5 bad reasons to take loan
- Taking loan to fulfil your tax-saving investments, for vacation and to buy expensive electronic goods that you can’t afford will hurt your finances
- Taking loan to fulfil lifestyle related and aspirational needs are totally wrong reasons. Here are some reasons for which you should not take a loan
Mumbai: Did you know that personal loans are one of the most expensive loans? Usually interest rate on personal loan ranges between 12% and 20% per annum. Considering it is an unsecured loan, where you don’t need to provide collateral, the interest rate will be higher compared with a secured loan such as home loans. When you have emergency needs such as medical cost and don’t have any other options, it is acceptable to opt for a personal loan. However, taking loan to fulfil lifestyle related and aspirational needs are totally wrong reasons. Here are some reasons for which you should not take a loan.
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