3 Reasons Why You Should Not Take Personal Loan

One has to be very careful while going for the personal loans as its rate being charged is phenomenally on the higher side.

The banks keep enticing the client with offers like take aa holiday or buy a new car or upgrade your present car by taking a personal loan, which means that you are being trapped in a debt.

We never recommend anyone to take a personal loan unless it is for some grave emergency as the rate of interest you are paying vs the amount you earn on your money has a stark difference and this is where banks and NBFC make money.

Instead of buying a new car on loan, we suggest you buy a second-hand car as the car is a depreciating asset and you get good deals in the market as those with money keep changing their cars pretty often.

Have a look at Personal rate interest and processing charges and you will realise why you should not take a personal loan.

Only one loan we recommend is the home loan which you can take if you have finalised your final destination of living permanently.

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