Personal Loan: If you are thinking of taking a loan to meet your financial needs and want to get money in your account immediately without any hassle, then a personal loan can be a good option for you. Although its interest rates are high (currently between 8.9% to 10.55%), it is lower than the interest rates of credit cards. Personal loans can provide you with immediate funds for your needs. (Bank News)

Here is information about cheap personal loans offered by banks. If you take a personal loan of up to Rs 5 lakh, how much interest you will have to pay, and what will be your EMI, it is also told. This will help you estimate your monthly installment and total interest.

Bank of Maharashtra charges the cheapest interest rate on a personal loan of Rs 5 lakh and offers a repayment period of five years. This bank is offering personal loans at 8.9 percent. The monthly installment (EMI) on a personal loan of Rs 5 lakh will be Rs 10,355.

State-owned Bank of India is offering a personal loan of Rs 5 lakh for five years at an interest rate of 9.75 percent, whose monthly installment (EMI) will be Rs 10,562.

Public sector major Punjab National Bank is charging an interest rate of 9.8 percent on a personal loan of Rs 5 lakh for five years. Its EMI will be Rs 10,574.

Private sector lender YES Bank is charging an interest rate of 10 percent on personal loans. The EMI on a loan of Rs 5 lakh with a tenure of five years will be Rs 10,624.

At the same time, the government-owned Bank of Baroda is charging an interest rate of 10.2 percent. The EMI on a personal loan of Rs 5 lakh for 5 years will be Rs 10,673.

Apart from this, Kotak Mahindra Bank is offering personal loans at an interest rate of 10.25 percent. The EMI amount for Rs 5 lakh for 5 years will be Rs 10,685.

Indian Bank offers personal loans at an interest rate of 10.3 percent. The EMI for Rs 5 lakh is Rs 10,697.

India's largest bank SBI charges an interest rate of 10.55 percent on such loans and the EMI on Rs 5 lakh will be Rs 10,759.

Let us tell you that this personal loan has been calculated according to the interest rate updated on the bank's website till November 8. You can apply for a loan with the cheapest interest rate at your convenience. These banks provide you with personal loans through their website or branch.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.