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Taking out a loan can be a significant decision, so it is important to make a wise decision. These are the few things you must keep in mind Your credit score says a lot about you. It lets a lender know whether you’re fiscally responsible and indicates the likelihood that you’ll be able to pay off your debts in the future. Since it’s often one of the criteria that lenders use when approving loans, it’s a good idea to check your score before filling out an application. The most common mistake is that people often do is not knowing the reason and purpose of the loan requirements. Interest rates and other charges on personal loans are very high and one should avoid personal loans to the greatest extent possible especially for meeting Don’t fall for the first offer you get on email or via SMS. Although it is convenient to say yes to a bank with which you already have a relationship, you may be missing out on better deals if you don’t research the market thoroughly. Loans usually come with a processing fee, but some lenders slip in other charges as well. It may appear that a processing fee of 1-2% is not very high, but there is usually a minimum flat fee payable. Whenever you apply for a loan, the lender requests a copy of your credit report from the credit bureau like CIBIL, Experian, Equifax and Highmark. Among other things, your credit report shows the dates on which lenders made their checks. If two or more such loan eligibility checks show up on your credit report close to one another, you are perceived as a borrower with too many expenses and the chances of a One should read the fine print and understand the various terms and conditions of a personal loan before signing any legally binding docu*ent including a personal loan agreement. Most of the times, part payments or pre-ma*ure closure of loans are not offered unless you pay a penalty i.e. pre-payment. Ensure that you clarify all your doubts before taking the final decision.You should carefully evaluate your