Most of the financial experts are of the view that personal loan can have negative effect on your balance sheet. It is simply due to the reason, it comes at high interest rate, which can vary anywhere between 12-50 per cent on the basis of profile of the person. If you are also planning to take the personal loan then it is crucial to get some clear view of varied things. For starters, it would be useful to shop around to get an idea of interest rates. There are various options in the market such as Citi Bank personal loan, SBI personal loan, HDFC personal loan, Fullerton India personal loan, etc. Every loan option comes along with different interest rate. If you are working with any of the bank then you should search for a bank which has an official agreement with it. In this way, you will be able to get a better deal.
You should also look at the default clause. There are some banks which charge Rs 250 for first default and Rs 500 for the second default. You will come across to varied other clauses also. Make sure you are reading all these clauses well in advance before proceeding. You should also check the foreclosure clause in your loan document. It is due to the reason, most of the lenders do not allow prepayment of the loan in the first six months and after than prepayment penalty is required to pay. So, it is better to get an idea of the same before proceeding.
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You should also look at the default clause. There are some banks which charge Rs 250 for first default and Rs 500 for the second default. You will come across to varied other clauses also. Make sure you are reading all these clauses well in advance before proceeding. You should also check the foreclosure clause in your loan document. It is due to the reason, most of the lenders do not allow prepayment of the loan in the first six months and after than prepayment penalty is required to pay. So, it is better to get an idea of the same before proceeding.
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