Know everything before you get a loan. The Officer in charge or Loan Officer in your Bank may answer all your questions, If you don't know what to ask and what all things you need to confirm, just ask the following questions.
What is the loan application process?
What is the processing fees or percentage of loan i have to pay?
Is that processing fees need to paid by me before getting loan approved?
What is the application fee?
What is my interest rate?
Is that INTEREST rate fixed or adjustable?
What is the repayment period?
How can i calculate the interest to be paid?
What happens if i fail to pay one EMI
For how many year tenure the loan amount doubles according to the interest rate you are saying?
Is there a penalty for pre-payment?
How much penalty for second default?
What happens if I fail to pay the loan?
Are there limitations on my use of the money?
Which other loans might also meet my needs?
Is there any insurance coverage for non payment due to accident?
What is the loan application process?
What is the processing fees or percentage of loan i have to pay?
Is that processing fees need to paid by me before getting loan approved?
What is the application fee?
What is my interest rate?
Is that INTEREST rate fixed or adjustable?
What is the repayment period?
How can i calculate the interest to be paid?
What happens if i fail to pay one EMI
For how many year tenure the loan amount doubles according to the interest rate you are saying?
Is there a penalty for pre-payment?
How much penalty for second default?
What happens if I fail to pay the loan?
Are there limitations on my use of the money?
Which other loans might also meet my needs?
Is there any insurance coverage for non payment due to accident?