Applying for a home loan? Stay away from the flat interest rate trap to save money
Under flat interest rates customers generally end up paying 1.7 to 1.9 times higher than the reducing balance interest rates effectively, said Mr. Satyam Kumar, Co-Founder & CEO of LoanTap
Loan seems cheap? Check interest outgo
While most loans today are offered on a reducing balance basis, some fintech players offer short-term personal loans on a fixed rate basis. Borrowers must be aware of what they are getting into before locking into the loan.
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