Need cash now? Avoid taking a personal loan for discretionary purchases

• A personal loan can be useful during emergencies or to pay off loans with higher interest rates • Lenders approve it quickly, don't ask for collateral, or about the end-use of funds • Avoid taking a personal loan for discretionary spends, such as to buy a gadget or consumer durable, or to fund a vacation • Avoid personal loans that ask for advance EMIs or higher processing fees. These will increase your outgo to the lender • Many borrowers tend to borrow more than they need, especially in case of pre-approved loans. Stick to the amount you.....

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