Which bank provides the best EMI flexibility?

[S_Kumar]

I need a personal loan because of a medical emergency in my family, so what factors should i give top priority while selecting a bank, and what kind of interest rate i should expect from the bank? How can fixed vs. fluctuating interest rates affect the EMI?

[Siddarth]

Before applying for a personal loan, you should consider the following factors:

• Interest rates at different banks. 
• Loan processing time.
• Documents required.
• Loan repayment options.
• Any additional fees.

Almost all the banks provide a 10% to 24% interest rate on personal loans. 
Public sector banks (SBI, PNB) offer 10% to 12.95% interest rates.
Private banks (HDFC, Axis Banks) offer 10.85% to 24% interest rates. 

Your monthly EMI depends on how much loan you are taking and in how much time you will repaying your loan. 
If you plan to repay your loan within a short duration, such as within 1-2 years, then a fixed interest rate could be a good option for you.
But if it takes you more than two years to repay your loan, then opt for floating. interest rate.