Question

How to calculate interest rate on a loan vs private and govt bank?

Answer 1

Answer:

Public banks offer low processing fees, faster reduction in interest rate with RBI REPO rate reduction, no pre-payment charges and no pre-payment period restriction.

Private bank have faster processing, good customer care but high interest rates and charges

Answer 2

Answer:

Rate of interest is to be calculated as per partnership deed but in the absence of partnership deed the rate of interest of loan is 6% p.a.

Hope it helps u....!