ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Length of the loan
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Total Cost of the loan
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Impact of the monthly payment on your budget
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How much time it takes to receive the loan
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Detailed explanation-1: -Keep a tab on factors like your credit score, the interest rate on offer, fees, charges, and more when you apply for a personal loan. It is important to have all pertinent information before applying for a personal loan.
Detailed explanation-2: -The two main components to consider when determining the cost of borrowing money are the principal amount and the interest. Principal amount is the original amount borrowed or the amount that remains unpaid. Interest is the additional amount owed to the lender based on the outstanding balance.
Detailed explanation-3: -Loan Disbursal After approval, it may take 1-2 working days to disburse a personal loan. Some lenders will also send the cheque by mail to your home. Nowadays, most lenders deposit the loan amount directly into the borrower’s bank account within a few hours.
Detailed explanation-4: -Lenders will consider a prospective borrower’s income, credit score, and debt levels before deciding to offer them a loan.