Union Bank of India Personal Loan EMI Calculator

Quickly estimate EMIs using Union Bank of India Personal Loan EMI Calculator to manage your personal loan repayments with ease and accuracy.

---

Union Bank of India Personal Loan EMI Calculator: Making Sense of Your Monthly Payments

Or can I take a personal loan from the Union Bank of India? Last year, yes, I was in the same boat. The main question that was bothering me was How Much do I need to pay Next month!! That’s when an EMI calculator is in hand.

I have spent more time on these calculators (in the sense that I shouldn’t be using them at all, honestly), and I wanted to jot down why Union Bank of India’s personal loan EMI calculator is actually useful.

What’s This EMI Calculator Thing Anyway?

EMI means Equated Monthly Installments, which is nothing but the amount that has to be paid every month till the loan is paid off completely. The principal interest is part of it.

UBI personal loan EMI calculator is an online tool that helps you to find out your EMI before applying for a loan. Well, it is really important to use it before so that there aren’t any unpleasant shocks later.

How Does It Work?

The calculator is straightforward. You need to input three things:

• The loan amount you want to borrow
• The interest rate (Union Banks rates usually range from about 10.5% to 14% or so, depending on your profile)
• The loan tenure (how many years you want to repay it)

On entering these details, the calculator then shows your monthly EMI. It’s only a mathematical formula in real terms; most of us do not actually need to know how this actually works (but mostly honesty). The point is that it works!

Why I Found It Helpful

While I was in the midst of renovating my apartment, and didn’t know the amount which you could borrow. The EMI calculator helped me tweak various consideration amounts and tenure till I could find a monthly that would not fall off the roof of my budget.

Here is what I particularly liked about using the calculator:

1. It saved me from over-committing financially. There’s nothing worse than realizing you’ve taken a loan with EMIS that eats up too much of your monthly income.
2. I could compare different scenarios. What if I borrowed less but repaid faster? Or borrowed more but extended the tenure? The calculator let me see how these changes affected my monthly payments.
3. No pressure! Unlike talking to a loan officer right away, I could take my time exploring options without feeling rushed into a decision.

Things To Remember

The calculator gives you an approximate figure. Your actual EMI might vary slightly based on processing fees, the exact day of disbursement, and other factors. So add a small buffer to whatever figure you get, just to be safe.

The interest rates in the calculator could also not be exactly what you get. It depends on your FICO, income, and relationship with that particular bank. When I applied, actually, I did get a touch better rate than what I hoped for, as I’ve been a customer for a few years.

How To Use The EMI Calculator

Union Bank of India’s personal loan EMI calculator is available on its official website, like any other. It’s usually under the Personal Banking or Loan sections. Sometimes, it’s a bit buried in submenus, but it’s definitely there! If you have the Union Bank mobile app, you can find the calculator there, too.

Making Better Decisions With The Calculator

One thing that really helped me was using the calculator alongside my monthly budget sheet. I looked at how much disposable income I had after all essential expenses and made sure my EMI wouldn’t take up more than about 30% of that amount.

Financial experts recommend that your total EMIS across all loans shouldn’t exceed 40-50% of your monthly income. The calculator helped me stay within those limits.

Final Thoughts

If you are planning to take a personal loan from Union Bank of India, go through the EMI calculator of this bank within a minute. All default, but at least it makes you smart on this. It is good to know EMI in advance so that it does not cause stress while taking a loan. You walk into the bank already knowing what to expect, which puts you in a better position to negotiate terms or decide if the loan is right for you at all.

Have you used the Union Bank EMI calculator before? I’d like to know if it helped you as much as it helped me!