India, March 16 -- Just about every bank in India offers personal loans to its customers at varied interest rates. These rates are very important as they often determine how heavy the loan is going to be on the pocket of the borrower.

Interest rates are usually a percentage of the total principal amount borrowed by a bank's customer.

What are personal loans?

Personal loans are unsecured loans that allow individuals to borrow a significant amount of money for various purposes, such as debt consolidation, home renovations, medical expenses or vacations.

Unlike secured loans, personal loans do not require collateral, making them accessible to borrowers without substantial assets.

The following factors play a role in determining the inte...