4 Must Follow Rules for Personal Loans

By BankBazaar | September 3, 2015

Applying for a Personal Loan should always be a well-informed decision. A small oversight could harm your finances a great deal. We’ve got you covered.

Here are a few thumb rules:

Keep Your EMIs Low
Keep your EMIs as low as possible so that it doesn’t take up a major chunk of your monthly take-home salary. This will keep you prepared for any financial emergencies.

Purchase Sensibly
Using funds to purchase assets that depreciate in value is not considered a good idea. Such purchases do not provide value for money and become a burden to your finances. What you need and what you want are two very different things.

Prepayment Options
Try and opt for Personal Loans from institutions that do not charge a pre-payment penalty. This can work to your advantage when you have some extra funds.

Explore Your Options
We’re a generation spoilt for choices. With many financial institutions offering personal loans with varied interest rates/ tenure, zero in on whatever suits your needs. Of course, we can help.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.

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