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Sep 28, 2017 - 34 minute read

How banks calculate interest on personal loans in india

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How banks calculate interest on personal loans in india

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How banks calculate interest on personal loans in india

The state allows borrowers to renew payday loans, and using a database of lending activity in the state, researchers were able to track the borrowers over time, and across different lenders from whom they may have borrowed. Nearly half of the payday borrowers -- 46 percent -- defaulted within two years.

A third of the borrowers defaulted within six months. Those findings are consistent with previous studies, the paper says, including a 2008 analysis by researchers at Vanderbilt University and the University of Pennsylvania. It showed a 54 percent default rate among payday loan borrowers in Texas within one year.

Another study by the Center for Responsible Lending, in 2011, found a 44 percent default rate within two years in Oklahoma.

How banks calculate interest on personal loans in india
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