Personal Loan Tips: In times of emergency, people resort to personal loan to easily arrange money. Today, personal loans also get approved very easily. Bank apps, fintech platforms and other platforms also provide personal loans. While choosing a personal loan, people choose the personal loan after looking at the interest rate. However, this could also be a big mistake of his.
Every lender uses different methods to earn money. Heavy charges are taken from customers in the name of fees and sometimes in the name of penalty. Due to which customers have to face financial loss. If you are also planning to take a personal loan, then you should pay attention to these things along with the interest rates. So that you can get a best deal…
1. Understand how much amount you will get in your hands after deductions.
Processing fees and other charges at the time of taking a loan can reduce the amount you get. On comparison, it is found that the EMI and interest rates of the two lenders were almost the same. But some lenders already deduct charges like processing fee, insurance or membership.
Due to which less money is credited to your account. Therefore, before taking a loan, information about processing fees and other charges must be obtained.
2. Know about prepayment rules
When people get bonus or lump sum money from somewhere, they plan to repay the loan by depositing the entire loan amount. However, you are also charged for prepayment. In many cases there is also a lock in period. Therefore, before taking a personal loan, you should know the foreclosure charges. Due to which you will not have to face any kind of problem in future.
3. Amount of penalty
Even those who pay EMI on time miss the EMI due to bank irregularities and mistakes in timing. In such a situation, a huge penalty charge is imposed on them by the lender. Due to which customers have to face financial loss.
Therefore, before taking a personal loan, clearly ask about the penalties and charges for other mistakes. You should plan to take a personal loan from a lender only if all the information seems correct.
Also read: Budget 2026: Will the country’s general budget be presented on Sunday for the first time? Suspense is created
