Always take a personal loan at lower interest rates, the savings will be huge.
Image Source: File
By taking a personal loan at a low interest rate, you will have to pay less interest.
Image Source: File
If you are taking a personal loan of Rs 5 lakh from a bank at a flat interest rate of 12% for 3 years, you will have to pay around Rs 1,80,000 in interest.
Image Source: File
That means your monthly EMI will be Rs 18,889.
Image Source: File
On the other hand, if you take a loan of Rs 5 lakh at a compound interest rate of 12 per cent, you will have to pay Rs 97,858 as interest.
Image Source: File
This way you will save Rs 82,142.
Image Source: File
By taking a home loan at a reduced interest rate, your EMI will come to Rs 16,607 per month.
Image Source: File
Next: Before opting for EMI on credit card, know these 5 things.
