Guidelines to follow when taking personal loans

1. Take the amount you actually need and no more.

2. Avail of loan from a bank you can trust.

3. Check whether the rate of interest is competitive. Call up different banks and compare the rates.

4. Make sure the repayment period is within an acceptable time frame.

5. Insist on an amortisation schedule.

6. Ensure that the loan is insured.


Why do I take a Personal Loan?

Personal loans can be used to anything from funding an unexpected medical emergency, marriage, home renovation to even education fees.

Can I build assets with Personal Loans?

Yes, you can. But an asset will only build if its value grows higher than the rate of interest paid by you on the loan. So, a personal loan that you take for your child's education will fetch you greater returns in future than investing in a Plasma TV, which depreciates with time. A well planned Personal loan can go a long way in creating personal wealth.

A salesperson called me on my phone offering a personal loan: is it safe?

Yes, only if you need it, and if it is from a renowned bank. Make sure you understood all the terms and conditions correctly. Do not be pressurised to take hurried decisions. Ask for much information as you need.

Some banks promise faster processing while others talk of lower interest rates. Which one should I opt for?

Often the lowest quoted EMI (Equated Monthly Instalments) could actually lead to longer payment period. A high loan amount instead of helping you might become a burden and fast processing may force you to take a hasty decision, without complete information.

How much can I borrow on a Personal Loan?

Most banks prescribe certain limits on a Personal Loan based on your income and ability to repay. However it is always advisable to borrow an amount that you will be able to safely repay without much discomfort.

How do I choose a bank to take a personal Loan?

The key to finding a bank that you can trust is to do research. Talk to your associates and friends about their experiences with a particular bank. Other key factors to consider: 1. Branches and ATMs network: you should never be too far away from your branch; 2. Systems and processes: Choosing a bank that does not have the systems, processes and well trained staff to help advice you and manage your Personal Loan is an unnecessary hassle and even a risk.

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