Personal loans are convenient since you can use them to meet financial obligations, whether for work, personal, or business reasons, makes loans an essential necessity. They also help to cover a range of costs, like weddings, home improvements, and vacations. Currently, depending on a number of variables, personal loan rates can range between 8% and 36%. Rates frequently change from one lender to the other, and people with better credit score are usually able to get the best deals.
A traditional bank or an online lender provides online application options for low-interest personal loans. Within a few business days of submitting your application and receiving approval, you should have the money in your account.
Alternative To Low Salary Personal Loan
Let's look at the top 5 Indian banks that provide low interest personal loans.
- Allahabad Bank – Provides loan at 8.40 to 12.90 percent interest rate. The EMI of a five-year loan for a loan amount of Rs 1 lakh can range between Rs 2,047 to Rs 2,270 per month.
- You can get the money from Union Bank of India at an interest rate of 8%. If you want to borrow Rs 5 lakh for five years at an interest rate of Rs 10,355 per month, you will have an EMI of only Rs 10,355 per month have to pay.
- Punjab National Bank offers a low interest rate on personal loans – only 8.90 per cent. If you want Rs 5 lakh for five years, you need to pay only Rs 10,355 per month.
- Central Bank of India offers personal loans at 9.85% to 10%. Also, if the loan amount is Rs 100,000 and the tenure is 5 years, the EMI will be between Rs 2,177 and Rs 2,214.
- State Bank of India charges 9.60% to 13.85% interest rate on personal loans up to Rs 20 lakh. These rates are subject to change from time to time.
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Join An Online Chit Fund Platform For All Your Financial Needs
The Money Club - Alternative To Low Interest Personal Loans
Money Club is India’s best AI-powered online chit fund platform that allows you to borrow money at the time of need at low interest rates and without any paperwork.
Chit funds allow you to borrow money as well as save your money. In a chit fund scheme, a group of people periodically contribute to the chit value and the amount collected is given to the person who is selected either through lucky draw or auction. You can invest small amounts every day, every 3 days, 15 days or monthly and get high returns on your investment.
Download The Money Club App and be ready with emergency funds for any financial emergency. Be smart; avoid the pitfalls of borrowing at high costs from money lenders and other financial channels. Borrow with lesser hassles.
Read: Know Your Money Club platform Journey On The Money Club App
