Planning to take a personal loan? Do not over-leverage this festive season

Here is how the personal loan rates offered by various banks stack up

• 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