What document should I ask a bank before signing a personal loan agreement that states clearly the loan amount, interest rate, and EMI?
A personal loan is a type of installment loan, which is offered for a person to cover his upcoming large purchases, expenses, home repair and etc. A good credit score would help to reduce the interest rate on the personal loan.
Answer and Explanation:
The loan applicant could request the banker to create a loan payment schedule before signing in the loan agreement. With that schedule, the applicant could visualize the amount of borrowing, interest rate, monthly payment, and loan lifetime. Also, the loan approval letter will have that mentioned information on it. And, that information will be officially included in the loan agreement as well.
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Learn more about this topic:
from Finance 102: Personal FinanceChapter 7 / Lesson 4