 "Need emergency money? Easy access makes personal loans attractive")
- Interest rates on personal loans vary widely. They can range from 10 per cent to 24 per cent. Comparison of loan rates is important while selecting the lender.
- Before opting for a personal loan, consider going for secured loans also. The interest rates on secured loans tend to be lower than on personal loans.
- Check your credit score before applying. A score of 750 or above is considered to be good in India and will enable you to get a loan at a lower rate.
- If your score is low, you may have to try your luck with lenders who offer these loans at higher rates.
- Understand the trade-off between EMI and tenure. A longer tenure will reduce your EMI, but it will also increase the interest that you pay on the loan.
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