When applying for a loan, interest rates are often the first detail that attracts attention. However, experts say there are other factors to consider before making a decision.
Wilber Martínez, Credit Coordinator at Banco Industrial, emphasized that while the interest rate is important, it should not be the only criterion when evaluating financing options. "In general terms, the interest rate of financing is the percentage added to the amount borrowed. It can vary depending on agreements between the institution and companies, the customer's credit history, and external factors such as inflation or international monetary policies," Martínez explained.
Martínez noted that focusing exclusively on interest rates may overlook other costs and conditions associated with loans. Penalties for early payments, short repayment periods, or high commissions can make a loan more expensive overall. He added: "With Banco Industrial it is possible to reduce interest through principal payments or early cancellations, which represents an added benefit."
Loans typically include additional charges beyond just interest. According to Martínez, in products like Crédito Bi from Banco Industrial, monthly installments separate capital, interests, and insurance fees—including life insurance and unemployment insurance. The latter covers up to six installments in cases of unjustified dismissal. Life insurance ensures that debts do not transfer to heirs or guarantors in case of death.
Understanding these additional charges and their benefits helps borrowers have a clearer financial picture when seeking credit.
The length of time chosen to repay a loan also matters. Martínez explained: "It is key to ensure that clients' financial responsibilities do not exceed 30% of net monthly income. If this percentage approaches the limit, repayment terms will be extended to help users achieve their goals without losing stability."
Martínez further highlighted services provided by Banco Industrial: "It is worth considering the benefits that Banco Industrial offers people—such as paying via app or web platform, activating automatic debit, and having personalized support available for any questions." Digital tools like payment calculators can also assist customers in planning their finances effectively.
These elements together define the complete experience of taking out a loan and can influence whether customers find peace of mind or face ongoing difficulties during repayment. According to Martínez and Banco Industrial representatives, selecting a personal loan should fit individual needs while supporting long-term objectives.
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