CheckOut the Personal Loan Interest Rate 2020

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Personal Loan Interest Rate 2020
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Apply for personal loan with interest rate
starting from 10.25 p.a. in 2020 then you need
to compare. Afinoz helps you to choose the best
personal loan rates online. Though personal
loans are easily available at various banks but
there are sometimes huge variations in terms of
the personal loan interest rate, offered by these
financial bodies.
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Interest Rate types
To suit the demand and the situational need of
the borrower, there are many two types
of personal loan interest rates offered by the
banks. Further, these interest rates differ in
accordance to varied factors of respective
banks. Fixed Rate Personal Loan Here the rate of
interest is fixed throughout the tenure of the
loan. The borrower has to pay the same personal
loan interest rate from the beginning until the
end of the loan time. It remains unchanged
irrespective of the ongoing changing in the
interest rate of the bank. Variable Rate Personal
Loan Also known as the floating interest rate,
this gives the borrower the benefit of giving the
less interest rate if the market rate has fallen
over the period of the loan life. Additionally,
it can be the opposite also if the interest rate
goes high, then he has to pay a higher calculated
amount
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Factors affecting the Personal Loan interest rate

• As mentioned earlier, there are various factors
  in reference to which these interest rates are
  calculated by different financial institutions.
  Every bank makes sure of these factors before
  finally offering the rate of interest to the
  concerned person. Such factors are explained in
  brief below
• Income level of the person and its comparison
  with the loan amount
• The time period of the Loan
• Individuals Credit Rating

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