RBI has told through an animated video that if you are taking a loan, then what you should keep in mind. It has been said in this video that it is important to know from whom to take the loan.
Along with keeping an eye on the banks, the Reserve Bank of India keeps making people aware as well. In order to avoid fraud in the banking sector, the bank keeps giving information from time to time to the people about how banking fraud should be avoided. Recently, RBI has told through an animated video that if you are taking a loan then what should you keep in mind. It has been said in this video that it is important to know from whom to take the loan.
In such a situation, today we tell you how you should choose from where to take a loan. Actually, many times after taking a loan, people are worried that they have taken a loan from the wrong place, so you should take care of many things in advance so that you do not have problems later. In such a situation, let us know what things should be kept in mind before choosing a loan taking bank or insurance company…
Keep these things in mind before choosing a bank
Whenever you take a loan, the most important thing is the interest rate. Many times you get a loan with less documents, but its interest is very high. Therefore, before selecting the bank for the loan, compare the interest rates of different banks and also keep in mind whether there is any condition in the interest rate. Along with this, one should always take care of the fine print, this means that many look very attractive at a glance and this loan seems to be quite good.
.@RBI Kehta Hai..
Borrowing from regulated entities like banks, NBFCs and HFCs is a good practice as they are regularly supervised and monitored.#BeAware #BeSecure#rbikehtahai https://t.co/mKPAIp5rA3 pic.twitter.com/jxl8AwxTpv— RBI Says (@RBIsays) June 19, 2021
But, there are many such conditions in it, which bother you later, in such a situation, you should follow the fine print, in which all the conditions should be written. Before taking a loan, you should pay special attention to their terms and after investigation, choose the bank.
Along with this, apart from the interest rate, the processing fee should also be taken care of. Many private banks charge hefty fees in the name of processing fees, so you should know about the processing fees etc. before saying yes to the loan. At the same time, it should also be assumed that if they are not able to pay the installment in future, then how much and according to what penalty will be imposed on them. If you will choose the bank keeping all these things in mind, then the risk of taking risks with you will also be greatly reduced.
What else did RBI say?
RBI has told through the video that if the loan is taken, then it should be repaid on time and that money should be spent in the work for which the loan has been taken. Also, it is important to pay EMI on time and keep your credit history good. Along with this, it is also important to know from whom to take the loan, the tips related to which have been given above. Apart from this, it is also necessary to correctly identify the institutions registered with RBI.
