Tips on Financial Management
Applicants should -
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Before you apply for loans, you should consider carefully about your need and repayment ability.
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Repay punctually and be socially responsible. Late repayment could lead to serious consequences.
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Spend within budgets.
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Work out budgets periodically, understand clearly your income and expenditure situation.
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Seek help immediately if you encounter financial difficulties in repayment.
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Plan well for improving debt situation, avoid the extra interests and fees incurred arising from default in loan repayment which further aggravate your debt problem.#
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Note:
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Please keep your credit record sound.
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Spend within budgets, implement the expenditure, consumption, savings and investment portfolio which best suits your needs.
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Analyse your personal expenditure and loan repayment pattern from time to time, make good use of credit cards and avoid excessive borrowing.
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Discuss with your lenders frankly and positively when you encounter financial difficulties with a view to reaching a mutually acceptable repayment proposal.
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Please read the “Borrow wisely and manage your finances prudently”, “Default on your loan. A legal plight you own”, “Learn to manage money before it manages you” and “Don't evade loan obligation. Face consequences with resolution”. You may also find useful information in the Investor and Financial Education Council’s website for "Smart Tips on Student Loans" and "Money Management Tools".
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