Unity SFB Personal Loan Repayment

Unity Small Finance Bank Personal Loan repayment is straightforward for borrowers. You can clear dues through multiple channels offered by Unity SFB. This page outlines the available payment methods, calculation steps, and related charges for your loan account.

You have two primary options for Unity SFB loan payment.These methods provide convenient ways to make your EMI payments, but timely clearance ultimately depends on the borrower making the payment within the due date.

Online Payment Method

The option for Unity SFB Personal Loan payment online saves time and effort. Follow these steps:

1. Visit the official Bharat Bill Payment System (BBPS) platform or Unity Small Finance Bank portal

2. Enter your loan account number in the designated field

3. Click 'Get Payable Amount' to view current dues

4. Select your preferred payment mode from available options

5. Authenticate the transaction using OTP or UPI PIN

6. Receive instant confirmation after successful payment

You can use net banking, debit cards, credit cards, UPI, or digital wallets for Unity SFB loan payment. Payments are processed securely within minutes when made through the official Unity Small Finance Bank portal or other authorized channels. Always ensure you use the bank’s own platforms or verified payment gateways for safe and instant transactions.

Offline Payment Method

The offline payment alternative for Unity SFB Personal Loans works through branch visits.

• Locate your nearest Unity Small Finance Bank branch using the branch locator tool.

• Carry your loan account number and valid ID proof.

• Fill the physical payment slip with accurate details.

• Submit cheque or cash at the designated counter.

• Collect the acknowledgement receipt for your records.

Branch timings vary by location. You should verify working hours before visiting. Offline payment methods are ideal for those who prefer face-to-face interactions when making their loan repayments.

Before you apply for a Freo loan, it’s helpful to know how much you’ll be paying every month and what the total repayment will look like. Estimating your EMI in advance makes it easier to plan your budget and manage your finances.

For this, you can use the standard EMI formula used for reducing-balance loans: 

EMI = P × r × (1+r)^n / (1+r)^n − 1

Where, 

• P = the loan amount (principal)

• r = the monthly interest rate (for example, 1% per month written as 0.01)

• n = the total number of months (years multiplied by 12)

This formula gives you the monthly instalment that includes both the principal and the interest portion. 

Example Calculation

• Loan Amount (P) = ₹4 Lakhs

• Tenure (n) = 2 years = 24 months

• Annual Interest Rate = 12% p.a.

• Monthly Interest Rate (r) = 12% ÷ 12 = 1% = 0.01

Substituting these values into the formula: 

EMI = 400000 × 0.01 × (1+0.01)^24 / [(1+0.01)^24 − 1]

Using this calculation, your estimated Freo loan EMI comes to approximately ₹18,829. 

If you’d prefer not to work through the math yourself, you can use the Freo Personal Loan EMI Calculator available on Bajaj Markets. Just enter your loan amount, tenure, and interest rate. The tool instantly shows your monthly EMI, repayment amount, and overall interest cost. 

Based on the above numbers, the calculator will also show that the: 

• Total interest payable ≈ ₹51,905

• Total amount to be repaid ≈ ₹4,51,905

This helps you clearly understand the borrowing cost before you proceed.

There are various charges that apply to Unity SFB loan repayment accounts. You must know these to avoid surprises.

Standard Charges

• Processing fees: Up to 3% of the loan amount at disbursement.

• Penal charges: 3% per month on overdue EMI amounts.

• Cheque bounce charges: ₹500 + GST per failed instrument; 3% per month additional interest on pending EMI.

• Prepayment and foreclosure: 5% of the outstanding principal after the lock-in period.

These rates and charges are subject to change as per the lender’s policies.

Prepayment and Foreclosure

You can foreclose after 12 months from disbursal. Foreclosure charges equal 5% of the principal outstanding plus GST. Part-prepayment attracts 5% charges if you pay more than 20% of outstanding principal in a year. No prepayment allowed in the first 12 months.

Interest Rate Information

Personal loan interest rates range from 16% to 30% per annum. Your actual rate depends on credit score, income, and repayment capacity. Fixed-rate loans maintain constant EMI throughout the tenure. Floating rates may change based on market conditions.

Late Payment Consequences

A delayed Unity SFB loan payment affects your credit score. Unity Small Finance Bank reports delays to credit bureaus after 30 days. Persistent defaults may lead to legal action. You should contact customer care if facing financial difficulties.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.