The UCO Cash Personal Loan is a prime offering from this Kolkata based government owned bank which offers financing for a plethora of personal needs such as loan consolidation, education, marriage and other obligations which have a financial bearing. The maximum loan offered under this scheme is Rs.10 lacs at an interest rate as low as MCLR plus 2.75% for women borrowers and MCLR plus 3% for all other categories of borrowers.
With a repayment tenure of up to 5 years, this scheme from UCO can be the ideal loan which comes at attractive terms and rates. An insurance cover is also offered to the borrower for financial protection against accidental or natural death. No collateral security is required for loans of up to Rs. 2 lacs.
How to use BankBazaar UCO Bank Personal Loan Calculator to understand your Personal Loan Repayment:
The loan amount borrowed under the UCO Cash Personal Loan scheme should be repaid in Equated Monthly Installments (EMIs), which consists of the principal amount along with applicable interest charges. Before availing a loan, it's paramount to understand the financials involved in the loan which includes the EMI value, breakup of charges etc. Getting such details beforehand not only helps in preparing for the loan, but also to plan your monthly budget in the near future.
In order to get the details, you may choose to calculate manually using various formulae or use an automatic calculator where the breakup provided is accurate. The EMI calculator available on this website helps to conveniently get the required numbers which includes the installment amount along with breakup of interest charges and an amortization table. This tool comes highly recommended as it helps you to get first-hand information to give you the confidence to avail the loan and also to negotiate the terms with the bank.
How does the UCO Bank Personal Loan EMI Calculator Work?
Using this tool is very easy since it does not involve complex calculations where the output is provided instantly. Before using the EMI Calculator, you would require basic information from the proposed loan such as the loan amount, interest rate, processing fee percentage and the tenure.
Once you have the required details handy, follow 4 easy steps below to ascertain the installment amount and other financials.
- On the first scale titled “Loan Amount”, scroll to select the loan amount. Navigate slowly to make sure you make the right selection.
- In the next scale, follow the same procedure as above to select the loan tenure in years and months.
- In the following fields, input the interest rate and processing fee in percentage.
- Make sure to validate the details and click “Calculate”.
You now have all the required details which includes the EMI amount, breakup of charges and an amortization table which offers a salient breakup of components for each month, until the end of the tenure.
Features and Benefits of UCO Bank Personal Loan EMI Calculator
Provides the EMI Amount
The basic purpose of using this tool is to understand the installment amount which helps you to gauge the impact of loan repayment on your monthly budget. It also helps in choosing an appropriate loan term to suit your monthly finance.
This table offers comprehensive information about the loan schedule and acts as a statement which provides a detailed breakup of the installment payable each month and tells you how much will be owed after each payment. This helps in making key decisions regarding the loan such as early closure before end of the tenure.
Breakup of Charges
It's important to understand the incidence of interest charges and choose the terms accordingly. The pie chart offered by this tool offers a comprehensive breakup of interest charges and fee (if any) to help you understand the financial obligation.
UCO Bank Personal Loan Calculator FAQs
Is the calculation method employed by this tool the same as the one used by UCO bank?
The figures provided by this tool is nearly accurate since the formula used is universal. However, there may be slight difference due to incidence of various other charges. You can cross check the calculations with the bank for confirmation.
Can this tool be used to compare loan Personal Loan products from other banks?
Yes, this tool does come handy in comparing loan offers from all other banks. Follow the same procedure to have the required output.
Can I use this tool to calculate numbers for other types of loans such as Home Loan?
There are dedicated calculators under the “Finance Tools” section of this website for other loan products.