The moment you think of availing a personal loan online, it would not be wrong to say that the first and foremost thing you need to pay attention is the personal loan interest rates. Now you must be wondering why isn’t it? Well, if you are the one who doesn’t know what role an interest rate plays in the financial lifecycle of an individual, you are at the right place.
Today, in this article, we are going to talk about the Fullerton India personal loan interest rates so that it would be easier for you to know the significance of the rates. So, without wasting any time further, let’s just come to the point straight and give you to the insights…
Well, let’s just start from the beginning, if experts are to be believed, it would not be wrong to say that lowest personal loan interest rates allow you to enjoy your overall loan journey. Yes, the lower rates you have, the better it is for you in the long run as your overall burden will also reduce. Actually, with attractive rates, the overall calculation of your monthly installment and Interest Outgo also reduces hence in that case, it would be easy for you to repay your loan.
In order to give you a better clarity on the same, let’s just take the help from the examples below:
Scenario 1: Suppose, Ankita Sharma, a 30-year-old, Creative Head by profession wants to apply for a personal loan of ₹4 Lakh so as to renovate her home. Thus, she has applied for the same and soon after checking her personal loan eligibility, one lender got agreed to offer her the loan at an interest rate of 14% per annum for a tenure of 4 years. Now, in this case, the values of monthly installments and interest outgo come out to be: ₹ 10,931 and ₹ 1,24,668 respectively.
Scenario 2: Suppose, Aakash Verma, a 34-year-old, Senior Manager by profession is looking for an amount of ₹5 Lakh so as to explore the beauty of Singapore. And, in order to get the amount, he had approached many banks but finally got the approval from one lender who offered him the loan at an interest rate of 33% per annum for a tenure of 4 years. After using the Fullerton India personal loan EMI calculator, the values of EMI and Interest Outgo come out to be: ₹ 18,886 and ₹ 4,06,518 respectively.
However, if you compare both the scenarios, it would be easy for you to figure out how in the scenario 1, because it has lowest rates, can reduce your overall loan burden. It’s not only the EMIs that will lower the burden but the Interest Outgo that will further makes you enjoy a hassle-free loan journey. Yes, as the Ankita has availed the loan at an attractive interest rate thus she is going to enjoy the pocket-friendly EMIs and Interest Outgo in the future.
So, hope you will also keep the above stats in mind while applying for this unsecured credit facility.