The personal loan terms and conditions document is the fine print that comes with your personal loan. It serves as an agreement between you and the lender that contains the guidelines on the use of your personal loan. The terms and conditions are also essential in helping you manage your personal loan responsibly.
Missing important information about your loan could lead to bad consequences, like paying fees and charges that you could have avoided had you read the terms and conditions carefully.When reading the fine print, look for these crucial details:
Computation of your monthly installments
The date when your monthly installments will start and the due date
Repayment terms
Any additional interest charges for missed payments and computation
Fees and charges you will be required to pay
Whether or not the bank will charge a prepayment fee if you fully repay your loan before it matures
Situations when a borrower defaults on a loan