It’s best to make informed decisions when it comes to money matters. Here are a few tips/ facts on personal loans:
- Never borrow more than you need. Remember, you have to return the amount with interest.
- Pay it off quickly. If you have a little extra money in hand, use it to pay off your loan. Most banks do not charge a prepayment penalty these days. Choose your bank accordingly.
- Make sure that the EMIs do not disrupt your normal lifestyle. A balanced tenure is always a good idea.
- Make productive use of the money you borrow. Use the funds wisely and not on whims. Money put to good use will act as ‘positive motivation’ during repayment.
We hope this will make things a little simpler. You’re very welcome!
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