Cheapest Personal Loan: If you are going to apply for a personal loan, then before that you should compare the interest rates of different lenders.
Cheapest Personal Loan: Personal loans act like our best friend whenever we need money urgently or there is an emergency. Even if you do not have anything to keep on collateral, you can easily get a loan through this. This is an unsecured loan, in which no guarantee is given. This is done by looking at the ability of the customer to repay the loan according to his income. Lenders can check your income and credit score before approving the loan and on this basis the loan is given. You can get a personal loan for any immediate need like marriage, home renovation, medical emergency, education etc.
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Keep these things in mind before applying for a personal loan
If you are going to apply for a personal loan, then before that you should compare the interest rates of different lenders. According to Bankbazaar.com, one should compare lenders as well as their interest rates along with processing time and other features and hidden charges before applying for a 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. There is no point in taking a huge amount and then delaying the payment.
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These days personal loan EMI calculator is available online. 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 which are currently offering the lowest personal loan of Rs 5 lakh for tenure of five years Interest rates are offered. Keep in mind that the interest rate applicable to you may be higher 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 this. These figures are as of 28 December 2021. 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 considered as NIL for EMI calculation.)
(Article: Sanjeev Sinha)
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