Union Bank offers the "Union Miles" car loan scheme which can be availed by any individual who's seeking financial help in the form of a car loan. The car loan is available at reasonable interest rates. Union Bank offers finances up to 85% of the ex-showroom price of the vehicle which includes vehicle cost, car insurance, registration charges, and road tax. Car loans from union bank are offered at an affordable interest rate of 8.90%. Loan tenures range from 1 year to 7 years. Individuals who are over the age of 18 years and with sound credit history are eligible to avail a car loan from Union Bank.
How to use BankBazaar Union Bank Car Loan EMI Calculator to understand your car loan repayment
BankBazaar offers a simple and easy-to-use EMI Calculator which can be used to calculate the EMI that you will have to pay towards the repayment of a car loan that has been disbursed by Union Bank. EMI for various tenures can be calculated using the EMI Calculator. This is simple tool offers an in-depth analysis of an EMI which has to be paid. An amortization table is also provided to give the user a visually analysis of the EMI that needs to be repaid.
Union Bank Car Loan EMI Calculator – How does it work?
There are certain primary details which you will have to provide to ensure that you come up with an accurate result when calculating your EMI while using a Union Bank Car Loan EMI Calculator and these are listed below:
- Loan Amount: An individual can drag the pointer on the scale on a Union Bank Car Loan EMI Calculator to select the car loan amount that they require.
- Tenure: Once a customer has chosen the car loan amount required, the loan tenure will have to be chosen by dragging the pointer over the “Tenure” scale.
- Interest Rate: Type in the interest rate offered by Union Bank into the EMI Calculator on the BankBazaar website.
- Processing Fee: Enter the processing fees which are levied by Union Bank on the car loan.
- Prepayment: Customers who avail a car loan from Union Bank will have to make a choice to either make a prepayment on the car loan or not. There are two options which a customer can choose from:
- If a customer does not wish to make a prepayment towards their car loan, they can directly select the “Calculate”. Once this is done, the customer will be provided with a page that shows the breakup of the total amount which you will have to pay. The page provided will also have the amortization graph and car loan details.
- If a customer does choose to make a prepayment, they would have to click “Yes” next to the prepayment tab. You will then have to provide the information asked for in the following tabs:
- Prepayment frequency
- Prepayment fee
- Prepayment amount
- How the prepayment applies
After the customer has provided all the details required by the Union Bank Car Loan EMI Calculator, click on the “Calculate” button to start the calculation process. This will take a fraction of a second and the amount which is payable will be displayed on the screen.
Example: Let us consider the interest rate that is offered by Union Bank on a car loan as 8.90% with a processing fee of 0.15%. Using the EMI Calculator available on the BankBazaar website, the table below shows the calculations made for varied tenures and for different loan amounts.
|Loan amount (Rs.)||Interest rate*||Processing fee||EMI for 2 years (Rs.)||EMI for 3 years (Rs.)||EMI for 4 years (Rs.)||EMI for 5 years (Rs.)||EMI for 6 years (Rs.)||EMI for 7 years (Rs.)|
*Interest rates are subject to change following the GST rollout on July 1, 2017.
Union Bank Car Loan EMI Calculator - Features and Benefits
The Union Bank Car Loan EMI Calculator that’s available on the official website of BankBazaar helps minimise any time that’s unnecessarily wasted on calculating the EMI which has to be paid towards the repayment of a car loan:
- The EMI Calculator is a very user-friendly tool that gives a detailed breakup of the loan that an individual has to repay to Union Bank
- The tool also displays amortization table in a detailed manner along with EMI that the individual has to pay
- It is absolutely free to use the Union Bank Car Loan EMI Calculator that is available on the official website of BankBazaar
- The EMI Calculator can be used a number of times to help zone in on the right option that can cater to the needs and requirements of the customer
- The tool can help in calculating the EMI that needs to be paid towards a car loan even after considering any prepayments which a choose to make
- BankBazaar has a dedicated customer support team which ensures that all problems and queries of a customer are resolved as soon as possible
Union Bank Car Loan EMI Calculator FAQs
- What are the main features of the Union Bank car loan?
The Union Bank car loan is characterised by the following features:
- An individual can avail close to 90% of the total cost of the vehicle
- The bank offers car loans at affordable interest rates
- There are a number of benefits that are offered along with a car loan that has been available from Union Bank
- What is the formula that is used to calculate the EMI on a car loan taken from Union Bank?
EMI Is calculated using the following formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1],
Where, P is the principal amount, R is the interest rate on a monthly basis, and N is the number of instalments.
This formula does not take into account the prepayments that you make towards the loan.
- Is it easier to calculate the EMI using the EMI Calculator or an excel sheet to get faster and more accurate results?
No, calculating the EMI using the formula or an excel sheet would be time-consuming and error-prone. Moreover, it would be complicated to calculate the EMI when prepayments are made towards the debt. Hence, it is recommended to use the Bankbazaar Union Bank Car Loan EMI Calculator for the same.
- What is a car loan amortization table?
A car loan amortization table shows the payment schedule of your debt in a tabular format. It displays the breakup of the principal amount, interest rate, the total paid amount, and the outstanding loan balance.
- I know there is a prepayment penalty levied by my lending bank, but do not know the exact amount I will have to pay for the same. How can I get accurate results from the tool then?
It is advisable to read through the loan documentation to understand the prepayment penalty levied by your lender. Alternatively, you can visit the bank branch or call up the bank’s customer service desk and request for the same. Once you get the details of the prepayment charges, you can use this information as input to the EMI Calculator tool and view the amortization schedule instantly.