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Be approved for the loan to by the lender, there are few performance criteria that are needed. As the name implies, Reducing Balance Interest Rate needs the borrower to pay interest only on the remaining loan balance, i.e. the balance that remains outstanding after getting reduced by the principal repayment. Flat Interest Rate is wherein the borrower needs to pay interest on the entire loan balance throughout the loan term. Thus, the interest payable does not decrease even as the borrower makes the periodic payments (EMIs). Canadian Online Loans Are a Completely Hassle-Free Service
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