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.....

Key stories on business-standard.com are available to premium subscribers only.

Already a premium subscriber?

Subscribe to get an across device (Website, Mobile Web, Iphone, Ipad, and Android Phone applications) access to Premium content, Breaking News alerts, Industry Newsletters, Stock and Corporate news alerts, access to Archives and a lot more.