Back to homeTHE KNOWLEDGE EDIT
Factors that influence borrowing costs.
A loan's full cost has more than one moving part.
Rate and tenure
The interest rate, loan amount and tenure drive the basic EMI calculation. A lower monthly payment can mean more interest overall if the tenure is longer.
Fees and charges
Processing fees, taxes, insurance, late charges and prepayment terms may change the overall cost. Ask the provider for the applicable disclosures.
Your profile
Providers may price products using their assessment of credit history, income, repayment capacity and product type. Only the provider can confirm a rate for an applicant.
Information here is educational and not a lender or issuer offer. Review current provider terms before applying.