In this age of inflation, it has become very difficult for the common man to make a living or do anything that is necessary. So people borrow. Some borrow for marriage, some for home, some for study, some for business.
But you know that the weeks and other burdens that come with borrowing are more stressful. There are some things to keep in mind before taking out a loan, which people often do not even think about. Here are some things to keep in mind when borrowing!
* Understand the plan well
To attract customers, the bank offers various loan schemes so that people can avail loans from them. But the most important thing here is that you need to understand such plans properly. Many times you take out a loan in the context of a plan, but then there are many difficulties in repaying it.
* Focus on interest
Getting a loan is not a big deal, but it is important to pay attention to how much interest the bank charges you on the loan. Many banks or lending companies charge higher interest rates on small loans. So pay attention to the interest on the loan as it will go out of your pocket.
* Set aside money for EMI
It is important that you pay the EMI of your loan on time. When EMI is delayed, the bank charges you interest along with penalty. If you want to avoid this, you should set aside some money for EMI in advance. So that he will support you in your bad times.
* Take advantage of balance transfer facility
If you have taken a loan from any bank, and in the meantime or some time after taking the loan, you get the money from somewhere. Therefore, you should take advantage of balance transfer at such times. In this case, you will have to pay your dues i.e. the remaining amount with about 3% interest which will save you from paying extra interest.