Monica Malik Instagram – Don’t judge a loan solely by its interest rate! You might think you’re getting a good deal, but beware – banks often hide charges that can lead to future headaches.
The Reserve Bank is onto this trick and has made it mandatory for all commercial banks, co-operative banks, NBFCs, and HFCs to provide a Key Fact Statement with every loan from 1st October.
This statement is a quick summary of the loan’s vital details, including loan amount, interest rate, tenure, EMI, additional costs, effective cost, and amortization schedule.
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#bank #loan #loans #banks #banking #charge #fee #hidden #reelsvideo #prettymuchfinance | Posted on 06/Jul/2024 16:33:37
