Avoiding Common Problems Faced By Personal Loan Customers

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.

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