Personal Loan: If you want to fulfill your financial needs quickly, then taking a personal loan can be a great option. This loan can reach your bank account quickly and easily, without any complicated process.

Although taking a personal loan is not a good idea, because it charges high interest, it is still less than the interest charged on credit cards. The interest on personal loans is currently between 8.9 and 10.55 percent.

Banks are offering personal loans at a cheap price. If you take a personal loan of Rs 5 lakh, how much interest will you have to pay and what will be your EMI on this amount? Let's know-

- 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.

- Government 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.