Remember these points before borrowing money – MoneyMindz

By | 08/10/2018

Nowadays, taking loans is very easy. All you have to do is to approach a bank or financial institution for a loan. During festive occasions, borrowing money becomes more common than usual, as it is considered auspicious to buy new things at the time. Best financial adviser, Kuber Mindz Moneymindz reminds you to take informed decisions always.

Regardless of whether you are making a last minute addition to your purchase list or you have planned your purchase well, you still have to be careful while dealing with finances and loans. Here are a few tips to bear in mind while you decide to take loans.

  1. Don’t over borrow

Too much is too bad. There might be loan offers and sales personnel tempting you to take higher loans, etc. But make sure you stay on your guard and borrow only as much as you can repay realistically. Friendly Financial Adviser Kuber Mindz reminds you to keep an eye on your debt to income ratio always.

  1. Loan eligibility needs to be checked first

You never know if you are eligible to get a particular loan. Don’t go by sales pitches. Rather visit reliable online calculators and calculate your loan eligibility there as they will give you a realistic answer.

  1. Comparison

Just like you compare between different brands of a car or a product at a supermarket, you need to compare different lenders and the rates they offer. Make sure you go through all the loan options, rates, affordability, etc. before finalizing on one. Pragmatic Financial Adviser Kuber Mindz says that without comparison you won’t know what the best is for you.

  1. Work on saving money
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You could start saving money well in advance before going for that big purchase rather than applying for a loan. That way, even if you have to take a loan, you can either take a loan for the remaining amount of money that you couldn’t save or take a loan and use the savings to clear a part of the loan.

  1. No need of Add-On’s

Banks offer additional products that might not be necessary. So you can avoid such offers by refusing them.

  1. Calculate interest rates yourself

Banks and Financial Institutions offer flat rates of interest. Those are false, calculate the interest rates yourself.

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