Bank loan makes our life easier, but
we need to be careful while taking loan. A close look at the loan business for
nearly three decades shows that the number of customers taking loans in the
country has increased rapidly.
Solution to all your problems related to loan
The number of online landing platforms
in the country has also increased rapidly. With this, it has become easy to get
a loan from the bank. Due to easy loan, people are doing financial management
in their life.
We are involved in five loans ..
1. Interest Rates: Fixed or Variable
In the case of a bank loan with a
fixed interest rate, the interest rates remain the same for the entire duration
of the loan. In a Business Loan with variable interest rates, the interest
rates are linked to the Marginal Cost of Lending Rates (MCLR) and this varies.
Presently, given the environment of
low rates of interest, you get the benefit in variable rates when the interest
rates are reduced further. When you see that there is a possibility of increase
in interest rates, then you should immediately shift to the fixed rate of
interest.
Shifting from fixed to variable regime
is not so easy. There are some expenses involved in this.
2. Repay the bank loan or part payment charge
before time
You can repay a Business
Loan before its fixed period. In the case
of part payment, you pay a part of the outstanding loan amount.
While taking a bank loan, most people
do not know whether they can repay the loan before time. The truth is that more
than 50 percent of people seek this possibility in the middle of the loan
period.
You should keep in mind that you are
aware of all the terms and conditions related to repaying the bank loan ahead
of time. If there is a charge in repaying the bank loan ahead of time, then you
should find a way to avoid it.
In some bank loans, its part or
prepayment is not allowed before one year.
3. Mortgage linked insurance scheme
When you take a bank loan, imagine the
worst case in that case. If a person taking a bank loan dies suddenly, then
there will be a huge burden on his family.
An insurance policy such as mortgage
linked insurance scheme will not only reduce the burden of your family, but the
insurance company will also pay the remaining amount of the bank loan. This
will make your family's future secure. Take it not as a burden but as a help.
4. Interest Savings Scheme
Many banks offer flexi schemes with
mortgage loans. In this, instead of repaying the loan amount, you can deposit
the additional amount in a savings / current account with the bank. This
account is linked to your home loan account.
While calculating the interest, the
lending Loan Against Card Receivables bank does not add interest on the amount
deposited in your account and only adds interest on the outstanding principal,
which reduces the burden of bank loan. You can also withdraw the amount
deposited in your account according to your need.
4. Balance transfer at the right time
If you have recently taken a loan, you
can contact the bank and request to reduce the interest rates on the loan. If
your bank does not agree on this, then you can consider a balance transfer with
another bank. In this, however, you may have to pay some charge.
Before taking a bank loan, read all
the terms and conditions carefully. Do not show speed in this process without
understanding the condition of the loan.
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