Personal Loan Interest Rates
Understanding the cost of borrowing is crucial when considering a personal loan. Unity Small Finance Bank is committed to providing clear and transparent information about interest rates and associated fees, helping you make informed decisions about your financial future.
The interest rate on a personal loan determines how much you’ll pay in addition to the principal amount. Unity Small Finance Bank offers competitive interest rates that reflect your creditworthiness and financial profile. Knowing these rates helps you plan your repayments effectively, ensuring you can manage your finances without undue stress.
Unity Bank Personal Loan: Interest Rates
Unity Small Finance Bank offers personal loans with interest rates ranging from 16% to 30% per annum. This range accommodates different customer profiles, ensuring that you receive a rate that aligns with your credit history and income level
Key Factors Influencing Interest Rates
Income Level
A stable and sufficient income reassures the bank of your repayment ability, potentially lowering your interest rate
Loan Amount
Unity Small Finance Bank offers loan amounts from ₹1,00,000 to ₹5,00,000, depending on your eligibility
Credit Score
A higher CIBIL score can secure you a lower interest rate
Loan Tenure
The loan term can influence the rate, with shorter tenures often having lower rates
Fees & Charges for Personal Loan for Home Renovation
Understanding the fees and charges associated with your loan is crucial
| Fee Type | Amount |
|---|---|
| Processing Fee | A processing fee of 3% is applied, which covers the administrative expenses. |
| Prepayment & Foreclosure | The bank allows prepayment and foreclosure of the loan, with 4% prepayment and foreclosure charges |
| Late Payment Fee | If an EMI payment is missed, a late fee of ₹500 + GST is charged. It’s crucial to stay on top of payments to avoid these fees and maintain a good credit score |
EMI Calculator
Before committing to a loan, it’s helpful to understand what your monthly payments will look like. The EMI Calculator provided by Unity Small Finance Bank allows you to input the loan amount, tenure, and interest rate to estimate your monthly EMIs. This tool helps you assess whether the loan fits within your budget and allows you to explore different repayment scenarios.
Tip: Use the EMI calculator to find the most suitable combination of loan amount and tenure, ensuring manageable monthly payments
Type of Deposit
Deposit amount
Tenure
Start Date
Are you a Senior Citizen?
Amount on maturity
@
8.5%
interest rate *
Invested amount
Total earnings
Maturity Date
Conclusion
A personal loan from Unity Small Finance Bank offers a practical solution for purchasing consumer durables without compromising your financial stability. With flexible terms, competitive interest rates, and quick disbursal, you can easily finance your essential household items and repay the loan on your terms.
