Personal Loan

This is how banks fool you !!!!!!

⏩Flat Interest Rate means a lending rate that stays unchanged through the loan tenure. The interest here is calculated for the whole loan amount at the beginning of the loan tenure.

⏩Reducing Interest Rate:

In this scenario, the personal loan interest rate is determined based on the amount of principal owed at the end of a certain period. As previously stated, a portion of each EMI paid is applied to the principle, while the remainder is applied to interest. When computing interest, the next computation is based on the outstanding principal balance rather than the starting principal amount.

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