7 Critical Questions You Must Answer To Yourself Before Taking A Personal Loan.
- Do I really need to take this personal loan? If yes, how much do I need?
- Can I afford the EMI?
- How long do I have to serve this obligation?
- What is the interest rate charged?
- Are there pre-closure charges?
- What are the processing fees?
- Is this lender trustworthy?
- Is the interest rate charges cheapest in the market?
Personal loans are definitely a lucrative option and relatively easy to procure these days, but it only makes sense to take one in case of an unavoidable and immediate need for money. The other instance when you can consider taking such a loan is when there is an opportunity to save money on interest rates.
Otherwise, if it is that designer outfit, a diamond ring for your wife or a fancy trip with your family that you want desperately, it’s better to save up for it rather than pay interest on the purchase.