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APR (Annual Percentage Rate) is the genuine expense of the loan.
Responded by:Responded on25th May 2015
On the off chance that you take a loan of let’s say INR 1 lac and the bank includes a mandatory protection of 10K INR and handling charge of 2.5K INR, then your APR will be ascertained as the premium paid on 1.125 lac INR and not 1 lac INR. This figure is not typically promoted but rather needs to be looked at when you take a loan. If the credit is for 12%, yet APR is 17%, then the hidden costs add to 5% yearly! Only mandatory charges are added in evaluating APR.
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