In India, rising per capita income has led to the pursuit of an aspirational lifestyle. Consumers want to possess the very best of everything. With big financial goals and limited financial means, people often turn to bank credit to fulfil them. Increasing reliance on loans is evident from the Reserve Bank of India data of February 2018 which showed that retail loans have touched a new high at 25 per cent of overall loans. With loans becoming an integral part of the financial landscape, customers need to learn how to manage them effectively.
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First Published: Sun, May 13 2018. 07:03 IST