Loan Awarness

In this new era of fintech companies, where loan  is easily available, every borrower shall take care of following things before taking loan.

1. Research the Lender:  Do research a bit on lender (i.e nbfcs, banks providing loans),
   
   Since how long they are into business, and what they have to offer. what are their terms and conditions etc. 
2. Rate of Interest: Do check what the rate of interest is being offered by lenders. Online fintech companies claim fast approval but  they charge high rate of interest. Comparatively banks and nbfcs offer low rate of interest. 
3. Pre-closure charges:  You might be good at finance and able to manage it. You may have taken loan for 5 years but can pay-off entire loan at the end of  3 years. In such cases take care you dont have to bear high penalty and pre-closure charges. Before taking loan confirm and research a bit on loan closure charges. 
4. Diversified Products : For middle-class Indians, they buy everything on emi (i.e loans).  In such cases its advisable to go for lender offering diversified portfolio. Today you may have taken personal loan, after 2xyears you may require car loan. Taking loan from the same lender can offer you low rate of interest. 

Go through some Videos for more details: