If we had been living in ideal world we would have enough money to satisfy all the needs whenever and wherever required. We all work so very hard to keep our self, the family and all our needs fulfilled. Still, we get into those situations when we must borrow from others. When it comes to borrowing from a financial institution we call it a loan. This then becomes a big opportunity for banks to capitalise upon.
We take loans for different purposes, and to commercialize that, banks have made loan categories to serve the customers better. For your personal needs, there is a personal loan. Home loan to buy or build a home, Vehicle loan, Gold loan etc. Then there are certain rules or advices that suggest you take a Home loan which should have an EMI of not more than 40% of net income. Car loan to be around 15% of net income and personal loan not to exceeding 10% of income.
You might get messages on mobile, ATM, email, on Facebook account or a phone call, informing over every channel of communication that you need a loan. With online banking technology improving and more & more transactions happening online, you might see that pre-approved loan messages on your net banking account the moment you login into it. These are quick and easy facilities banks have started providing to us for our loan needs.
Below are few suggestions we should keep in mind while taking a loan:
Borrow not more than what you need
Keep the tenure as short as possible
Ensure timely payment of your instalment or face unnecessary charges
Never borrow loan to invest or just splurge
Insure your loans with a term insurance
People still face a lot of issues related to loans. Some have become a casualty of fraud from a loan company or from a bank employee. Others have got delayed loan disbursements even after all approvals. People have been charged higher rates than the market standards and wrong EMI being charged from their bank accounts.
If you are frustrated loan customer not able to solve your loan complaint, reach out to www.BankingComplaint.com for a perfect advice on your complaint. BankingComplaint is an open forum where people share there banking concerns and get advised from industry experts on ways to get them resolved.
