Union Bank of India (UBI), Punjab National Bank (PNB), and Central Bank of India

Are currently charging the lowest interest on personal loans as compared to other banks. At this time Union Bank of India (UBI) and Punjab National Bank (PNB) are offering personal loans at low-interest rates.

The Corona epidemic and the lockdown have increased the shortage of money in front of people. In such a situation, if you want to start small employment, then you have the option of a personal loan.

But let us tell you in advance that a personal loan is much more expensive than other loans.

Also Read: Nifty Today: Sensex reaches over fifty thousand, Nifty crosses 14,700

In such a situation, if you want to take a personal loan,

then at this time Union Bank of India (UBI) and Punjab National Bank (PNB) are offering personal loans at low-interest rates.

Let’s know what percentage of interest is being charged on personal loans in these banks.

The interest rate on a personal loan

According to Bankbazaar.com, if you take a loan of 5 lakh rupees from the Union Bank of India for 5 years, then you will have to pay 8.9 percent interest.

At the same time, 8.95 percent interest is being charged on personal loans from Punjab National Bank and Central Bank of India.

In other option

systems for loans, interest rates are looking comparatively low due to softening of interest rates, but in spite of this, they are higher than gold loans and top-up loans.

Explain that interest rates on gold start from 7 percent. Therefore, you are advised to refrain from taking a personal loan as long as you have other options left.

Personal loans only if you do not have options like loans against endowment insurance policies, employee provident fund (EPF), public provident fund (PPF), stocks, and mutual funds (stocks and mutual funds).

If you have taken a 6-month loan moratorium or a personal loan due to the convenience given by the Reserve Bank of India (RBI) last year,

then first of all you have to take immediate steps to reduce your loan burden.

If you are not able to do this, then there is every possibility of you getting stuck in the debt trap soon.