All people always have the need for money, which is why anybody plays a key role in fulfilling any loan. Bank and non-banking financial companies have no shortage of money after the notices. In this case, they are ready to pay a hard earned loan to the needy. Some banks are so ready to give you a loan after several minutes of applying. It is not okay for you to trust even on anyone. Money Mantra founder and MD Raj Khosla is giving some tips to this matter.
Banks and NBFCs are trying to attract customers by introducing new bank schemes. They try to convince consumers via mail, SMS, phone that they are offering personal loans at the lowest rate. There may be a loss due to any of these conversations. You should first do a good research first. There are several sites where you can choose a loan plan with the lowest interest rate.
People are getting trapped in the Zero Percent EMI trap. RBI has stopped such schemes, but still there is a lucrative temptation to provide loans by banks. Know that if you are giving such a temptation, then it will increase the processing fee and file charges so that everything will be recovered. Just like on Zero Percent EMI, you took 50 thousand rupees for 6 months, for which you have been charged 2 thousand rupees of processing fee. In this case you are paying more than 14% interest
