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Bank loan news: Many people fulfill their big needs by taking a loan from the bank. While taking a loan, it is important for the customer to know the loan terms (bank loan rules) in detail. Even a small mistake can spoil the entire budget and plan of the loan holder. We are going to tell you 5 such important things. If you keep them in mind before taking a loan (loan tips), then you will avoid a big loss. Let's know in full detail-

1. Know the loan interest rates beforehand-

Whenever you take a loan, it is most important for the customer to know what the interest rate is on the loan. Compare these interest rates (home loan interest rates) with the interest rates of other banks as well. After this, you can decide to take a loan by assessing your need, budget, and financial situation. Especially regarding home loans and personal loans (personal loan interest rates), full attention should be paid to the interest rates.

2. Find out the CIBIL score-

If the CIBIL score is better, any loan can be obtained at a lower interest rate. The customer must be aware of this. If the CIBIL score is bad (cibil score news), then the interest rate will be higher. Whenever you take a loan, knowing your CIBIL score, you can decide whether you will get a loan at a cheaper interest rate or at a higher interest rate. Generally, if the CIBIL score is 750 (good cibil score) or above, then the interest rates can be cheaper. If you take a loan without knowing the CIBIL score, then you will not know whether the bank has set the interest rates correctly or arbitrarily. You may suffer a huge loss due to this.

3. Keep this in mind regarding EMI-

Keep in mind the EMI (loan EMI rules) the bank has fixed for you. You will have to pay this every month, so definitely find out about it. After this, you should also assess whether you can pay it every month or not. Keep this in mind regarding personal loans (personal loan tips).

4. Choose the loan period wisely-

Although the loan period is very important in every loan case. But when you take a personal loan or home loan (home loan EMI), it is the most important. Let us tell you that the EMI (personal loan EMI) is reduced due to the long loan period, but you have to pay more money. Choosing the right loan period can save you money.

5. Share your correct financial status with the bank-

While taking a loan from the bank (bank loan news), tell the bank about your financial status correctly. If any loan has already been taken or it is pending somewhere, then also tell. If the bank comes to know about these things about you later, then the loan may be rejected (loan reject hone ke karn).

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.