Avoiding Common Problems Faced By Personal Loan Customers

Here are some common problems faced by personal loan customers, and possible ways to avoid them.

Problem:

Delay in disbursement beyond the promised date

Solution:

Budget for at least a week’s delay in disbursement, even after you have handed over all papers

Problem:

Non-disbursement despite approval of the loan

Solution:

Just move your personal loan to another bank

Problem:

Delay in handing over cheque disbursement even though the interest meter starts from the date of a cheque rather than the date on which the cheque is handed over

Solution:

Open an account with the bank early enough and ask for credit of the loan proceeds to that account; as part of the loan application itself. This will ensure that the bank cannot charge interest for any delay in handing over the cheque