Personal Loan Eligibility
Determining your eligibility for a personal loan is the first step in your financial journey. At Unity Small Finance Bank, we prioritize making this process transparent and easy to understand, allowing you to make confident financial decisions.
Who Should Consider a Personal Loan?
A personal loan can be a versatile financial tool for various needs
Large Purchases
Whether it’s a wedding, a dream vacation, or higher education, a personal loan provides the necessary funds with flexible repayment options.
Credit Building
If you're looking to enhance your credit score, a personal loan, when managed responsibly, can help improve your creditworthiness
Emergency Expenses
Ideal for covering unexpected costs like medical emergencies or urgent home repairs that can't wait
Debt Consolidation
Simplify your finances by combining multiple high-interest debts into one manageable loan with a potentially lower interest rate
Eligibility Criteria for Unity Small Finance Bank Personal Loan
To qualify for a personal loan at Unity Small Finance Bank, you’ll need to meet the following criteria
Eligibility Criteria for Unity Small Finance Bank Personal Loan
To qualify for a personal loan at Unity Small Finance Bank, you’ll need to meet the following criteria:
- Age: Applicants should be between 23 to 55 years old, ensuring you're within a prime working age for loan repayment.
- Income: A stable monthly income of at least ₹20,000 is required, which shows your ability to manage monthly EMI payments. This is slightly higher than the standard, ensuring better financial security.
- CIBIL Score: A credit score of 675 or higher is preferred. This reflects your financial reliability and helps in securing favorable loan terms.
- Employment Status: Both salaried and self-employed individuals are eligible. Salaried individuals should provide recent salary slips, while self-employed individuals need to submit bank statements and their GST number.
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
Planning your loan repayments is crucial for financial management. Our EMI Calculator allows you to estimate your monthly payments by inputting the loan amount, interest rate, and tenure. This tool helps you choose a repayment plan that suits your budget, ensuring you can manage your finances without stress.
Tip: Adjust different parameters in the calculator to find the most comfortable EMI for your budget. This way, you can balance between loan tenure and monthly outgoings.
Type of Deposit
Deposit amount
Tenure
Start Date
Are you a Senior Citizen?
Amount on maturity
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8.5%
interest rate *
Invested amount
Total earnings
Maturity Date
