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It is very important to know about some things before taking a personal loan. If you ignore these things, you are likely to lose money. Let's know about those tips.
Before taking a personal loan, one should choose the right amount of loan. This amount should be such that you can easily repay it.
Be sure to check the interest rates when taking a personal loan. Failing to do so can cost you dearly.
Before taking a personal loan, compare the interest rates of different banks and financial institutions.
You should definitely check your CIBIL score when taking a personal loan. It is difficult to get a loan if your CIBIL score is not good.
Take a personal loan directly through the bank. Taking a loan through a broker can be expensive for you. Know in advance about your EMI etc.
Be careful about the loan tenure when taking a personal loan. Choose the tenure keeping in mind your repayment capacity.
Many times banks or financial institutions also charge hidden charges. Know about them. Also keep complete information about the transactions.