It is widely believed that a personal loan can get you out of any kind of financial crisis or fulfill your needs in a hassle-free manner. Several lenders provide personal loan facilities to customers, and United India Personal Loan is among the most popular ones among borrowers. There’s an important tool that helps you estimate different types of calculations. This tool is known as the United Bank of India Personal Loan EMI Calculator with which you can estimate your EMI amount, estimate your savings while choosing the Balance Transfer facility, Choosing the suitable interest rates, etc.
There is one important thing about Personal loan which is known as the prepayment facility. You must be wondering what this facility is? Well, with the Prepayment Facility, individuals can repay the loan amount before the fixed tenure. If done in small parts, this is known as a Part prepayment facility. In this article, we will be telling you about the change in your monthly installments when you opt for a prepayment facility with the help of the United Bank of India Personal Loan EMI Calculator.
Other than this, we will also talk about the role of the United Bank of India Personal Loan Interest Rates. So, keep reading!
Know your New EMI amount after Prepayment with the United Bank of India Personal Loan EMI Calculator
Do you know that the United Bank of India also asks for a fixed charge on the personal loan prepayment of your loan amount? This charge depends on the principal outstanding balance. Let’s check out the changes in the EMI amount with the help of the United Bank of India Personal Loan EMI Calculator.
Let’s say an has a 5-year personal loan of INR 5 lakh at United India Personal Loan Interest Rates of 10.50% per annum.
With these details, the EMI amount will be INR 10,747. Along with this, the individual will need to pay an interest outgo of INR 1,44,817.
Now, suppose after 2 years, he wants to make a part payment of INR 1 lakh when the principal outstanding balance is INR 3,30,650. On the other hand, the individual has paid a total interest outgo of INR 88,578.
So, when he made a part prepayment of INR 1 lakh, the new balance would be INR 2,30,650. For this amount, the new EMI amount would be INR 7,497.
So, you can see that the estimated EMI savings would be around INR 3,000 per month. But there is something else you can do after making a part prepayment. Wondering what that is? Well, he can keep paying the same EMI amount of INR 10,747. By doing this, the individual will be able to clear off your principal outstanding balance in around 24 months, which is almost 12 months earlier than the pre-decided tenure. Apart from the EMI amount, the individual will also be able to save a substantial amount in the case of interest outgo.
You can do all these calculations with the United Bank of India Personal Loan EMI Calculator. To use this Calculator, you only need to fill in a few details such as Required Loan Amount, United Bank of India Personal Loan Interest Rates, and Tenure (maximum of 60 months). The tool will provide you instant results in the form of EMI amount and interest outgo. You can use this tool to choose a suitable interest rate for yourself as the interest rates directly affect your repayment amount. Other than this, you can also use it before choosing the balance transfer facility.