According to Bankbazaar.com, the interest rates start from 8.9 percent on taking a personal loan of 5 lakhs for 5 years at Union Bank of India.
new Delhi. In this difficult time of Coronavirus epidemic, if there is a shortage of money, then you do not have to worry anymore. This is news for those taking a personal loan. In this difficult period, if you also want to take a personal loan, then many banks have started special initiative in the public sector. Punjab National Bank and Union Bank of India are offering personal loans at low interest rates.
According to Bankbazaar.com, the interest rates start from 8.9 percent on taking a personal loan of 5 lakhs for 5 years at Union Bank of India. After this, interest rates in Punjab National Bank and Central Bank of India start from 8.95 percent.
Avoid taking personal loans, there are other options.
Due to the softening of interest rates in the cheap system, the interest rates are comparatively low, but in spite of this they are also higher than gold loans and top-up loans. Explain that interest rates on gold start from 7 percent. Therefore, you are advised to avoid taking a personal loan as long as you have other options left. Place bets if you do not have options like Loans against endowment insurance policies, Employee Provident Fund (EPF), Public Provident Fund (PPF), Stocks and Mutual Funds (stocks and mutual funds).
If you have taken a 6-month moratorium or a personal loan due to the convenience provided by the Reserve Bank of India last year, then first of all you will have to take immediate steps to reduce your loan burden. If you are not able to do this, then you are very likely to get stuck in debt trap soon.