APR, or Annual Percentage Rate, is a financial term that represents the annual interest rate charged on a loan or credit card. It\“s an important figure for consumers to understand as it helps in comparing different financial products and services.
In India, APR is often used in the context of personal loans, credit cards, and other consumer debt products. It is crucial for Indian consumers to be aware of the APR when taking out a loan or credit card, as it directly impacts the total cost of borrowing.
One popular story in India revolves around a young entrepreneur who used a personal loan to start a small business. Initially, the entrepreneur was unaware of the importance of APR and ended up paying a significantly higher amount than anticipated. However, with the help of a financial advisor, the entrepreneur learned about APR and managed to reduce the cost of borrowing, ultimately leading to the success of the business. |
