 "loan")
Personal loans are useful in times of unexpected financial needs. Take Vandana Uke (name changed), for instance, a Mumbai-based private sector employee, who took a personal loan during the Covid-19 pandemic in mid 2020. Uke says, "I borrowed Rs 4 lakh at 10.95 per cent interest from a bank in which I have a salary account, but I hear now some banks are offering a much lower rate." Several banks are offering Diwali festive rates that are lower, along with processing fee waivers, even now. For instance, Union Bank of India charges starting 8.9 per cent, while Indian Bank is offering at 9.05 per cent, to name a few (See table).
Deepali Sen, founder partner, Srujan Financials Advisers, says, "With
