BackWhat a personal loan costs you
1 min read
23 Aug 2020, 10:30 PM IST
As personal loans come with high interest rates, continuous default will put you on a downward spiralHere are some of the lowest personal loan interest rates offered by various banks
PremiumPersonal loans are a way to use tomorrow’s income today, and the process involved is simple. But you must note that the interest rates are much higher than, say, for a car loan. This is because personal loans are unsecured loans. This means that the loan is not backed by any asset. The loan amount and interest rate depend on parameters such as your income, credit, repayment capacity, and others. As personal loans come with high interest rates, continuous default will put you on a downward spiral.
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Published: 23 Aug 2020, 10:30 PM IST
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