New Delhi, July 21 -- When taking a personal loan, one of the most important factors is to understand the interest rate. It directly affects the total repayment amount over the loan tenure. Even a slight difference in the rate can significantly affect your monthly instalments and the overall cost of the loan.

Whether you are borrowing for a medical emergency, home renovation, wedding, or education, understanding how personal loan interest rates work helps you make informed financial decisions. This article explains everything you need to know about personal loan interest rates.

The interest rate of the personal loan is the rate a lender levies on the amount you borrow. It is what you pay for borrowing funds. Lenders apply these interest...