Reality: Credit score is one factor among many. Banks also evaluate income stability, employment history, debt-to-income ratio, property details, and market conditions. A 750+ score improves approval odds significantly but doesn't guarantee it.
You may approach a lender confidently only to be rejected due to employment instability or inadequate income, wasting time and triggering hard inquiries on your credit report.
Scenario: Priya has a CIBIL score of 780 but was employed for only 1 year in her current role.
Reality: Shorter tenure means higher EMIs and faster principal repayment; longer tenure means lower EMIs and higher total interest. Choose based on your income, goals, and investment potential.
Forcing a 10-year tenure when you can only afford ₹30,000 EMI (vs. ₹40,000 needed) leads to financial stress, missed payments, and credit score damage.
*Rohan chose the 20-year option, secured approval, and avoided financial strain.
Reality: A higher down payment reduces total interest but ties up liquidity. If you have high-return investment opportunities or need emergency reserves, a moderate down payment (10–20%) is wiser.
Over-paying for a down payment could deplete your emergency fund, forcing you into high-interest personal loans during medical/job emergencies.
Reality: Interest rates vary by bank and creditworthiness. What matters is your final cost (interest + fees + insurance), not just the base rate.
You may apply only to public sector banks and miss a better overall deal from private lenders.
Winner: Private Bank (saved ₹20,000 despite higher interest rate)
Reality: Balance transfer helps only if new rate is significantly lower, you have enough tenure remaining to recover switching costs, and you don't extend the tenure.
Switching banks with only 2 years remaining tenure and paying ₹30,000 in switching costs to save ₹5,000 in interest is a net financial loss.
Outstanding: ₹15L @ 7.5% (5 Years remaining)
Savings: ₹7.20 Lakh → Transfer makes sense.
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