BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Higher than Home and Car Loans
|
|
|
Lower than Home and Car Loans
|
|
|
Equal to Home and Car Loans
|
|
|
Can not be compared
|
Detailed explanation-1: -The general rate of interest offered when it comes to car loans ranges between 8.5% to around 14% while personal loan interest rates can easily go up to 20% and sometimes even more.
Detailed explanation-2: -However, since a personal loan is an unsecured mode of finance, the interest rates are higher than secured loans. A good credit score and high and stable income ensure you can avail this loan at a competitive interest rate. Personal loans can be used for the following purposes: Manage all expenses of a family wedding.
Detailed explanation-3: -Personal loan interest rates are higher than those of home loans. These are unsecured loans, and the borrower is not required to pledge any collateral.
Detailed explanation-4: -Key Takeaways. Personal loan interest rates are expressed as a percentage of the amount you borrow. Most personal loans are unsecured-that is, not backed up by a recoverable asset or collateral. Unsecured personal loans charge a higher interest rate than secured loans.