The Bank of Maharashtra offers a personal loan of 5 lakhs at an interest rate of 8.9%. In order to repay this loan, the borrower will have to pay a down payment of Rs 15,877 per month, i.e. EMI after 3 years.
A personal loan helps a person in need in raising funds to achieve all goals. This is an unsecured loan. Personal loans are provided by financial institutions to those people who have a good credit history. A personal loan is issued by financial institutions only to an eligible person who fulfills the conditions of the financial institution. These days it is quite easy to get a personal loan for a person with a good credit history, in order to avoid financial stress later on, you must remember and do your best to repay the loan amount.
When applying for a personal loan, the borrower must know the purpose and how much funds will be required for this. After that, you should also estimate how long you can or want to repay the loan amount, based on your monthly income. The borrower repays the personal loan amount based on the interest rate and loan amount.
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Lenders pay attention to these things when issuing a loan.
A personal loan can be used to achieve any goal. There are no restrictions on funds raised through this loan. The borrower can spend the funds on his tour, i.e. picnic, house renovation, paying off any other loan or other important work. A consumer loan is the best option for both employees and businessmen. It takes less time. There are also fewer documents for a personal loan. Since this is an unsecured loan, the lender approves the loan based on various qualifications such as the borrower’s age, income, current liabilities, and credit score.
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Maharashtra Bank Offers Personal Loan at the Lowest Price
Before signing a loan agreement, the borrower must compare the terms and interest rates on loans provided by different banks to the amount of funds needed by the borrower. If you have a good credit score, you should not forget to contact the lender, that is, the financial institution that provides the loan, for a loan with a low interest rate. To pay less interest on a loan, the borrower must apply for a loan with a shorter term. For your convenience, below we have shared a list of more than 20 banks. In this list, we have compared consumer loans up to 5 lakh with a tenure of 3 years. You can compare loan offers, interest rates and EMI from listed banks. Along with that, you can also make appropriate decisions based on your needs.
(Note: The table above provides information on consumer loans available at low interest rates. All data was taken from the BankBazaar.com website. According to the website, the data was taken from the respective bank’s website up to October 25th. 2022. Up-to-date information on the loan amount, term and interest rate can be found on the website of the respective bank.)
(Article: Sanjeev Sinha)