Unity Bank Personal Loan: From eligibility to features; all you need to know | Mint
Source: Live Mint
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.
Key features
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.
Eligibility criteria
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.
Documents required
ID proof (Aadhar card/passport/voter ID)
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.)
