Unity Small Finance Bank provides personal loans to those who require instant funds in unforeseen circumstances or want financial assistance to cover an important event. Personal loans have become quite a popular choice amongst people due to the ease of access as well as the flexibility in loan repayment tenure.
Flexible loan amounts:Unity bank offers flexible loan amounts which you can choose according to your needs.
Competitive interest rates:The interest rates offered by the bank are designed to cater to your budget so that you can compare and choose wisely.
Cooling off period:You are provided with a 3 days window post loan disbursement to return the loan amount if you do not wish to proceed with the loan.
No collateral:The personal loans offered by the bank do not require collateral. Hence, you can apply for the loan even if you do not have any assets.
Age:Must be between 23 years to 55 years old.
Income:Minimum monthly income of Rs. 20,000 (Rs. 2,40,000 annually) is required in order to be eligible for the loan.
CIBIL score:A score higher than 675 is considered to be eligible for the loan and improves approval chances.
ID proof (Aadhar card/passport/voter ID)
Months on Board (MOB) | Charges plus GST |
After 12 months post the lock-in period | 3% of the principal outstanding |
Within the first 12 months post the lock-in period | 5% of the principal outstanding |
Particulars | Charges plus GST |
Partial Preclosure Charges | 5% of the principal being repaid + GST Or as rolled out by the Bank and intimated to the customer |
Particulars | Charges |
Processing Fees | Up to 5% of the loan amount |
Bounce Charges | Up to ₹500 |
Stamp Duty Charges | Payable as per actuals by the applicant |
Penal Charges | 36% p.a. on the overdue amount for the default period |
Foreclosure charges | Up to 3% + GST |
Insurance (Credit Shield) | If opted by the borrower voluntarily, As per the guidelines of the Insurer |
Particulars | Charges |
Processing Fees | Up to 3% of the loan amount |
Cheque Bounce Charges | ₹100 |
Stamp Duty Charges | Payable as per actuals by the customer |
Cheque Swap Charges | ₹1,500 |
Penal Charges | 36% p.a. on the overdue amount for the default period |
Loan reschedule charges in terms of EMI/Tenure/ROI | Rs. 2,000 (can be changed at the sole discretion of the Bank) |
Insurance (Credit Shield) | If opted by the borrower voluntarily, As per the guidelines of the Insurer |
Amortization schedule statement/ Statement of Accounts/Duplicate No-Dues/Foreclosure statement charges/NOC charges | One request per year is free ₹100 for every additional request + GST |
Loan cancellation/fees | Nil; the cancellation is allowed only within the cooling off period (Only applicable interest and upfront fees to be retained) |
Recovery/collection charges | ₹300 per visit + GST |
E-Mandate Failure Charges | ₹500 + GST |
Source: paisabazaar
In conclusion, personal loans offer a higher interest rate as compared to other loans in the market. Hence, before you decide on getting a loan, explore other options and compare other options so that you can get the best deal for yourself. You must note that even a single default in EMI repayment can drastically deteriorate your credit score. Make informed decisions to avoid any future debts.
(Note: Personal loan interest rates and other provisions keep changing with time. Readers are advised to check the relevant bank's official website for the latest updates.)
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