New Delhi :The biggest festival is going to start soon in India. Starting from Dhanteras, this festival is going to last for 5 days. If you are taking a loan to celebrate this festival with pomp, then keep some special things in mind.
If you are thinking of taking a personal loan to celebrate this festive season, then first of all you should pay attention to the interest rate. There are many financial institutions and banks, which can fool you by luring you with low interest rates. These companies and banks provide you the facility of instant loan including personal and vehicle loan, but for this it is very important for you to choose the right bank, so that you can easily repay the loan.
Please check your registration
Before taking a loan on Diwali, definitely check whether the bank or financial institution from which you are taking the loan is registered with RBI or not. For this, Reserve Bank of India releases the list of all valid NBFCs and Fintech companies on its website. If the company from where you are considering taking a loan is not registered with RBI, then do not take a loan from there at all.
Also read: This festive season, there may be a huge increase in the sales of Amazon and Flipkart, people can do shopping extensively.
Must get KYC done
Often the loan apps which are valid do not give loans without completing the KYC process. That's why get your personal information verified. If the financial institution from which you are considering taking a loan is providing the loan without following this process, then be careful.
Do not fall into the trap of taking loan from the app
Also keep in mind that you do not take loan with the help of any app. If any company is claiming to provide you instant loan through the app, then get complete information about this company. First of all, go to the RBI website and check whether this company is registered with RBI or not. These companies can also charge you huge interest by trapping you in debt. That is why before getting trapped in this scam, definitely get information about it.
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