Personal loan – When should you avail one?

Personal loan is an instant solution for financial needs. It requires minimum documents and no usage monitoring once sanctioned. But when should you avail one? ### Quick Checklist: 1. Will this loan benefit your life long-term? 2. Can you afford the EMI after deducting your monthly expenses? 3. Can you manage expenses for 12-60 months (the tenure)? 4. Is your credit score healthy? 5. Is your life steady for the next few years? 6. What are your alternatives if you can't repay? ### Dos and Don'ts: - **Do borrow** when alternatives are adequate. - **Do consult** a financial advisor first. - **Don't confuse** personal loans with other EMIs. - **Don't over-borrow** and risk bankruptcy. - **Do check** eligibility before applying. ### Conclusion In order to make life simpler, platforms like Octopus Loan connect you with 26+ banks to give the best advice on when and how to manage a personal loan.