The interest rate on personal loans can be either fixed or variable. A fixed interest rate remains constant throughout the loan tenure, meaning your monthly loan installment remains the same. On the other hand, a variable interest rate may fluctuate over time, usually based on a benchmark rate such as the prime rate or the bank’s base rate. Changes in the benchmark rate can result in changes to the interest rate and, subsequently, your monthly installment.
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10 Best Personal Loan Interest Rates 2023 | Best Low Interest Rates on Personal Loan in Tamil
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