Many public sector banks are charging less interest on personal loans than private banks. Punjab National Bank and Union Bank of India are offering personal loans at low interest rates.
Low Rate Personal Loan: If you suddenly need money due to Coronavirus Pandemic, then it is news of work for you. You can get a personal loan at a lower rate of interest. Many government banks are offering personal loans at very low rates. Punjab National Bank and Union Bank of India are offering personal loans at low interest rates.
Cheapest personal loan
Union Bank of India is giving a loan of 5 lakh rupees for 5 years at an initial rate of 8.9 percent. After this, Punjab National Bank and Central Bank of India are offering personal loans at 8.95%.
Take personal loan only if necessary only when necessary.
Due to the softening of interest rates in the system, interest rates are comparatively low, but in spite of this they are also higher than gold loans and top-up loans. Explain that the interest rates on gold start from 7%. Therefore, it would be better to take personal loan only when there is no other way left. You can also consider other options instead of personal loans.
Other options are also available in place of personal loan (Other options also avilable)
You can also take a loan in the name of your insurance policy, apart from this, you can take a loan against EPF, Public Provident Fund (PPF), Shares and Mutual Funds. The method of taking such a loan is also very easy and fast. If you have taken a 6-month moratorium or a personal loan due to the convenience provided by the Reserve Bank of India last year, then first of all you will have to take immediate steps to reduce your loan burden.
How to take loan on LIC policy
Your LIC policy protects your future, it can also meet the needs of the present. If you have a LIC policy, then you can take a loan on it. You can take loan on endowment policy and money back policy. In such policies, there is a life cover as well as a savings factor, which makes it difficult for banks to sanction loans. Remember that you do not get a loan on ULIP and term insurance.
Bank gives loan on policy
Apart from LIC, many other life insurance companies like Edelweiss Tokio Life and ICICI Prudential Life offer loans, HDFC Bank, ICICI Bank and State Bank of India in banks give loans to customers on their insurance policies.
Also read: Big News: Know what is home loan top up and personal loan, how beneficial it is
