New Delhi, Business Desk. Personal loan is expensive but you can take advantage of it. These are unsecured loans that can be easily availed. If your transaction in the bank is good, then you can get a call from the bank for a personal loan. However, if you opt for a personal loan, you should also be prepared to pay an interest rate of between 9% and 20% per year. At the time of lending, your credit history and whether you have the ability to repay the loan is known.
A personal loan is a good option for an emergency, even though it is expensive, if you do not have an emergency fund, or if you have run out of money for any reason, then you can apply for this loan. In the wake of the COVID-19 epidemic, many people are turning to personal loans due to the uncertainty of income and the threat of job loss.
According to a recent survey report, the financial condition of about 82 per cent of Indians has been severely affected after the lockdown was implemented, with most of them expressing a desire to take a personal loan to meet their cash requirement. About 72 percent said they could apply for immediate or future personal loans to meet high priority expenses such as repayment of debt, necessary medical, education fees, and home repair and renovation.
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However, if you do not have an emergency, then you should not go for a personal loan so soon. If you also want to take a loan, then you must first compare which bank has the cheapest rate of interest. Indian Overseas Bank offers the cheapest interest rate at 9-12.45%. Here we are comparing some top bank loans.
Personal loan lending rate
Indian Overseas Bank – 9-12. 45
Punjab National Bank – 9.20-12.05
State Bank Of India – 9.85-15.90
Bank of Baroda – 10.10-15.10
HDFC Bank- 10.75-21.30
Central Bank of India- 10.25-10.30
However, the interest rate charged by the bank depends on your credit profile, loan amount, tenure, and the company in which you work.
