10 Things to consider before taking out a parking loan
There are plenty of people who find themselves in trouble due to their inability to take out a parking loan. This is because they find themselves unable to fulfil certain requirements that are required to take out a loan.
If you are in the same situation, don’t feel bad and panic. There are certain things that you must take into consideration if you are planning to take out a parking loan.
Know your financial situation
This is the most important point that you need to keep in mind if you are planning to take out a loan. The amount of money that you can borrow is dependent on the amount of savings that you have in your account.
It is very important that you know your financial situation accurately. If your monthly salary is Rs.1,00,000, then you cannot take out a loan of more than Rs.70,000.
Always keep a copy of your tax returns
If you have taken out any loan in the past, then you will have to show the bank a copy of your tax returns. This is because the bank will be checking whether your income is above or below the limit of the loan.
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You should also keep a copy of your salary slips in case you are planning to take out a loan for the first time.
Make a note of all the documents that you will be required to provide
When you are applying for a loan, there are certain documents that will be required of you. For example, banks may ask for a copy of your passport and a copy of your driver’s license.
These documents will help the bank to verify that you are a legal resident of the country.
Always carry the original documents with you
If you are planning to take out a loan for the first time, then you need to keep your passport and driver’s license safe. The moment you find yourself unable to repay the loan, the bank can seize all your original documents and can demand for the original copies.
Carry the original documents with you at all times.
Don’t keep any information on your phone
This is one of the most common mistakes that a lot of people make. They don’t keep their personal details or their credit card numbers and other such sensitive information on their phones.
If you lose your phone or it gets stolen, then you will be left with a problem. You will not be able to repay the loan on time and will not be able to pay any of the charges that will arise due to the theft of the phone.
Always keep your information safe
You will be required to show the bank some of the important documents on a daily basis.
So, if you have taken out a parking loan in the past, then keep your information safe and secure. Also, don’t keep any sensitive information on your phone, as the risk of losing it is quite high.
Conclusion:
In the end, this article is all about “10 Things to consider before taking out a parking loan”. This is the only thing that will
Many of you might have experienced a parking loan in the past, but not aware of the fact that it can actually ruin your finances. And this is the first and most important reason why you should hire a personal finance consultant before taking out a parking loan.
It is not necessary that a personal finance consultant will make your life simple and free of stress. It is not a rocket science. But hiring a personal finance consultant is not that easy and he/she won’t be able to solve your problems at once, unless they have complete knowledge about the market.
1. Not getting a Personal Finance Consultant Before Applying for a Parking Loan
Before taking out a parking loan, it is mandatory to get a personal finance consultant. The reason behind this is that only a personal finance consultant will be able to guide you on how much amount you can take and on what basis you can pay.
Moreover, they will help you to determine the payment schedule, the amount of interest, the mode of repayment etc. And if you don’t follow the right advice then you can end up losing a lot of money.
2. Ignoring the Terms and Conditions of a Parking Loan
If you have taken a parking loan, then you might have come across the term and conditions of the loan. These terms and conditions can be found in the terms and conditions booklet, the contract or the document that has all the details of the loan.
