People who have planned to borrow money from any licensed moneylenders must know the basic things about the moneylender policies. Also, it doesn’t mean that you need to approach only the moneylenders for borrowing money. There are plenty of sources available from the government financial sectors to help the people regarding money and all. Have it as your first preference before approaching any moneylenders for loans.
Also look for the licensed moneylenders who have the legal authority based on the government rules and regulations. Check with the terms and conditions before lending money from the licensed persons. Try to understand the contract, particulars, payment plans, interest and more. Never get loan beyond your regular income which may cause you problems in future while repaying the loans. Demand the loan amount based on monthly/yearly income which may be a convenient thing for you to repay is as per the scheduled plans.
Check with the official government sites to know the interest rates fixed officially by the government. The interest rate will be fixed around 4% for monthly payments based on the total loan amount borrowed from the moneylenders. The fee amount of the moneylenders also a fixed one based on certain aspects from the licensed moneylenders.
Check license of the moneylenders
- The most important thing before approaching any moneylenders for loan check the authorized things. First, ask for the user id and password from them.
- Then check for the details such as personal documents, employment permit and more.
- Note for the behaviour of the moneylenders too.
- Granting loans via phone, SMS, email without any legal enquiries.
Some of these factors are not acceptable for any licensed moneylenders. So check for the details as earlier as possible to apply for loans. You can also register your complaints about the unlicensed moneylenders on the government portal as well. Few of the advertisements also shared regarding the loan approvals from licensed moneylender and unlicensed moneylenders. Under the advertisement regulations licensed moneylenders are allowed to advertise via printed materials, online forum and fixed external places.
Clarify the doubts with licensed moneylenders
Before signing up for the loan amounts with the licensed moneylenders should clarify the doubts regarding the terms, interest and schedule, etc. You can ask for more clarifications from the moneylenders as well regarding the loan details. It is your responsibility to ensure everything before getting the approval.
Things to follow after approval
Once you got the loan approval from the licensed moneylenders, you must understand the term and follow the terms until the repayment schedule. Also, check that you have received the loan details from the moneylenders along with the principal money.
You can also register for the unfair practices or contract issues against the licensed moneylenders. So there won’t be any misleading from the moneylenders were encouraged at any stage. Also, follow the loan terms and contracts based on the signup. You can make the complaints with the official site at any time regarding your problems.
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