TopicHow a loan can affect your Credit Score?
A loan is a certain amount of money borrowed from the lender with a contract of returning it with paying principle as well as the interest amount. The interest amount or interest percentage is calculated prior and is fixed throughout the tenure. The payment of the loan is done in a periodic format meaning on monthly bases and this amount consists of principle and the interest. As the duration of loan payment increases the principle from the amount you pay on monthly bases increases and the interest rate decreases. however, it does not mean that the interest rate from the loan amount decreases, the interest rate of the amount will be constant throughout the loan tenure.Askbankifsccode.com provides you options to search any Indian bank branch details by bank name and search by IFSC / MICR code.