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Union Personal Loan Calculator

₹
%
Yr
Total amount₹ 11,73,960
Principal amount₹ 10,00,000
Total interest₹ 1,73,960
Monthly EMI₹ 19,566
Principal amountInterest amount

The Union Bank of India Personal Loan EMI calculator is an excellent tool for those looking to plan their loan repayments. The calculator makes it easy for you to plan your finances and see if your EMI can fit into your budget.

A personal loan is a borrowing instrument that does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, it must be repaid in monthly instalments. You can use it to fund any expenses including education, a wedding, a trip, home renovation, medical expenses, and even to buy a budget.

An EMI or Equated Monthly Instalment is an important part of a loan. It is the monthly instalment amount that you need to pay to clear your loan.

How Does The Union Bank of India Personal Loan EMI Calculator?

The personal loan EMI calculator uses the below formula to calculate your monthly EMI amount.

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

Where,

P is the principal personal loan amount
r is the rate of interest per month
n is the loan tenure in months

Example:

You are planning to take a personal loan for ₹7 lakhs. The interest rate of the loan is 12% and the tenure of the loan is 4 years. By putting the values in the formula, we get:

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 7,00,000 x (0.12/12 x (1 + 0.12/12)^4) / (1 + 0.12/12)^4 - 1)
EMI = ₹18,434

If you take a personal loan for ₹7 lakhs at an interest rate of 12%, you would have to pay a monthly EMI of ₹18,434 for 4 years.

How To Use The Union Bank of India Personal Loan EMI Calculator?

Here is a detailed guide to using the personal loan EMI calculator.

  • Enter the loan amount.
  • Mention the interest rate of the loan.
  • The tenure of the loan.

Once the details are entered, the calculator will show you the monthly EMI amount.

Example:

Ms Sana is looking to take a personal loan for ₹12 lakhs to renovate her house. The interest rate charged by the lender is 15%. The repayment tenure of the loan is 5 years. Let’s calculate her monthly EMI amount.

EMI = P x ( r x (1 + r)^n) / (( 1 + r)^n - 1)
EMI = 12,00,000 x (0.15/12 x (1 + 0.15/12)^5) / ((1 + 0.15/12)^5 - 1)
EMI = ₹28,548

If Ms Sana takes a personal loan for ₹12 lakhs at an interest rate of 15% for 5 years, she would have to pay an EMI amount of ₹28,548 every month.

Benefits Of Using The Union Bank of India Personal Loan EMI Calculator

The advantages of using a personal loan EMI calculator are:

  • The personal loan EMI calculator can determine the exact EMI amount before applying for the loan amount.
  • The calculator can help you plan your finances better and choose a comfortable loan tenure.
  • The calculator can help you determine the loan amount that you can comfortably afford without stretching your finances.
  • The calculator provides accurate results quickly, saving you time and effort.

Union Personal Loan Calculator - FAQs

What is an amortisation schedule?
An amortisation schedule is a table that displays the interest and principal components of your EMIs throughout the loan tenure.
What method of EMI calculation do most banks use?
Lenders generally use the reducing balance method to calculate the EMI applicable to a personal loan. The EMI calculators for personal loans also use this EMI calculation method to give you results.
What are the factors that affect personal loan EMI?
The key factors affecting your overall EMI amount payable include the loan principal, interest rate, tenure, etc.