Home » Others » What is APR?

What is APR?

The APR is generally the annual cost of a loan to a borrower, including fees.

By OLM Desk | August 03, 2015

APR, or annual percentage rate, is an important term to know when borrowing, especially in case of home loans. The APR is generally the annual cost of a loan to a borrower, including fees. Like an interest rate, the APR is expressed as a percentage. Unlike an interest rate, however, it includes other charges or fees, to indicate the total cost of the loan. The APR is normally stated when you get into borrowing through a home loan or when a credit card is issued to you. Knowing the APR is important because it means you will know what you are actually paying for.


OlmDesk@outlookindia.com

Download the Outlook Money App and read all the magazine stories on your phone!
Play Store and App Store

On Stands Now
Most Viewed