Don't Skip the Fine Print: How to Decode Your Loan Agreement & Avoid Surprises

• Understand the true cost: Look beyond the interest rate to the Annual Percentage Rate (APR) and check if rates are fixed or floating.
• Scrutinize all fees: Identify processing, documentation, prepayment, and late payment charges hidden in the fine print.
• Know early closure rules: Check for penalties or flexibility regarding partial prepayments and early loan closure.
• Be aware of delayed payment consequences: Understand penalties, additional interest, and recovery proceedings for missed EMIs.
• Ask questions: Don't hesitate to clarify any unclear terms with your lender before signing the agreement.