Smart Banking ( Loan Products from bank )
10 points to check while applying for a loan
1. Read all term and conditions , loan product features carefully.
2. Check for documentation , processing , mortgage , Cersai , inspection , valuation , legal or any other charge applicable before applying for loan .
3. Check for prepayment charges applicable on your loan if you will pay installments early with a purpose to close the loan .
4 . Check for frequency of interest application on your loan .
5. Check whether bank interest rate is fixed or floating .
6. What is penalty for delayed/ late payment of installment .
7. Check the amount of installment and tenure (period) of loan.
8. In case of vehicle loan whether insurance premium is to be borne by bank or yourself.
9. What will be insurance premium to insure your assets such as stock , live stock etc.
10. Compare all points mentioned above with other bank’s.
Keep continue smart Banking . We Will advise on many other aspects of banking & will come back soon.
