I want to take a personal loan but I don’t know how to select the right bank. Please help.

When it comes to loans, the only rule to be followed is compare carefully. Banks as well as non-banking financial companies (NBFCs) lend various kinds of loans to borrowers at varied terms and conditions and interest rates.

The onus of comparing and analysing loans among various lenders is on the borrower. You can check and ask the bank/NBFC’s representative any question that will help you make an informed decision.

Additionally, you can use online tools like the loan eligibility calculator and personal loan EMI calculator to find the loan option that suits you the best. These calculators are available on the websites of all lenders.

Among the most important factors you must consider before deciding on a loan provider are:

- Interest rate

- Loan tenure

- Processing fees.