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    Personal Loan BYTES FROM OUR KITCHEN

    About City Union Bank (CUB) Personal Loan

    City Union Bank (CUB) offers personal loans to fulfil your diversified personal requirements. You can meet your genuine personal expenses such as purchasing a television or a refrigerator or furniture with your CUB Consumer Loan- which is a personal loan offered by the bank. However, the amount received as person loan cannot be used for purchasing second hand consumer durables such as vehicles or jewelleries. You can apply for a CUB Consumer Loan offered online.

    City Union Bank Personal Loan Interest Rates

    City Union Bank offers personal loans for different tenures at attractive rates of interest. However, while deciding the interest rate on your personal loan, the bank may consider certain factors such as your income, eligibility and repayment capacity. City Union Bank charges 16.50% as interest rate on its personal loans. The bank may change its existing interest rate on personal loan without giving you any prior notification.

    City Union Bank Personal Loan interest rates table

    Interest rates 16.50 (Base rate plus 5.50% )
    Loan amountMaximum amount: 10 months net salary and subject to maximum of RS.50000
    Loan tenure 36 Months (Maximum)
    EMI per lakh (based on lowest interest rate)
    (Calculate EMI on your Personal Loan)
    Rs. 2,458
    Processing fees1.25% of the total loan amount.
    Base Rate 11.00% w.e.f. 01-10-2013

    How to calculate interest/ EMIs on City Union Bank Personal Loan Interest Rates

    The City Union Bank Personal Loan interest rates can be calculated by using a Personal Loan EMI Calculator. In the calculator, you need to enter your loan tenure, principal amount, rate of interest and processing fees (if applicable). Once, you put the details, the calculator will instantly reveal your monthly EMIs. The calculator will also reveal your personal loan amortization table that contains a comprehensive break up of your loan repayment including the amount you have already paid and the outstanding amount.

    Example: Suppose, you have taken a personal loan from City Union Bank at 16.50% for 5 years. The loan amount is Rs. 1 lakh and the processing fees is 1.25%. In that case, your loan amortization table will include the followings:

    YearPrincipal paid (Rs.)Interest paid (Rs.)Balance amount (Rs.)
    Year 15,5676,72494,432
    Year 215,02314,47779,409
    Year 317,69711,80361,711
    Year 420,8478,65340,862
    Year 524,5644,94016,300

    Factors affecting City Union Bank Personal Loan Interest Rates

    Listed below are the key factors that may affect your City Union Bank Personal Loan interest rates in 2015:

    • Relationship with City Union Bank: City Union Bank offer your reduced rate of interest provided you have a long and stable relationship with the bank. It’s very important you maintain good relationship with your bank so that you can enjoy many added benefits.
    • Nature of your job: Whether your job is permanent or not plays a major role in determining your personal loan interest rate offered by City Union Bank. If your job is permanent and your income level is high, City Union Bank may offer you reduced rate of interest on your personal loan compared to a person whose job is not permanent. City Union Bank may have different parameters of offering personal loans for salaried, non-salaried and applicants falling into A and B categories.
    • Loan tenure: A personal loan taken for a longer tenure may attract lower rate of interest than a personal taken for a short duration.
    • Repayment capacity: City Union Bank may consider your personal loan repayment capacity before it grants you a personal loan. If the bank thinks that you would be able to repay the amount on time without any delay, it may offer you discounts on interest rates.
    • Age: Your age could be a factor for the bank to determine its interest rate on personal loan offered to you. If you are a salaried retired individual, you may not be able to get cheaper interest rate on your personal loan. But, if you have your own established business and you are in an advanced age, you may receive lower rate of interest on your personal loan.

    Therefore, it is important, you understand of the above-mentioned factors before you apply for a personal loan with City Union Bank.

    How CIBIL Score affects your City Union Bank Personal Loan Interest Rates

    It is always good to have a good CIBIL score so that you can negotiate with your bank to get discount on your personal loan interest rate. If your CIBIL score is 750 or above, you may receive lower rate of interest on your personal loan than somebody else who’s CIBIL score is below 750. So, always keep a track of your CIBIL score and try to maintain a good credit history by paying your debts on time and not taking too many unsecured loan and credit cards.

    Key things you should know about City Union Bank Personal Loan Interest Rates

    An understanding of the below mentioned key things will help you have a better experience when you apply for a personal loan with City Union Bank in 2015:

    • Try to have a clear understanding of what is fixed rate and what is floating rate of interest. If you opt for fixed rate of interest on your City Union Bank Personal Loan, you need to pay a fixed rate of interest on the principal for the entire tenure of your loan. But, if you opt for floating rate of interest, your interest payment on the principal will vary as per changes in City Union Bank’s prime lending rate.
    • It’s important you read fine print to detect if any hidden charges are involved in the loan. It protects you from getting financial shocks at the end.
    • You need to have a third party guarantor while applying for a personal loan with City Union Bank.
    • Having a good credit score is important to avail discount on your City Union Bank Personal Loan interest rate.
    • Also, you need to know about your monthly EMIs and the total amount of interest you will be paying towards repayment of your City Union Bank Personal Loan. You can calculate this by using an EMI Calculator.
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