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As personal loans continue to gain popularity in India, selecting the right offer can significantly impact your financial health. Borrowers must evaluate key factors such as interest rates, processing fees, eligibility requirements, and overall flexibility. Below are five essential factors to review before choosing a personal loan.

1. Interest Rate and Total Cost

Annual interest rates: Personal loan rates differ widely across lenders and depend on factors such as your credit score, repayment capacity, and past repayment behaviour.

All-inclusive cost: Borrowers should look beyond the headline rate and factor in additional charges like processing fees, prepayment penalties, and foreclosure costs, as these can substantially change the effective cost of borrowing.

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