Beware Pre-Approved Loans: Seemingly Cheap Can Be Costly

• Don't just check interest rate; understand if it's fixed or floating, and how your credit score affects it.
• Verify the net amount credited after processing fees, insurance, and other upfront deductions.
• Always check prepayment and foreclosure charges, lock-in periods, and part payment options.
• Low EMI often means longer tenure and higher total interest; focus on total repayment amount.
• Evaluate penalties for missed payments and the lender's customer service reputation for a stress-free experience.

Why It Matters: Don't rush into pre-approved loans; understand all terms to avoid hidden costs.