Borrowing money or other language debt is not a taboo. When there is an urgent need, but money is limited, the solution is to borrow money. Currently, access to borrow money is very easy, not only through banking, but has also penetrated online so that financial problems can be quickly resolved.
Of course, it is not without reason that someone decides to get into debt. There are many reasons behind this, such as the need for business capital, buying goods at high prices, and many others. Debt, it's fine as long as it's for productive activities, not consumptive.
The name is borrowing money, a debtor has an obligation to repay it until it is paid off if you don't want to have problems one day. Therefore, before deciding to borrow lowest hdb loan singapore money or take out debt, you should first find out information about loan services offered by one company to another. Comparing the pros and cons, so there are no regrets in the future.
1. Find Information
Before borrowing money, you must determine who you owe it to. For example, you want to apply for credit to a bank, then look for information about the bank. What credit or loan program does it have, which is suitable for you.
This is important, because you will be dealing with the bank for a long time, so it must be ensured that you really feel comfortable with all the provisions set by the bank.
In addition, by knowing the bank's information from the start, you can avoid the possibility of having bad thoughts about the bank because the main thing you have to instill in yourself is trust in the bank.
2. Loan Interest
The bank that provides the loan or credit service of course has set the loan interest. Each bank's loan interest is different, so this is something you should also pay attention to. Make sure that the interest on the loan does not burden you, meaning that it is in accordance with your ability to pay every month.
Loan interest is divided into two, namely fixed rate and variable rate . Banks that set fixed rate installments are the same as fixed. So when you pay, the interest does not change according to the initial determination. While the variable rate is the same as floating ( floating ), so it can change. It's up to you which one to choose.
3. Loan Term
The loan repayment period or tenor is divided into 3, namely short term, medium term and long term. You need to know that the longer the maturity, the more fees you have to pay.
Therefore, make sure that the tenor you choose is in accordance with your needs and abilities. Don't let the greater the fees you have to pay make you more burdened to pay the installments every month.
You can ask the bank about the tenor or term of this loan before signing the credit agreement. Also, keep in mind the reasons and needs you owe. If for something that is not too big, then apply for a short-term loan. The goal is that you don't have to deal with the bank for longer and avoid arrears in installments.
4. Loan Disbursement Process
Before applying for a loan, make sure that the bank has an uncomplicated procedure for disbursing funds. This is so that you can immediately use the money for the purposes that have been determined from the start. If the procedure is long-winded and difficult to understand, then it is better for you to find another bank to borrow money from.
5. Extra Fee
Additional fees often go unnoticed by borrowers. They are too focused on the amount of installments that must be paid every month. They do not realize that taking into account additional costs is no less important.
Some examples of additional costs are administrative costs including activation fees, fines incurred due to arrears. At one time you may be late in making a payment, so this is important for you to take into account.
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