Check out the primary charges and interest rate of Unity Small Finance Bank’s Personal Loan to estimate the actual cost of borrowing and make smart financial decisions.
Unity Bank offers personal loans for various financial needs. The rate of interest for Unity Small Finance Bank Personal Loan remains fixed throughout the tenure and ranges from 16.00% p.a. to 30% p.a. The bank sets interest rates using several risk-based pricing parameters to suit different customer profiles.
It provides competitive rates to help you access funds affordably and plan your repayments comfortably. By understanding the other charges applicable to the Unity Bank Loan and estimating your EMIs in advance, you can compare it against loans from other lenders. This helps you borrow more affordably.
Interest rates are the primary cost of borrowing. The following table shows the current interest rate of the Unity Small Finance Bank Personal Loan, helping you make an informed decision:
| Particulars | Details |
|---|---|
Interest Rate |
16% p.a. to 30% p.a. |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Before applying for a loan, it is important to understand the potential charges that you may incur. These fees can add up and ultimately increase your overall borrowing cost. Unity Bank applies the following charges:
| Particulars | Details |
|---|---|
Processing Charge |
Up to 3% of the loan amount + GST |
Cheque Bounce Charges |
Up to ₹500 + GST |
Foreclosure Charges |
|
Stamp Duty Charges |
As per actuals by the customer |
Penal Charges |
For any default or late payment, a penal charge of 36% p.a. (3% per month) plus taxes applies. |
Loan cancellation |
Nil |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
The interest rate on a personal loan directly affects your EMI amount. Several aspects can affect the rate you are offered, including:
Your income level is assessed to ensure repayment capacity. Unity Bank requires a minimum monthly income of ₹20,000, and only applicants meeting this criterion are eligible for its personal loans.
Your repayment record and cibil score significantly affect the rate of interest. A score of 675 or higher improves your chances of securing a loan at a favourable rate from Unity Small Finance Bank.
If you already have a good record with Unity Small Finance Bank, you may receive quicker approvals or preferential rates.
Working with a reputable employer and having stable employment strengthens your profile. This may help you get a competitive rate of interest.
Rates also depend on broader market trends, inflation, and policies of the Reserve Bank of India. For example, inflation may push rates up, while repo rate cuts can bring them down.
The interest rate you get charged has a direct bearing on how affordable your loan is. Check the following example to understand how interest rates impact your EMIs and overall borrowing cost.
Say you take a personal loan of ₹1 Lakh at a 16% annual interest rate for 6 months, your EMI will come to ₹17,542, and the total payable amount will be ₹1,05,252. The table below displays how interest rates affect the principal and interest components of the monthly instalments across the tenure of the loan:
| Month | Principal Paid | Interest Charged | Outstanding Due |
|---|---|---|---|
1 |
₹16,120 |
₹1,333 |
₹83,880 |
2 |
₹16,335 |
₹1,118 |
₹67,545 |
3 |
₹16,552 |
₹900 |
₹50,993 |
4 |
₹16,773 |
₹679 |
₹34,220 |
5 |
₹16,997 |
₹455 |
₹17,223 |
6 |
₹17,223 |
₹229 |
₹0 |
Disclaimer: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.
Use the personal loan EMI calculator on Bajaj Markets to accurately check both your monthly and overall repayment. Enter your desired loan amount, interest rate, and tenure to know your repayment obligations beforehand.
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Unity Small Finance Bank offers a personal loan at a fixed rate for the entire tenure. This means your EMI will remain consistent throughout the repayment period. Fixed-rate loans are helpful in creating an accurate repayment strategy.
Some of the most important factors that lenders will use to set a rate for your personal loan are your income, employment, and CIBIL score.
You can check the offer by contacting a bank representative. Call 1800-209-1122 or send an email to care@unitybank.co.in.
Currently, the Unity Small Finance Bank Personal Loan comes with an interest rate ranging from 16% p.a. to 30% p.a.
Yes, Unity Bank may offer lower interest rates to existing customers. Banks often provide more favourable terms, including reduced processing fees, since you have an existing relationship with the entity.
Based on the bank’s eligibility criteria, you need to have a score of 675 or more. It increases the chances of approval at a lower interest rate.