5. What are the factors I need to keep in mind while comparing loans from different financial institutions?
A loan applicant needs to keep a few things in mind when comparing loans. The applicant needs to determine the kind of loan and the amount he wants to apply for. He needs to keep in mind the total cost of the loan, which will be paid up by the end of his loan tenure.
The second step is to understand the terms and conditions under which financial institutions are offering the loan. Finally he needs to evaluate, which loan offer is the best bet for him.
Other factors that you should look out for are customer service levels and the average time the bank takes to process a loan.
Image: A MasterCard sign. | Photograph: Reuters
Also read: 8 firms bag Nasscom innovation awards
| Live updates on money.rediff.com |
|
Advertisement
