4 Important Things to Consider for Comparing Personal Loans

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Things to Consider for Comparing Personal
Loans
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Agenda

• 1. Personal Loan Interest Rates
• It determines how much you will pay in total over
  the life of the loan. It's crucial to compare
  the annual percentage rate (APR) rather than
  just the interest rate, as the APR includes any
  fees in addition to the interest. Personal loan
  interest rates can vary significantly from
  lender to lender, so it's vital to shop around to
  find the best rate.

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2. Loan Tenure
Personal loan tenures can range from a few
months to several years. A longer loan term may
have a lower monthly payment, but it will also
result in paying more in total interest over
the life of the loan.
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3. Additional Fees
There may be fees attached to personal loans,
such as origination fees, late payment fees, and
prepayment fees. Lenders charge origination fees
to cover the expense of processing the loan. If
you fail to make a payment or pay after the due
date, late charges will apply. If you pay off
the loan early, prepayment fees apply.
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4. Credit Score Requirement

• If you have a lower credit score, you may not be
  approved for a loan or may be offered a higher
  interest rate. your creditworthiness is
  represented by your CIBIL score. A score above
  750 on the CIBIL scale, which runs from a scale
  of 300 to 900, is desirable. Poor debt management
  is indicated by a lower credit score, which
  could lead to your loan application being
  declined or your interest rate is increased.

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