Which bank provides the best EMI flexibility?
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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?
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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.