The advice that I would give to anyone asking me about the loan process is to
- check the processing fee
- check the monthly payment
- check the tenure
With these facts calculate how much you end up paying for the loan you are taking. (I guess this is only for fixed interest charges).
This was, one does not get confused with all this diminishing principle and all the other jargon's these agents thrown in. Infact, when I was looking out for a loan, on 2005, I found that I payout lesser when I go with ICICI than with one other bank even though ICICI mentions a higher interest rate!
Quote:
Originally Posted by Red Liner  ...
If you're a gambler, go in for the floating rate. If you are totally risk averse, go for the fixed rate... |
