Cheapest Personal Loan: To avoid any kind of financial stress, it is important to take a personal loan as much as is needed and which can be easily repaid.
Cheapest Personal Loan: To deal with any kind of financial emergency or for other needs, we often need money immediately. In such a situation, we have to borrow money from our friends or relatives. Apart from this, you can also overcome such troubles with the help of personal loan. Personal loan is an unsecured loan with no guarantee of any kind. This loan is given based on the ability of the customer to repay the loan according to his income.
Personal loan can be taken for all the needs like medical emergency, education, marriage. Ledgers usually offer personal loans with tenures ranging from 1 to 5 years. Taking a personal loan is a very easy process, as it involves very little paperwork and is easily available.
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You can apply like this
For this, first of all, you have to choose the right lender and apply for a personal loan keeping in mind all the important things apart from the interest rates. Before approving the loan, the lender checks your income and credit score and assesses your ability to repay the loan. For this, the lender thoroughly examines your credit history and income. The amount of personal loan you can avail is calculated keeping in mind your annual and monthly income as well as factors like credit history and in-hand income.
If you are going to apply for a personal loan, then before that you should compare the interest rates of different lenders. Before applying for a personal loan, one should compare lenders as well as their interest rates along with processing time and other features and hidden charges. To avoid any kind of financial stress, it is important to take a personal loan as much as is required and which can be easily repaid. There is no sense in taking a huge amount and then delaying the payment.
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Cheap personal loan is available in these banks
These days there are calculators available online to calculate EMI for personal loan. You can easily calculate your EMI by submitting the details like amount, interest rate and tenure. Here we have shared a list of 25 banks that are offering the lowest interest rates on personal loan of Rs 5 lakh for a tenure of five years. Keep in mind that the interest rate applicable to you can be higher than this depending on your loan amount, tenure, credit score etc.
(Disclaimer: These figures have been collected by online marketplace BankBazaar.com. Here those public and private banks are included which are listed on BSE. Banks which do not have data on their website have not been included in it. These figures are as of 18 January 2022. The EMI is calculated based on the rate of interest for a loan of Rs 5 lakh with a tenor of 5 years. Processing and other charges are not included for EMI calculation.)
(Article: Sanjeev Sinha)
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