For nearly three decades, Raj Khosla has been closely watching the loan business of the bank, it is known that the number of customers taking borrower has increased rapidly in the country. Banks and NBFCs are providing safe and unsecured loans at attractive rates.
The number of online landing platforms in the country has also increased rapidly. It has made it easier to get a loan from the bank. Due to easy loan people are financially managing their lives.
We are talking about 5 things related to a loan, which should be taken care of when taking a loan:
- Interest rates: fixed or convertible
In the case of fixed interest rate bank loans, interest rates remain the same for the entire duration of the loan. Interest rates in the convertible loan rates are linked to the marginal cost of the lending rates (MCLR), and they change.
Given the current low-interest rates environment, if interest rates fall further, you have the advantage of convertible rates. When you see that interest rates are expected to increase, then you should immediately move at the fixed speed of interest rate.
2. Mortgage Linked Insurance Plans
When you take a loan of a big bank, then imagine the worst situation in that case. If a person who takes a loan loan suddenly dies, then there will be a big burden on his family.
This type of insurance will not only burden your family, but also the insurance company will pay the remaining bank loan. This will save the future of your family. Do not take it like a burden, but help it.
3. Before repaying bank loans or excise payment fees
You can repay the bank before its due date. In the case of partial payment, you pay a part of the outstanding loan amount.
While borrowing a bank, most people do not feel that they can repay before debt or not. The truth is that more than 50 percent people are looking for this possibility in the middle of the loan period.
Keep in mind that you are aware of all the rules and conditions related to repaying bank loans prematurely. If there is a pre-payment charge before the bank, then you get rid of it. In some bank loans, its shares or pre-payment is not allowed before one year
4.Interest Savings Scheme
Many banks offer flexible plans with mortgage loans. In this, you can deposit additional amount in the savings / current account in the bank rather than repaying the loan amount. This account is linked to your home loan account. When calculating interest, the lending bank does not add interest to the deposit amount in your mind and only adds interest on the outstanding principal, which will reduce the burden on the bank loan on you. You can also withdraw the deposit amount in your account according to your need.
5. Balance Transfer at the Right Time
If you have recently received a loan, you can contact the bank and ask to reduce the interest rates on loan. If your bank does not agree on this, you can consider the balance transfer with the other bank. However, you may have to pay some fees.
Please read all the terms and conditions carefully before taking a loan. Do not show speed in this process without understanding the terms of the loan.