To get the economy back on track after the involvement of the Covid-19 pandemic and lockdowns, market liquidation will play a crucial role. To increase cash flow to market banks through loan demand, Reserve Bank of India Governor Shaktikanta Das introduced Resolution Framework 2.0 for loan restructuring of borrowers affected by Covid -19. Some public sector banks have also introduced special Covid-19 personal loans for their clients to meet the sudden demand for cash while the virus is being treated. If the pandemic situation has improved in recent days, its economic implication still remains.
However, we can expect the situation to improve in the coming days and normalcy to return and people to resume their economic activities. At times like these, personal loans could be a very useful way to manage the cash needed to meet a sudden demand for cash. Here we list some of the cheapest personal loans currently offered by public sector banks. The interest rates are for a loan amount of up to Rs 5 lakhs and a term of 5 years.
Union Bank of India
The cheapest personal loan offered by Union Bank has an interest rate of 8.90% and is easy to repay with a monthly EMI of Rs 10,355.
Central Bank of India
The Central of India offers its customers the cheapest personal loan at an interest rate of 8.90% with a term of 5 years and an IME of 10,3555 rupees.
National Bank of Punjab
The cheapest PNB personal loan offer for his client comes with an interest rate of 8.95% and a monthly EMI of 10,367 rupees.
The cheapest personal loan from Indian Bank has an interest rate of 9.05% and an IME of 10,391 rupees.
Punjab and Sindh Bank
The cheapest personal loan offered by Punjab and Sindh Bank has an interest rate of 9.50 percent and the repayment can be done in a monthly EMI of Rs 10,501.
Bank of Maharashtra
The Bank of Maharashtra offers 9.55% personal loans with an IME of 10,513 rupees per month.
National Bank of India.
India’s largest public sector bank, State Bank of India, offers personal loans starting at 9.60% interest and an IME of 10,525 rupees. However, she recently introduced her SBI Kavach personal loan for the treatment of patients with COVID-19. The loan under the Kavach plan will be offered at an interest rate of 8.50 percent per annum for a period of 5 years.
Please Note: The interest rates mentioned above are based on the latest information available on the banks website. The IMEs are calculated with an assumption of the absence of processing fees charged by the bank. The interest mentioned here is indicative and may vary depending on the credit rating of the loan applicant and the terms and conditions of different banks.
Read all the latest news, breaking news and coronavirus news here
