There is a wide variation in interest rates on personal loans.
They can range from 10.35 per cent to 21.5 per cent A personal loan of Rs 7 lakh taken for five years at an interest rate of 10.35 per cent will mean an EMI of Rs 14,994. The total interest cost will come to Rs 1,99,626 over the tenure of the loan On the other hand, a similar loan taken at the highest interest cost of 21.5 per cent will mean an EMI of Rs 19,135 and a total interest cost of Rs 4,48,086 Due to such wide variation, it always makes sense to scout around for lenders who will make the best ...
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