Need emergency cash? Check processing fee before taking personal loan

Some lenders may keep interest rates low to lure borrowers but charge a high processing fee

• Personal loans can be helpful in emergencies for a number of reasons. With quick approvals, no collateral requirement, no restriction on end-use of funds and pre-approved offers, it certainly can make life easier. 
• However, a personal loan at the lowest interest rate may not always be cheaper. Along with interest rate, check the processing fee a bank is charging
• If you are taking a Rs 100,000 loan for one year at 15 per cent, your interest ­­outgo will be Rs 8,310. If the lender charges you Rs 3,000 as processing fee, your total outgo will be Rs  11,310. If you look at