Home Loan, Car Loan, Education Loan, Loan against Property, etc. varieties of loans are available today. Many are in debt today; some are out of debt while some others are planning to take loans. It could even be credit card debt. Loans are helpful if used properly. But if not used properly, loans can be catastrophic to you and your finances! India’s First Free Online Financial Advisory, Moneymindz
You might have different reasons for borrowing money. Before you apply for a loan, here are a few things you have to ensure about lenders:-
Find out if the lender is legitimate. See how the lenders perform, give loans and receive them. Of course, this might not apply if you go to a big bank. But some people borrow from local lenders, village moneylenders and the like. If you approach such people for loans, check how authentic they are. Verify their honesty regarding their intentions. India’s First Free On call Financial Advisory, Moneymindz
2. Be aware of their requirements and charges
You may have a good credit history and good finances and the lender might agree to give you a loan. However, most of the lenders put strict Terms and Conditions prior to giving you the loan. Hence know the requirements of each lender before getting a loan from them. Added to that, each lender charges different fees. So, visit a variety of different lenders to see what type of fees each of the charges.
3. Identify the loans offered
Each lender, similar to having different fees, will offer different types of loans. Some lenders will be able to offer only certain types of loans. One might give only car loans, another might give only home loan while the other might not give any loan apart from Education Loan. Don’t waste time researching and communicating with a lender who you won’t even work with. Smart Financial Advisor, Kuber Mindz
4. Need or greed?
There is a contrast between “needs” and “wants”. A need is a basic necessity like air, water, food, shelter, clothing and medicine. A want is nothing but greed for more. Mahatma Gandhiji once said, “The Earth has enough to provide for every mans need but not for every mans greed”. Do you really need the loan or are you just being greedy? Is the lender giving money out of need or is he/she just being greedy for more money?
You can contact us for more information at www.moneymindz.com and interact with our Smart Financial Advisor Kuber Mindz. You can even give a missed call to 022-62116588