Is it safe to take a loan from a non-banking financial company (NBFC)? What is the procedure for it?
Salman Ansari, Meerut
It really does not matter who is giving the loan (whether an NBFC or a public sector bank or a private sector bank) as long as the terms on which the loan is given are okay and satisfactory. The process remains the same everywhere. Please do not take the loan if a flat rate of interest is offered by the company. Apart from the effective interest rate, you should also compare the various fees and charges including the pre-payment charge, which could differ from lender to lender.
