New Delhi. If someone suddenly needs money and is not getting money from anywhere, then personal loan can be a good option. There are many such banks, whose interest is very low and many banks are not even charging the processing fee. If you are also thinking of taking a personal loan, then we are telling you about some good options. Union Bank of India gives personal loan at an interest rate of 8.9 percent, while the interest rate on personal loan in Indian Bank is 9.05 percent. Bank of Maharashtra gives loan at an interest rate of 9.45 percent per annum.
Before knowing about the banks, let us assume a condition that you need a personal loan of Rs 5 lakh, so that you can meet your needs. You are going to return this 5 lakh rupees only in the next five years. Meaning you need a personal loan of Rs 5 lakh for 5 years. On this, how much EMI will be made at the current interest rates of different banks, let’s see-
Union Bank of India
Union Bank of India charges an interest rate of 8.9 percent for personal loans. In this your EMI will be Rs 10,355. Central Bank and Punjab National Bank (PNB) are also offering personal loans at the same interest rate. There is also a discount on processing fee in PNB.
Indian Bank
At present, personal loans are available in Indian Bank at affordable rates. The interest rate on personal loan in the bank is 9.05 percent. Its EMI will come to Rs 10,391.
Bank of Maharashtra
Bank of Maharashtra is also included in the list of cheap personal loan providers. In this, the personal loan will attract an interest rate of 9.45 percent per annum. The EMI of the bank will be Rs 10,489.
Punjab & Sind Bank and IDBI Bank
Punjab and Sind Bank and IDBI Bank are offering personal loans at an interest rate of 9.5 percent on personal loans. If you take a personal loan of Rs 5 lakh for five years, then an EMI of Rs 10,501 will be made every month.
State Bank Of India (SBI)
State Bank of India, the country’s largest government bank, is also providing personal loans at cheap rates. The bank is also not charging processing fee for taking personal loan. The annual interest rate on taking a loan from the bank is 9.6 percent, in which your EMI will be Rs 10,525.
