Borrow wisely for Usage of a Personal loan as, if not appropriately managed, the cons listed below outweigh the pros.
- Interest on the outstanding loan amount will be charged daily for non-payment of an EMI. In addition, penalties will be levied with bouncing or EMI return charges adding to expenses.
- The CIBIL score will be inversely affected by delays in repayment; the track of the loan will forever show the return of the EMI and the number of days after which the payment has been cleared.
- An applicant wanting to repay the loan before the expiry of the tenure will have to adhere to the terms of the lender and may have to pay the penalty on the principal balance amount repaid to close the loan.
