Questions
How is interest charged on my personal loan?
Asked by AOB WealthMart, in Finance
The interest rate for your personal loan will vary from lender to lender, and is affected by factors such as the cash rate set by the Reserve Bank of India, the cost of funds (which determines the prevailing market interest rate), your loan type (whether it’s a fixed or variable rate structure) and the term of your loan.
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 Your Trusted Personal Loan ProviderInterest = Principal x Interest Rate Similarly, each month the interest is calculated on the new outstanding balance which is calculated by subtracting the monthly principal from the total loan amount. Oct 10th 2023 00:47 |
Interest = Principal x Interest Rate
Similarly, each month the interest is calculated on the new outstanding balance which is calculated by subtracting the monthly principal from the total loan amount.
Oct 10th 2023 00:39