Pre-Approved Loan Trap? Check 5 Things Before You Say Yes!

• Evaluate interest rate type (fixed/variable) and its impact on total cost, not just EMI.
• Confirm the actual amount credited to your account after all fees, insurance, and deductions.
• Understand prepayment and foreclosure charges, lock-in periods, and flexibility options.
• Analyze EMI, loan tenure, total repayment, and options for payment flexibility.
• Investigate late payment penalties and the lender's customer service reputation.

Why It Matters: Don't fall for seemingly cheap pre-approved loans; scrutinize hidden costs and terms.