When you go for shopping, do you buy a product at the first shop you visit? Or do you roam around and check different shops before deciding where to buy from?
Most of us will always compare options and pricing before settling on our choice. There are many factors that go into taking this decision like the quality, the pricing, the discount, the brand etc. But that’s a good lesson which can be utilized in many walks of life. One of them is during the decision of purchasing a credit card or any type of loans like loan against property/mortgage loan and instant personal loan.
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Let us understand the importance of this with an example.
Aryan Kumar, 25, has just completed 2 years in the corporate industry. Apart from owning a credit card, he also has a used car loan for which he is paying monthly EMI’s. Now he wants to travel to Europe and hence wants to take a personal loan. He checks with the same bank where he has his existing second hand car loan and gets a good interest rate and from another bank which is near to his place is giving him the same loan at a higher rate. Hence he is planning to take the instant personal loan from the old bank only.
Is this the right decision?
When he checked the personal loan interest rates of just two banks and made a decision, that is a decision made in haste. His first task must be to check for personal loan eligibility. Once he can clear the criteria set by the bank, then his next step would be to check the personal loan interest rates offered by different banks in the market.
Here he can take the help of Ruloans where he can compare personal loan interest rates of different private banks. At the Ruloans web portal you can check and compare rates and make your choice.
Also, he can then find out processing fees and other costs. Customers usually check only the personal loan interest rates and make their choice. But apart from that you must also add the different hidden costs that are associated with the personal loan. Only after adding all the costs it is wise to make a choice.
You can also read – Which Bank Is Best For Personal Loan
As a firm that has been helping customers with loans since a decade without charging a single penny, we would suggest that our customers read all the offers and terms + conditions before signing the loan application. Understand all the hidden fees and also the EMI and then choose the best deal as per your need. In case you have a very good score and an existing loan with a bank, you can use it to gain a relationship discount.