Looking for a loan? Should you go for a quick loan from any lender(Online/Financiers) or Bank Loans?
When in need of financial assistance we must always make the correct decision by being informed of all the choices. In the current market, there are many online loans readily available which may help you overcome the present struggle but could throw you in some other issues. It is always advisable to take the help of a loan consultant. A good loan consultant will equip you with the details so that you can make a wise move to help you get back on track.
Advantages of Bank Loan
1. Quick approval if documents are in order
2. You can choose the repayment schedule that suits your financial goals the best.
3. You don’t need collateral or guarantor
4. Interest rates are better and controlled
1. Monthly income will suffer a dent since your EMI will eat a part of it
2. Processing Fee – The bank charges some amount to process the loan application.
HDFC bank is the most preferred bank by customers because of quick processing and could be relied upon. The rate offered by banks depends upon the company applicant work for, net take-home salary and stability in employment and residence. Most of the banks have a walk-in facility to avail loans.
However, the process could be tedious one as banks have limited resources to attend customers. In order to overcome this, Banks have appointed authorised Channel partners called, Direct Sales Associate ( DSA) to service customers at their doorstep and at the convenience of customers. DSA’s have well-trained employees and they offer the same rate what bank also offer and they are not authorised to charge any money from customers. To that extend care should be taken by customers when they deal with DSA’ s. It would be better to deal with DSA’s who enjoys credibility in the market.