Episode 1 & 2: How You Are Paying Double Interest On Your Bank Loans

Episode 1: How You Are Paying Double Interest On Your Bank Loans

One of the crooked reasons banks want their loan deductions dates to be around 21st to 27th of every month is because they will be charging you a penalty for default or non-payment on the said deduction dates, since most employers, especially public sector workers, would not be credited their salaries on those dates.

If your bank wants to deduct a loan from a bank account and not from the controller, make sure the deduction date is within the first week of every month.

Remember, such clauses in the interest of the banks are sometimes filled by the bankers themselves. Request to know the deduction date and if you are not satisfied, request for your own date.

See also: Loan Top-Up (Loan Refinancing) Vrs New Loan (Multiple Loans)

Episode 2: How People Are Paying Double Interest On Their Bank Loans

Teaser: Do you know you will not be charged any penalty if you want to settle your loans after you have been deducted for more than half the period needed to repay the loans? By the way, different banks have their clauses.

See also: How To Avoid Paying Interest On Loans.

Next time you want to settle your loans, ask about that clause or know about that clause before taking the loans.

This is because even if you are left with one month to satisfy that clause and not pay any penalty, your bankers or loan staff may not inform you about that.

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