Sutirtha Sanyal
Know the processing fees and other charges for foreclosure, cancellation, collection, EMIs, etc.
Don’t take top-up loans offered at low-interest rates if you don’t need them, as they could become a liability.
Take what you can repay, as payment delays will attract penalties, and it can lead to a debt trap.
Compare the lenders’ fees, charges, facilities, etc., and weigh your options accordingly.
Choose a lender offering the lowest interest rate, as it will be easier for you to repay the loan.
Read the fine print as the devil lies in details; neglecting it may lead to a major crisis.
Don’t miss EMIs, or else you will be asked to pay penalties that will reduce your credit score.
You will need an average credit score of at least 550-649, which indicates creditworthiness.