The routing
Which lender should see this file?
Public banks, private banks and NBFCs do not read the same file. This check names a first stop from vintage, papers and how soon you need the money. The lender still decides.
Before you sign
What to ask once an offer arrives
The offer is the lender’s. These are the lines to read before you accept it.
Fixed or floating
A fixed rate keeps the EMI steady. A floating rate moves with the lender’s benchmark. Home loans are often floating. Many business loans are fixed. Ask which one is on the offer.
EMI against total interest
A longer tenure lowers the monthly figure and raises the interest you pay in total. The calculator shows both. Pick the one the cash flow can carry.
Processing fee
The lender sets it, and it has to appear on the Key Fact Statement before you accept. Checking a file with LoanRaasta is free.
Early closure
Ask the lock-in and the foreclosure charge. A home loan and a business loan do not follow the same rule. The charge belongs on the Key Fact Statement.
Anything bundled
Insurance or a card sold with the loan is a separate product, with its own price. You can refuse what you do not need.
Secured or unsecured
Pledging property usually lowers the rate and slows the file, because of valuation and title. An unsecured loan is faster and priced higher.
Free consultation
Bring the file. We’ll place it.
The routing check is free. A person at the Chandigarh desk reads what you send.