Bank Loan: Loan takers must keep these 5 things in mind, otherwise there will be huge loss..

Loan Tips: Even a little carelessness in the case of a loan can prove to be very costly. Therefore, it is most important that whenever you take a loan, you take care of the important things beforehand. Most people are unaware of the process from taking a loan to repaying it (the bank loan process). During this, many such things happen, which, if ignored, can cause heavy loss to the loan holder. Before taking a loan (bank loan rules), one should always consider these 5 things, so that one can avoid getting cheated.

1. It is important to know the interest rates-

Although it is important to know about the interest rates before taking any loan, in the case of personal loans and home loans (home loan tips), it is very important to know. The interest rates of these loans are often high. Along with this, compare the interest rates (home loan interest rates) with the interest rates of other banks. This will also give you an estimate of the EMI.

2. Keep an eye on the CIBIL score-

Before giving a loan, banks first check the CIBIL score. If it is above 750, then the loan is easily available at low interest rates. If the CIBIL score is low, then the loan is available at high interest rates (home loan interest rates). Therefore, it is important that you keep an eye on your CIBIL score and keep it better. The CIBIL score ranges from 300 to 900 (cibil score range); generally a CIBIL score below 600 is considered low.

3. Assess EMI from the financial situation-

Any loan is repaid by paying EMI every month (loan EMI rules). While taking a loan, make sure that you can repay the EMI that is being made every month. Assess it from your financial situation. Your good and regular income can help pay the EMI (loan EMI payment rules).

4. Tell the bank your financial record -

Many times, customers hesitate to tell their financial records to the bank (bank loan news). The bank considers this hesitation as hiding things, so share everything with the bank regarding your financial and economic records properly. If your banking record, loan, or credit card bill is pending, then definitely tell that too. If the bank comes to know about such things later, then your loan request may get rejected.

5. Loan tenure -

While taking a personal loan or any other loan, it is very important to choose its tenure. The long tenure of the loan (personal loan tenure) reduces the amount of EMI, but due to paying money for a longer period, the loan becomes very expensive. In such a situation, consider the loan tenure. The loan interest rates (personal loan interest rates) depend on the CIBIL score, loan amount, and loan tenure.

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