5 Consideration While Taking A Loan

Priyanka Debnath

Interest Rates: 

Most lenders offer fixed or variable rates. Fixed rates stay the same for the loan duration, whereas a variable rate changes with the market conditions.

Loan Terms:

The loan terms determine the EMIs and the interest amount on the loan. Shorter terms mean higher EMIs, but less overall interest. 

Fees and Penalty: 

Origination fees, late payment fees, and prepayment fees are charged by some lenders. These costs make huge differences in overall loan expenses. 

Eligibility Conditions:

Lenders set criteria based on credit score, income, outstanding debt, etc., which can affect your loan approval and term.

Customer Service: 

The lender's reputation should impact your borrowing experience. 

Compiled By Himani Verma

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