Please go through the Banks website where they have provided the information of Products, Services and
Charges. It is better to study on various schemes offered by the banks.
Dont entirely believe the information provided in the bank sites are true.
Visit your Bank Branch and Talk to the Bank’s Representatives.
No one can cheat you without your knowledge.
When you take a loan kindly make note of the following
Processing Charges(Sometimes its 3% of the Loan Amount)
Interest Rates.
Fixed or Floating Rate.
Date of Emi.
Some banks may charge or make you to take an insurance on the Loan Amount.
Which may some times reduce the loan amount which you get in hand.
Charges for Statements and Account Information.
PreClosure Charges that are clearly mentioned in the Banks Site.(They also have hidden charges)
ICICI has mentioned that the Pre-Closure Charges @5%.( But if you call them or get the Foreclosure
Statement its states as 5.65%).
- Many Banks and Financial Institutions allows you to pre - close the loan only after 6 months.
This is Fixed for all.(You have to ask this before you take a Loan).
For Eg: If your EMI is 5th of every month then you have to Pay the Outstanding Principal+ 5.65% Preclosure Charges before 17th of that month.The Dates varies bank wise.
You have to issue a stop payment on or before 18th of the month to stop the Emi amount being deducted for that month.
If you think that you have been cheated even following the right path, then close the loan and go for some other bank.
If you dint repay the Loan and then you will be Listed under CIBIL Site which have information of Bank or Financial Instituions Defaulters.
All banks have Commercial login and has almost all the details of the Loans that a individuals have. They can see the Previous History of Financial Tracks.
Those sites are very informative for Banks who provide Loan for the Peoples.If you even have a single cheque bounce or OverDue Charges then your loan will be rejected by the Banks.
These information provided may be wrong but these are according to my knowledge. Please Comment it.