Personal Loan EMI: Never do this work by taking personal loan, the entire budget of the house will get spoiled...

In today's time, the process of taking loans from banks has become easy. That's why people take loans for all their needs. Car, home, and education, banks offer almost all types of loans to their customers. Banks also provide personal loans. This is the loan which is called an unsecured loan. One should avoid taking personal loans for some purposes. Because its interest rate is quite high.

Personal loans are also quite expensive compared to other loans. Meaning, you get this loan at a higher interest rate. In many circumstances, the interest rate on a personal loan is more than 20 percent. Therefore, many experts advise not to take personal loans for some purposes.

For a personal loan, you do not have to pledge gold, a house or car, etc. as security. If your CIBIL score is good, then you can easily get this loan. Many times people take personal loans because it is easily available.

Do not buy property with a personal loan
Many times people take personal loans to make a down payment while buying property. Experts believe that this should not be done. Personal loans do not have features as per the requirement of purchasing a property. Besides, its interest rate is also quite high. Is. Personal loans are quite expensive. Therefore, never take a loan to pay off your debt.
 
Can get trapped in a debt trap
Many times people take personal loans to pay the credit card bill. Since its interest is quite expensive. Because of this, your installment also becomes higher. In such a situation, if you miss paying the installment even once, the burden may increase. Besides, your CIBIL will also get spoiled. You may also get trapped in the debt trap.

 
Do not take a personal loan to fulfill your hobbies
Never take a personal loan for expensive mobile phones or for going to expensive places. Also, do not invest money in the stock market by taking a personal loan. If you take a home loan or car loan, you have capital. By selling you can repay the loan. But to repay the personal loan you will have to take a loan. In such a situation, your financial condition may worsen.

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