look news india
Often bank employees do not disclose all the information related to personal loan openly. But when you ask about everyone one by one, they will give you information.
Most people do not openly ask the bank employee about all the charges and interest rates while taking a personal loan. Because of this they have to repent later. Because there are some things which the bank employees themselves do not tell to the customers before giving loan.
If the customer has a good credit score, he can negotiate and get discount on processing fees and interest from the bank. Generally, banks waive off processing fees and also reduce interest for customers with better credit scores. Therefore, as soon as you get a personal loan offer from the bank, you should not say yes immediately, rather you should get information about the offer.
On receiving a personal loan offer, one should ask the bank employee what kind of offer it is and whether processing fees will have to be paid on the personal loan under this offer or not. One should proceed with the loan application only after getting correct answers to these questions from the bank employee or agent. Because some banks include hidden charges and processing fees in their loan amount, which the bank employees or agents avoid telling while giving the loan.
Another important thing while taking a personal loan is that you should also ask the bank how much penalty will be imposed on you if you are unable to repay the loan. Apart from this, if you are not able to pay two EMIs continuously then what will happen next?
Apart from this, before taking a personal loan, collect information from some banks, in which not only the interest rate or EMI is important, but it is also very important to get information about the processing fee, documentation charge and pre-closure charge.