In today’s era, economic needs can be revealed at any time, whether it is a medical emergency, the cost of children’s education, or the desire to decorate the house of dreams. In such a situation, personal loan is an option that can provide you immediate financial support. However, it is very important to select the right bank and cheap interest rate.

In this article, we will tell you about the cheap personal loans being offered by different banks, so that you can choose the best option according to your needs.

What is a personal loan and why is it necessary?

Personal loan is an unsecured loan for which you do not need to mortgage any property. This loan helps you meet you immediately, such as for marriage, travel, or home renovation. However, its interest rates are lower than credit cards, but it may be higher than other loans such as home loan or car loans. Currently interest rates are between 8.9% to 10.55%. Let’s understand the offers of some major banks in detail.

Cheapest Personal Loan: Bank of Maharashtra

If you are looking for a loan at the lowest interest rate, Bank of Maharashtra can be a great option for you. This bank gives a personal loan of up to Rs 5 lakh at an interest rate of 8.9%. If you take a loan for a period of 5 years, then your monthly installment (EMI) will be Rs 10,355. This is ideal for those who want short EMI and long periods.

Attractive offers of public sector banks

Bank of India also offers personal loans with attractive interest rates. This bank gives a loan of Rs 5 lakh at an interest rate of 9.75%, whose monthly EMI will be Rs 10,562. At the same time, Punjab National Bank (PNB) is also not far behind. PNB gives a loan at an interest rate of 9.8%, and its EMI will be Rs 10,574. Both these government banks are known for their credibility and transparency.

Private banks dominate

Yes Bank and Kotak Mahindra Bank are also good options for personal loans in the private sector. Yes Bank gives a loan at an interest rate of 10%, whose EMI will be Rs 10,624. On the other hand, Kotak Mahindra Bank offers a loan with an interest rate of 10.25%, and its EMI will be Rs 10,685. These banks are preferred for their fast processing and digital facilities.

Offers of other banks

The Bank of Baroda gives a loan at an interest rate of 10.2%, and its EMI will be Rs 10,673. Indian Bank provides loan at the rate of 10.3%, which will be Rs 10,697. At the same time, the country’s largest bank SBI (State Bank of India) gives a loan at an interest rate of 10.55%, which will be Rs 10,759.

How to choose the right loan?

While choosing a personal loan, not only the interest rate, but also should pay attention to the processing fees, the duration of the loan, and the credibility of the bank. You can apply by going to the official website of banks or near the nearest branch. In the digital age, many banks are also offering online application facilities, which has made the loan process faster and easier.