You are here as you want to know what you should be aware of, before taking a loan. Here, I have compiled 10 Golden Rules that you MUST follow when you apply for a loan.
The list is very simple. Lets start with it.
- Do not Borrow More than You can Repay
- Keep the Tenure as Short as Possible
- Ensure timely repayment of loan
- Don’t borrow to invest of Splurge
- Take insurance with big loan amount
- Keep on a look for lower interest rate
- Read the agreement and its terms carefully
- Close or transfer high interest loans at the earliest
- Don’t be emotional with loan, also consider your future income
- Keep family in loop about loan