Avoiding Common Problems Faced By Personal Loan CustomersDelays in disbursements and non-disbursement are some of the common problems. Read to find how to tackle them.
Apnaloan.com Research Bureau
14 Aug 2007
Here are some common problems faced by personal loan customers, and possible ways to avoid them.
Problem: Delay in disbursement beyond the promised date.
Solution: Budget for at least a week's delay in disbursement, even after you have handed over all papers.
Problem: Non-disbursement despite approval of loan.
Solution: Just move your personal loan to another bank
Problem: Delay in handing over cheque disbursement even though interest meter starts from date of cheque rather than the date on which the cheque is handed over.
Solution: Open an account with the bank early enough and ask for credit of the loan proceeds to that account; as part of the loan application itself. This will ensure that the bank cannot charge interest for any delay in handing over the cheque.