Finable India is a financial
consultation and is
authorized to provide services on behalf of its NBFC partners.
The Annual Percentage Rate (APR) of
a personal loan
is its annualised cost of borrowing, which includes the interest rate as well as the
processing fees,
documentation fees and other fees charged during the loan origination.
Personal loan APR typically range
from 11.29% at
lowest to 35% at highest. Let's take an example where you have a personal loan of
Rs. 5,00,000 with a
five-year repayment period at 10.50% p.a. This loan has a processing fee of 1.5% of
the total loan
amount, or Rs 7,500. Your loan would therefore have an annual percentage rate (APR)
of 11.16% and a
total borrowing cost of Rs 1,52,317. All these numbers are tentative/indicative, the
final loan
specifics may vary depending upon the customer profile and NBFCs' criteria, rules &
regulations, and
terms & conditions.