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 loan from banks has become easy. Therefore people take loans for all their needs. Be it car, home and education, banks provide almost all types of loans to their customers. Banks also provide personal loans. This is the loan which is called unsecured loan. One should avoid taking personal loan for some purposes. Because its interest rate is very high.

Personal loan is also quite expensive compared to other loans. Meaning you get this loan at a higher interest rate. In many circumstances, the interest rate on personal loan is more than 20 percent. Therefore, many experts recommend against taking a personal loan for certain purposes.

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

Do not buy property by taking personal loan
Many times people take personal loan to make down payment while buying a property. Experts believe that this should not be done. Personal loans do not have the features required to purchase 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 debt trap
Many times people take personal loan to pay credit card bills. Since its interest is quite expensive. Due to 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 personal loan to fulfill your hobbies
Never take a personal loan for expensive mobile phones or to go to expensive places. Also, do not invest money in the stock market by taking personal loan. If you take a home loan or a car loan, you have 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.