The Benefits of Personal Loan

 Personal Loan

Regarding personal loans, many people may have this question in their mind: would it be right to take a personal loan, or else the advantages of a personal loan are less and the disadvantages are more.  So today in this article we will tell you about the advantages and disadvantages of personal loans.  At the same time, it will also tell you which banks in the country are offering personal loans at the lowest rates.  Let's start with the benefits of personal loans.

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A personal loan is an unsecured category product so the applicant does not have to pay any security for a personal loan.  Banks usually determine the loan amount and interest rate based on the borrower's income, cash flow, credit score, and assessment of repayment capacity.

There is no restriction on the use of the amount taken under a personal loan.  The borrower has the freedom to spend the loan money for any purpose.  The loan percentage is provided instantly to the borrower.

Generally, interest rates on personal loans are higher whereas interest rates on other loans (loans, car loans, loans) are lower.  In this case, due to the high-interest rate, you pay more money to the bank. Generally, banks do not give personal loans without income proof whereas gold loans or property loans do not require income; Pribyl's  Sibyl scores must also be good for personal loans.  Personal loans are less likely to be obtained on poor or low Sibyl scores.

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Indian Bank.  Interest rate - 8.50% to 9%, EMI - Rs. 2,052 to Rs. 2,076, processing fee - 1% of loan amount Union Bank of India.  Interest rate - 9.30% to 13.40%, EMI - 2,090 to 2,296, processing fee - up to  0. the 50% of the loan amount (minimum 500) + applicable GST Bank of Maharashtra.  Interest Rate - 9.45% to 12.80%, EMI - 2,098 to 2,265, Processing Fee - 1% of Loan Amount + GST IDBI Bank Ltd.  Interest rate - 9.50% to 14%, EMI - 2,100 - 2,327, processing fee -the  1% of the loan amount (minimum 2,500) Punjab & Sind Bank.  Interest rate - 9.50% to 11.50%, EMI - 2,100 - 2,199, processing fee - 0.50% to 1% of loan amount + GST State Bank of India.  Interest rate - 9.60% to 13.85%, EMI - 2,105 - 2,319, processing fee - up to 1.50% of loan amount + GST Punjab National Bank.  Interest rate - 9.90% to 14.45%, EMI - 2,120 - 2,350, processing fee - up to 1% of loan amount + GST