Bank Loan Scheme – Are the banks offering you a personal loan? Or are you going to take it to meet a particular need? If this is the case, then it is important to keep some things in mind while taking a personal loan. After demonetisation, banks and NBFCs are no longer short of money. Due to this, the pace of sharing personal loan has increased in the last two years. Bank Loan Scheme – The terms of lending have softened.
Bank Loan Scheme
Banks are resorting to technology to make the loan clearance process faster and easier. Some banks claim that they give a personal loan within a few seconds of receiving the application. Earlier, it was never easy for the salaried people to take loans. But, before making any deal with banks, some things must be looked into. They are being told about them here.
Banks and NBFCs are offering personal loans to customers these days. Most claim that these loans are being given at very low rates. They are also offered to customers through email or SMS.
Don’t forget to redeem the offer in advance. By the way, it is convenient to say ‘yes’ with your own bank. But, you lose the chance of a better deal. Do the research thoroughly before doing ‘yes’. See where personal loan is available at the lowest interest rate.
Calculate interest rate
Banks specialize in manipulating data. Flat rates are often offered to entice customers. It has a lot of screws. The reason is that the deduction of the remaining amount of personal loan with each of your EMIs is not taken into consideration.
For example, if you borrow Rs 5 lakh for three years at 12 per cent, then the total interest is Rs 97,857. Thus, the average interest per year comes to Rs 32,620. So the flat rate comes to about 6.5 percent.
This makes the loan look very attractive. Keep in mind that if you are paying a loan with EMI, then the interest should be calculated with the decreasing amount. The flat rate does not tell you the actual cost of the loan.
Zero percent EMI scheme should not fall into the trap of zero percent EMI scheme is very cleverly made. It is offered by banks along with distributors of consumer durables and lifestyle products. The Reserve Bank has tightened its grip on such personal loan schemes.
- It is another matter that some banks are still offering them. They offer interest free loan to the buyer.
- Processing fees and file charges are often very high in such loans. People get caught in such an affair without realizing this.
- If you are buying a washing machine of 50 thousand rupees for six months at 0 percent interest by paying a processing fee of Rs 2000, then you are paying 14 percent interest on the amount taken.
See the option to close the loan ahead of time
In case of home loan, if you repay the loan before time, then there is no charge. Premature closure of a loan is called foreclosure. However, in other cases foreclosure penalty still attracts prepayment penalty. This aspect should be seen.
Do not contact many banks
Contacting many banks in search of a lower interest rate can sometimes prove to be harmful. If you contact many banks, then it can have a bad effect on your credit score.
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