The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
Who to approach for a loan? The first place to check would be the bank you have your primary account with. In the UAE, a salary transfer loan guarantees the best interest rate and least paperwork. Such accounts give an assurance of timely repayments to the bank.
Company not on the approved list: Banks usually maintain a list of companies that they are more comfortable lending to. However, if the company you work for isn't a part of that list, chances are you will be charged higher - sometimes it can be as high as almost 9 per cent. This takes us back to our first advice: research. The easiest way is to get in touch with the human resource (HR) department of your company and check if they have tie-ups with any banks. If yes, you know who to go to. But in case your company doesn't have any such associations, log on to personal finance websites such as www.compareit4me.com, www.moneycamel.com, and www.souqalmal.com, for a quick idea on the lending rates and home in on the one that gives you loan on the best terms.
Read the devil in the detail: Before signing on the dotted line, do ask the bank executive about different charges or cost of personal loan. Some of the popular charges include one-time processing fee, and cost of insurance, which are usually deducted from the total loan amount. The rest is credited into your bank account.
Know the EMI date: Knowing when the bank would deduct the instalment from your account is important, especially for those who are living it up in Dubai and eagerly wait for the payday to honour their bills and liabilities. If this reflects your lifestyle, it would be good to align the date of the EMI nearer to the payday.
Other charges: Banks expect to be repaid in time. However, if for some reason you might not be able to pay the bank on time for one of the months, it is always better to call the bank and inform. Banks have provisions that allow deferred payments, moratorium period, etc. Therefore, do not surprise the bank and let it come calling on your door for repayment, instead be proactive and take the right steps. Needless to say, these arrangements come at a cost too.
Foreclosure: Banks do not allow foreclosure of loans before six months. Thereafter, you have to usually pay 1 per cent of the total outstanding as a fine with the remaining principal amount. After closing the loan account, always get the no objection certificate from the bank. This is important for all future transactions.
In case of a natural closure, which means you paid off the entire amount in the stipulated time, banks usually take up to 40 days to issue a certificate and send. Do chase in case you do not receive.
Personal loans are extremely helpful when encountered with an unforeseen financial need. Do not shop in a rush and make the most of the ample choice available in the industry.
The storm had already claimed the lives of at least two people in China's Hainan and 16 people in the Philippines
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