Nowadays personal loan is easily available. You can apply online at banks’ websites, through their mobile apps or by visiting the nearest branch.
Cheapest Personal Loan: If you are in urgent need of money then you can apply for a personal loan. You do not need to mortgage your property to avail a personal loan. That is, you can get funds without pledging your assets. A personal loan is a better option if you need a lump sum amount for any personal use. You can use a personal loan for needs like medical emergency, marriage, education, foreign travel.
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Why personal loan is a better option
Nowadays personal loan is easily available. You can apply online at banks’ websites, through their mobile apps or by visiting the nearest branch. If you are in urgent need of money for short term then personal loan can be the best option. As a personal loan is an unsecured loan, lenders approve the loan after checking the applicant’s income, credit score and age. The special thing about a personal loan is that if you have all the documents and you meet the eligibility criteria of the lender, then your application is approved instantly. It does not take much time to get the loan approved.
Under personal loan, you can apply for loans ranging from Rs 25,000 to Rs 50 lakh. However, many lenders can offer you a higher amount depending on your income and eligibility. You can choose the tenure based on your repayment capacity. The tenure can be from 12 to 60 months. According to BankBazaar, you should understand this properly before signing the loan agreement with your lender.
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Keep these things in mind
It is advisable to take a personal loan only to meet your needs. Avoid taking more than one personal loan as if you delay in paying your EMIs, it can put you in financial trouble and your credit score may also get affected. Take as much loan as you need. If you borrow more than your repayment capacity, you may fall into the debt trap. Also, do not forget to provide the correct documents and information to the banks. If anything is found wrong at the time of loan application processing then your application may get rejected. Also, make sure to compare the interest rates and EMIs of different banks before applying.
Cheapest personal loan is available in these banks
Here we have given the interest rates of more than 20 different banks for personal loans. With the help of this, you will be able to compare the interest rates of banks easily. Here are the interest rates of banks for a loan amount of Rs 5 lakh over a period of five years.
(Sanjeev Sinha)
(Disclaimer: These figures have been collected by online marketplace bankbazaar.com. Here public and private banks are included which are listed on BSE. Banks which do not have data on their website, are not included. These figures are June 14 Till 2022. The EMI is calculated based on the interest rate for a loan of Rs 5 lakh with a tenure of 5 years.)
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