What is annualised percentage rate (APR)?
The annualised percentage rate (APR) is a measure of borrowing cost that allows customers to compare interest rates with other banks and financial institutions.Remember that APR and the annual interest rate are not the same. If you want to compare a loan offered by a money lender vs a loan offered by a bank, remember to look at the total repayment amount based on same loan amount and tenor, so you can understand the actual borrowing cost of the loans.
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