Nothing wrong in telling some white lies to close sales. Every salesman does it. As long there are no flaws in the offer.

As consumer or borrower, you decide.

You can request for the LO letter and if the terms are not favourable DONT sign.

Btw, borrowers CANNOT change the tnc. Either agree or otherwise.

Borrower looks for few important things in any loan agreement ..
1. Interest rate and overdue repayment interest
2. Flexi, semi or non
3. Mrta /Mlta
4. Early settlement penalty

For the rest of the tnc, many borrowers will never understand.

During the initial application with all banks, the loan officer would have brief the borrower. The LO is just a formality.

This post has been edited by mini orchard: May 12 2021, 09:50 AM

The LO should be the same as the verbal quote on the main points as explained ealier, otherwise dont sign unless you want to enquire with other banks.

The rest is not 'important' since there is no way you can change or understand it.

You cant use LO bank A to compare with bank B as it will never be the same other than those main points.

If you are happy with main points and is tbe best you have shop, sign.

Btw, comparing should happen at the 'shopping' stage. You cant be asking every bank to issue LO just for 'comparing'

This post has been edited by mini orchard: May 12 2021, 04:04 PM

Just inform him that you are still shopping. Once he is shorlisted, then you will sign. You can then go through the details on the day of signing. Ask questions and once you fully understood, then sign.

80% of the tnc you and I will never really understand.

Btw, no banks will like their unsign LO circulating in the market.

This post has been edited by mini orchard: May 12 2021, 05:09 PM

He will wait.