In the market of financial risks, tricks, and trust all play an important role on the basis of these people choose for the right amount of loan as well. Where people make many assumptions and take an estimation of their expenses but there are some basic precautions to take as well.
Precautions for gold loan:
Interest Rate comparison In a gold loan, the only expense matter is the interest rate at that time choosing the right lender by comparing interest rates can help you from paying extra expenses. If you want to have a quick suggestion then choose the ICICI Gold Loan interest rate.
The processing fee should be in consideration Processing some lenders charge nil and some lenders charge from 0.50% to 2% but make sure you ask for the proper calculation of charges as well.
Check if there are prepayment charges There are no foreclosure charges involve in a gold loan since your asset is on the mortgage. But there can be some who can use hidden charges to charge amount from you for foreclosure.
Choose correct repayment options Bullet repayment, partial repayment, principal later first EMI payment, and regular EMI payment these 4 options are available for the gold loan you must compare their charges. Choosing the right lender Some fraud lenders trick you or can charge extra amounts from you in the form of security and other things, then you must ask about it.
Know the amount Your gold is what defines your loan amount of GL so you should calculate your amount of gold loan as well by using the EMI calculator and by knowing what you have to pay as well.
Precautions for a personal loan:
A credit score of a minimum of 750 CIBIL plays an important role in a personal loan where it counts as eligibility for you to demand a loan.
Before choosing a personal loan from a specific lender make sure you calculate the important part of PL i.e. interest rate for every lender and compare them which will eventually, in short, give you an idea to choose an affordable ICICI Personal Loan Interest Rate only.
Make sure you are paying ICICI Personal Loan Processing Fee which will indicate to the reputed lender ICICI that you are ready for the loan and will work well together.
There are many categories involved in personal which indicates the reason for which personal loan is asked. And also you can find our package according to your needs as well.
Your income plays an important role in personal loans by which you can choose either for repayments on EMIs or choose for foreclosure after some time.
There are lenders who offer different types of schemes like insurance and other things so it’s better if you don’t opt for them because it will eventually increase the rate of EMI.
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