Loan and Installment Details
| Loan Amount
Personal loan is an unsecured loan to meet immediate financial needs for any purpose. It is unsecured as no security is required to avail it.
Loan Amount - Total loan money borrower has to pay. This amount could be higher from the actual disbursement amount or required loan amount due to addition of fees, administrative charges and applicable government duties to be paid by borrower. These additional charges are either paid with 1st payment or added into loan amount.
Interest Rate - Interest rate is the amount charged by a lender to a borrower for the use of money. Interest rates are typically expressed as percent of principal amount on an annual basis.
Loan Tenure - Period from the date of first EMI to the date of the last EMI payment or the date of closure of loan.
EMI EMI refers to an equated monthly installment,a fixed amount which borrower pays every month. It comprises of principal repayment and interest payment for the month.
Total Interest - Amount that is sum of all interest payments from first EMI to last EMI payed.
Total Payment - An amount that comprises all principal, interest and charges. This amount is equal to all payments made by borrower to lender.
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