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 the loan
Solution:
Just move your personal loan to another bank
Problem:
Delay in handing over cheque disbursement even though the interest meter starts from the date of a 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
