In today’s time, the process of taking loan from banks has become very easy. You can take almost every type of loan from the bank for car, home, education, but today we are going to tell you about some rules of personal loan.
In today ‘s time, the process of taking loan from banks has become easy. That’s why people take loans for all their needs. Car, home and take. Car, home and education, almost all types of loans are offered by banks to their customers. Banks also provide personal loans . This is the loan, which is called unsecured loan. Avoid taking a personal loan for some purposes. Because its interest rate is very high.
Personal loan is also very expensive as compared to other loans. Meaning you get this loan at a higher interest rate. In many circumstances, the interest rate of personal loan is above 20 percent. That’s why many experts advise not to take personal loan for some purposes.
You do not have to pledge gold, house or car etc. as security for personal loan. If your CIBIL score is good, then you get this loan easily. Many times people take personal loan for this reason also, because it is easily available.
Many times people take a personal loan to make the down payment while buying a property. Experts believe that this should not be done. Features are not available in personal loan according to the need of buying a property. Also, its interest rate is also very high. Is. Personal loan is very expensive. That’s why never take to repay your loan.
Many times people take a personal loan to pay the credit card bill. Since its interest is very expensive. Because of this, its installment also costs more for you. In such a situation, if you miss paying the installment even once, then the burden may increase. Along with this, your CIBIL will also get spoiled. You may also get caught in the debt trap.
Never take a personal loan to buy expensive mobiles and travel to expensive places. Also, do not invest money in the stock market by taking a personal loan. If you take a home loan or a car loan, then you have a capital. By selling which 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.
