Is an EMI of 3560 for 1 lac personal loan a good deal?

Is an EMI of Rs 3560 for 36 months for 1 lac a good deal?
flat rate comes to 9.46! pa. is it ok? or are there better deals?

5 Replies to “Is an EMI of 3560 for 1 lac personal loan a good deal?”

  1. presuming that you are paying processing fees of Rs. 1000 and also the first EMI in advance the effective loan you are getting is Rs.95440.

    The internal rate of return works out to 18.73%.

    Whether it is OK depends on your need.

  2. Do not Judge on the EMI you pay.
    Interest rate should be the prime factor and also your feasability in paying it off 3 years, 4 years.

    compare the interest rates other banks before u decide.

  3. The Interest amount you have to pay in this scheme will be about
    Rs.28160 for the whole period(Then the amount you have to return to the bank when you take a loan of 1 lakh will be 128160).

    And if you try to close the loan before the said contract you will have to pay Preclosure charges which will amount to 1.5% of your outstanding loan amount.
    Get Better Deals here

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