Producer: Priyanka Das Editor: Mohit Bisht
This question will determine how much you will pay in total for the loan. The interest rate will vary depending on your credit score, income, and other factors.
If you plan to pre-close your personal loan before the end of the tenure, you may be charged a pre-closure penalty. Ask the bank about the pre-closure process and charges before you take out the loan.
In addition to the interest rate, there are a number of other fees and charges that may be associated with a personal loan. These fees can include processing fees, prepayment penalties, and late payment fees.
A shorter repayment tenure will result in a higher EMI, but you will pay off the loan faster. A longer repayment tenure will result in a lower EMI, but you will pay more in interest over time.
There are certain eligibility criteria that you must meet in order to qualify for a personal loan. These criteria may include your age, income, credit score, and employment status. Be sure to ask the bank about it.
Understanding the terms and conditions thoroughly will help you avoid surprises and make sure that the loan aligns with your financial goals and capabilities.