Priyanka Debnath
Most lenders offer fixed or variable rates. Fixed rates stay the same for the loan duration, whereas a variable rate changes with the market conditions.
The loan terms determine the EMIs and the interest amount on the loan. Shorter terms mean higher EMIs, but less overall interest.
Origination fees, late payment fees, and prepayment fees are charged by some lenders. These costs make huge differences in overall loan expenses.
Lenders set criteria based on credit score, income, outstanding debt, etc., which can affect your loan approval and term.
The lender's reputation should impact your borrowing experience.
Compiled By Himani Verma