1) Is it equity or debt dedicated scheme?
You must study whether the mutual fund scheme will invest money into debt or equity. If you are a risk averse investor you would want to skip the issue, if the money is invested in equities. On the other hand you might want to subscribe to the offer, if the scheme is placing money in debt.
2) Income or capital growth
If you are a retired individual you might want fixed income every month. You might hence want to look for a scheme that offers an income option every month along with safety. Hence, you might skip the capital growth option completely.
3) Open ended or close ended
If you want liquidity and ability to sell the scheme, it best to go in for an open ended scheme. Closed ended schemes might not offer you good liquidity.
4) Track record of the fund
Does the mutual fund have a good track record always remains a paramount question? Check the past track record in the offer document.
5) Look for the risk factors in the offer document
The offer document will also list out the risk factors. Most of them can be pretty standard, but, you must read them nonetheless. Sometimes, there could be something interesting that comes out of it.
6) Minimum investment
Sometimes mutual fund investment schemes may defer in the amount of minimum subscription that is required. It's important to study that amount. Even for open ended funds there is an amount of minimum subscription that often differs from scheme to scheme.
7) Expenses and fees
Do not forget to look for switching charges, entry and exit loads, management fees and other service costs. Mutual funds are not charitable institutions and they also make money for them to survive. So do note the expenses involved.