Tuesday, October 27, 2009
Personal loans lose out on rate cuts
posted by Shawn Gao
WHILE interest rates on home loans fell more than four percentage points between August last year and October this year, the rates for personal loans actually rose during that period.
According to figures from Infochoice, the average variable rate on a secured personal loan from a bank rose by 0.77 per cent to an average 11.43 per cent while that of an unsecured personal loan from a bank increased by 0.16 per cent to an average 13.89 per cent.