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.)
