Question 1

What is the difference between interest rate and APR?

Accepted Answer

Interest rate is just the cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus all fees and charges, showing the true cost of the loan.

Question 2

What is the maximum term for a personal loan?

Accepted Answer

The maximum term is typically 7-10 years depending on the lender and amount. A longer term means lower payments but more interest paid overall.

Question 3

How can I get a lower interest rate?

Accepted Answer

Better credit history, stable income, collateral, or a co-signer can reduce your rate. Compare offers from multiple lenders before choosing.

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Frequently Asked Questions

What is a personal loan?

What is the difference between APR and interest rate?

What documents are required for application?

Can I repay the loan early?

How can I get better conditions?

What is a grace period?

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Gross - Net Salary

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