Navigating the Fine Print in Loan Agreements

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

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Moneycontrol•13-03-2026, 15:31

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.

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