The next time your bank calls you and asks you for offering
cheap Personal Loans, give it a second thought. The banks now-a-days have
researched various things about you from your Personal account details and
hence offer you loans that they say as "cheap". Pay strict attention to
the details of the pre-processing and the pre-payment charges that are included
for verification, stamp duty charges for legal agreements and other things.
Generally, while offering you cheap Personal Loans, interest
rates offered by banks may be less than available in market, but that is been
compensate when you close the lead by not paying attention to
pre-processing fees they would take. Banks do not slash their rates, they just increase the processing fee
and pre-payment charges in exchange of giving cheap rates for Mortgage Loans.
Generally banks in India offers Personal Loans at an
interest rates of 12.99% up to 25% and often offers discounts on interest rates,
but the catch is the same scheme is not available to all the borrowers and can
be withdraw anytime without prior notice. Banks also want to increase their
share of retail loans, hence they offer such schemes.
The borrowers have to keep in mind that Personal Loans
interest rates are fixed for the time period you have taken loan, and any
changes to the RBI rules for interest rates does not affect and change borrowers
interest rates that he has filed for.
Hence, you should always read all the documents clearly,
analyze the difference in interest rates such as what are normal interest rates and what are being offered after discounted prices, understand the
processing fee charges and see how much they are taking. You should always
consult a Personal Loan consultant before getting such types of Loans.
When things are crystal clear, you will not be any problem
and won’t end up paying Personal Loans higher than what you expected.
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ReplyDeleteLeslie,
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