If you are in urgent need of money and you do not have any hope of getting money from any source. So you can take a personal loan from any government or private bank in such a situation. For this, you will neither have to pledge anything nor will you need any guarantee like other loans.
All you have to do is give your three months salary slip and Form 16. Apart from this, if you are self-employed, then you have to give ITR and audit of business for the last 1 year. If you work as a doctor or CA, you will also have to show your license.
After which you will get personal loan as per your need. Let us tell you that personal loans are a bit expensive as compared to other loans. Because nothing is pledged or guaranteed in this. In such a situation, if you are thinking of taking a personal loan, then we are going to tell you about the government bank giving you the lowest interest rate. Let’s know about it..
Whenever you apply for a personal loan. So keep in mind that which bank can provide you the cheapest personal loan. Wherever you can get personal loan at low interest rate. You should take a personal loan from the same bank. For example, here we are going to tell you about the EMI that will be made on taking a loan of Rs 5 lakh for 5 years. By which you will get an idea of your EMI.
Union Bank of India, the country’s third largest public sector bank, is currently charging the lowest interest rate on personal loans. Here you can easily get a personal loan at the rate of 8.90 percent. If you take a personal loan of Rs 5 lakh from Union Bank of India for 5 years, then you will have to pay an EMI of only Rs 10,355.
Central Bank of India is also giving personal loan at the rate of 8.90 percent. If from here also you take a loan of Rs 5 lakh for 5 years. So you have to pay EMI of Rs 10,355. On the second number is Punjab National Bank, which is giving personal loan at the rate of 8.95 percent. Here for 5 years on Rs 5 lakh, you will have to pay an EMI of Rs 10,367.
HDFC Bank’s rate is 10.25 per cent and the EMI will be Rs 10,685. Federal Bank’s interest rate is 10.49 percent and EMI is Rs 10,744. ICICI Bank’s interest rate will be 10.50 percent and EMI will be Rs 10,747. The interest rate of Kotak Bank will be 10.75 percent and EMI will be Rs 10,809.