If we say that nowadays people take loans according to their needs to maintain life style and every person is paying emi for something or other then it will not be wrong. That is, we are all immersed in some kind of debt. Well, taking loans when needed is very common, but sometimes the interest rate on the loan becomes a burden on the pocket. If you are also worried about loan interest, then this article is for you because we are telling you about the banks which offer the cheapest loan in the country.
Let us tell you that your credit score should be strong for the loan.
Name of bank
Personal loan interest rate (in%)
1 >Allahabad Bank 8.65-13.15
2 >Punjab National Bank 9.45-15
3 >IDBI Bank 10.15-12.90
4 >Indian Bank 10.65-11.25
5 >Yes Bank 10.99-17.5
Keep these things in mind while taking a personal loan-
Personal loans can be used by customers for their personal needs. The interest rate on this loan is higher than any other loan, but still this loan is the highest. If you are thinking of taking a personal loan, then the process of taking a loan should try to avoid some common mistakes from beginning to end.
1- Take loan only when needed- Many times it is seen that people apply for loan due to the convenience of sitting at home without thinking. This should never be done. Therefore, always apply for a personal loan only when it is really needed.
2- Do not forget to check the credit score while applying for loan- If your score is low then try to improve your score by clearing all your existing DUs like credit card payment or car loan EMI before applying for loan. Do it
3-When applying for a personal loan, people do not evaluate whether they will be able to repay the loan without any hassle. In fact, when applying for a loan, they forget about the surcharge associated with it. Due to which they have difficulty in repaying the loan.
4-To avoid any problem in repayment, it is important to read the terms of the loan before applying for the loan.