Avail Union Bank of India Personal Loan

Union Bank of India offers personal loans with minimal documentation.

Here is a checklist of documents to submit along with the loan application:

  • Complete application form along with the required information
  • Identity proof 
  • Address proof 
  • Latest salary slips-past 3 months of the salary account
  • Passport size photographs
  • Valid PAN card
  • Minimum 1year business existence documents.

How to Apply for a Personal Loan with Union Bank of India?

With the banking system being digitized, availing loans at a few taps of a button has become popular. The applicant can visit the website of and can apply for the loan. The applicant will have to fill the application form and upload a few minimal documentation.

The borrower is required to check first the eligibility criteria, before applying for the loan. A good credit score will always be favorable for the borrower in getting the loan application approved. It creates a positive impression in the mind of the lender about the repayment of the debt amount. It also gives the borrower the chance to avail loans at a lesser interest rate.