Posts

Showing posts from December, 2020

How to choose the Best Personal Loan

Image
By virtue of being an unsecured loan, personal loans have a very high rate of interest attached to it. So one should consider taking a personal loan only if: You do not have an asset/security against which you can get a loan. For e.g. if you have an FD you can pledge, a secure loan might make more sense. You have some visibility on your cash flows and are sure that you will be able to repay the EMIs (Equated Monthly Installments) in time. Else you are bound to enter into a debt trap. There is an emergency and you need funds immediately. A personal loan can be taken because the processing time is much lesser on account of minimal documentation. Opt for personal loans only to meet your essential needs which cannot wait. It should be your last resort. Taking it for satisfying leisure needs can prove to be costly i.e. for gambling, buying a new car (a car loan is a better bet with a lower interest), etc. Before you choose your personal loan: Calculate the cheapest loan offer: These loans c