Loan Rate

The loan rate is nothing but the rate of interest. It is also called the lending rate. The loan rate applies to a loan during repayment, where you as the borrower not only repay the principal or loan amount you have borrowed, but also the interest due to the lender. The loan rate is thus the cost of borrowing. Loan rates are usually higher on unsecured loans like personal loans in comparison to secured loans like home loans.

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