How are the high interest rates on loans
harmful
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the high interest rates on loans harmful if a person fails to repay the loan
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Explanation:
1. Interest rates are the important component of the loan that makes the loan costlier.
2. Cost of the borrowing will be increase if the interest rates are very high.
3. When the (ROI) rate of interest is very high, then the loan installment will be high which is to be paid in a fixed tenure.
4. This will make the fixed income group people face a very difficult situation because of the increase in the amount to be paid.
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