Personal Loan: Bank does not tell these things related to personal loans, loan takers should be careful..

Often bank employees do not disclose all the details related to personal loans openly. But when you ask about everyone one by one, then they will give you information.

Most people, while taking a personal loan, do not openly ask the bank employee about all the charges and interest rates. Because of this, they have to repent later. Because there are some things that the bank employees themselves do not tell the customers before giving the loan.

If the credit score of the customer is good then he can negotiate and get a discount on processing fees and interest from the bank. Generally, apart from waiving the processing fees for customers with better credit scores, banks also reduce the interest. Therefore, as soon as you get a personal loan offer from the bank, you should not immediately say yes, rather you should get information about the offer.

On receiving an offer for a personal loan, one should ask the bank employee what kind of offer it is, and whether the processing fee will have to be paid on a personal loan under this offer or not. The loan application should be proceeded with 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 as to what penalty will be imposed 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 fees, documentation charges and pre-closure charges.

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