5 questions you must ask yourself before seeking personal loan

if you’re thinking of opting for a loan, especially a personal loan. After all, a loan comes with numerous commitments and obligations.

[{"selector":"#anim-a37fdb3f-0eaa-49f3-89e3-110a325a3841 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-6be7233b-787a-46d4-a6ef-3d3b2f2c96d5","keyframes":{"opacity":[0,1]},"delay":2,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8c638bdd-aa43-4373-8a4c-eb2b532daa34","keyframes":{"transform":["translate3d(0px, 126.14816%, 0)","translate3d(0px, 0px, 0)"]},"delay":2,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

To help you get started, here are the top five questions you must ask before getting a personal loan.

[{"selector":"#anim-c816cbb6-40d4-415e-a80d-751b1ad67f84 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e8509555-1e84-4256-a4b4-6850f321b227","keyframes":{"opacity":[0,1]},"delay":2,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70dc1a81-feec-40b5-9969-bcdc8cb9073f","keyframes":{"transform":["translate3d(0px, 137.67363%, 0)","translate3d(0px, 0px, 0)"]},"delay":2,"duration":3000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Do I really need a loan?

[{"selector":"#anim-aa77791e-9fbf-4202-9d4b-81c7f86b50a9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5607c2c0-81eb-4d98-bcff-e73c3c7ea112","keyframes":{"transform":["translate3d(-253.33342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fffebaa0-0e89-4007-a03f-c2736c5e537a","keyframes":{"opacity":[0,1]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-07c62a7a-7271-4ee3-a65f-24f4d99b6857","keyframes":{"transform":["translate3d(1921.05277%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] 1 The first question you must ask yourself is whether or not you need a loan. If you’re looking for funds for equity investment, it’s best not to go for a loan, as there are many risks associated with such ventures.

What’s my credit score?

[{"selector":"#anim-d2ef4978-28e0-4831-ad05-adc1e6df9703","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-802c75ea-bfda-4531-a97c-7a74ca19ca53","keyframes":{"transform":["translate3d(-253.33342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ba961b4-fc85-4c54-85b2-1167f7b42ef8","keyframes":{"opacity":[0,1]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f64d4a74-4428-4fab-8ff3-92af2712ed45","keyframes":{"transform":["translate3d(1921.05277%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b73596b2-559d-4d55-be63-492ee1d0f99d","keyframes":{"opacity":[0,1]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2910aaef-fa52-4000-b845-87d9e24905eb","keyframes":{"transform":["translate3d(165.73035%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1430a1de-8026-42a0-8554-de53885b6ade","keyframes":{"opacity":[0,1]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4c2de639-15b3-4dd3-a264-66a1110fc74d","keyframes":{"transform":["translate3d(0px, 209.94148%, 0)","translate3d(0px, 0px, 0)"]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] 2 As you may already know, personal finance is an unsecured form of debt. Meaning, you don’t need to pledge any of your assets as collateral to the lender to get the loan

Can I afford the EMI?

[{"selector":"#anim-fead5b3f-6f53-4f9d-9b4b-1f112ec28166","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d9136b51-bbbd-4b2a-b6eb-516d04dd18c3","keyframes":{"transform":["translate3d(-253.33342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d160d614-e5ee-4210-9950-3dfbf9297caa","keyframes":{"opacity":[0,1]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e02cb3e1-0968-4c55-a3d2-1be62842e788","keyframes":{"transform":["translate3d(1921.05277%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1d203746-8219-43c0-8708-701d637f6745","keyframes":{"opacity":[0,1]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c21f0408-d5a7-41b8-aac9-709230741220","keyframes":{"transform":["translate3d(165.73035%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ff4458e7-b749-4e11-8cbe-7200f5fdbfc7","keyframes":{"opacity":[0,1]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9ce13448-d315-49ee-9afa-f65453a08ec7","keyframes":{"transform":["translate3d(0px, 209.94148%, 0)","translate3d(0px, 0px, 0)"]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] 3 As you may already know, personal finance is an unsecured form of debt. Meaning, you don’t need to pledge any of your assets as collateral to the lender to get the loan

Am I eligible?

[{"selector":"#anim-89b0eec2-f9e2-4baa-a706-b1b52b1dd6f2","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-82fcb39e-8dd5-4e60-94e8-1deb27a286f4","keyframes":{"transform":["translate3d(-256.66678%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bfe2d5dd-9a0d-4437-8978-5edd53d2cbcc","keyframes":{"opacity":[0,1]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8bdc638d-e873-43ee-82fb-1784b88b0750","keyframes":{"transform":["translate3d(1921.05277%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a2ec1240-86b7-4fcb-9d13-3b172fbcab90","keyframes":{"opacity":[0,1]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3cacafcc-240b-4d08-9ad8-fc0883e182b7","keyframes":{"transform":["translate3d(165.73035%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4a56d3ca-eabc-4b03-bbfd-0188db057527","keyframes":{"opacity":[0,1]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4c90a068-ffbd-42ff-a37e-e8523b4a693c","keyframes":{"transform":["translate3d(0px, 271.08949%, 0)","translate3d(0px, 0px, 0)"]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-23d5f1ab-0cb2-4708-b41b-8eef4c8477d6 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-36.859999920266986%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] 4 Apart from the credit score requirements, lenders also have other personal loan eligibility criteria you must fulfil.

Can I prepay the loan?

[{"selector":"#anim-2f2b52c6-074f-41ad-baf3-a2f6f5ba6c06 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-c5e38fcb-3a7a-4052-8dd1-cb3f7b2cc844","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a00de641-5a66-44f1-910f-481d6fbc39d8","keyframes":{"transform":["translate3d(-256.66678%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e1e1f76-d5dd-4972-9e60-d5755978c4d7","keyframes":{"opacity":[0,1]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a9690de2-40e4-4c3f-84bd-13bcbd2add10","keyframes":{"transform":["translate3d(1921.05277%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":50,"duration":1600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9907a1e9-a3df-4623-ae85-c48c54ec55c7","keyframes":{"opacity":[0,1]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-43f2ac9f-b6b2-428e-b273-393f6e37739a","keyframes":{"transform":["translate3d(161.79776%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":2,"duration":3004,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fce49949-a64f-4657-a8a9-b1729c6644a9","keyframes":{"opacity":[0,1]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2ea1758d-fc26-4d1c-b9c3-f3ba38986855","keyframes":{"transform":["translate3d(0px, 209.94148%, 0)","translate3d(0px, 0px, 0)"]},"delay":3,"duration":3010,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] 5 Many lenders charge prepayment or foreclosure fees if you try to close the loan early. So, it’s best to review all the prepayment charges before finalising the loan deal

Read more stories

[{"selector":"#anim-ff0f86c6-e172-4e40-b3df-9ffa236952d3","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7a153f8e-9e41-42a1-b2ca-d78b69acd442","keyframes":{"transform":["translate3d(-115.18988%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-94f87e53-7b54-4a77-93c8-9653c0d1c6d4","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-725fce76-045c-4682-a1aa-d32b0a8010fc","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ee03bb5e-5bcc-4220-a797-7ca2c4218d43","keyframes":{"opacity":[0,1]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-72cd5561-d43b-4df9-bdcf-dd3319c641f5","keyframes":{"transform":["translate3d(-271.42855%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bad78e0a-920c-445c-805e-032badec6684","keyframes":{"opacity":[0,1]},"delay":1200,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e3c08c25-6ad7-49ea-9514-58852c65a928","keyframes":{"opacity":[0,1]},"delay":1200,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-00ba55c8-9753-47fd-b9b7-edf6ab39cdb6","keyframes":{"opacity":[0,1]},"delay":2400,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9dc05f80-c148-43e3-89b9-1b166c91fea2","keyframes":{"opacity":[0,1]},"delay":1100,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ad35f304-727d-4826-8080-8355e734b3ec","keyframes":{"transform":["translate3d(100.00000%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":1100,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-63e7d769-b12e-48ad-bb31-5ccbabfd5105","keyframes":{"opacity":[0,1]},"delay":1100,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a4b50393-f685-4d49-809c-0c093a1ebd31","keyframes":{"transform":["translate3d(878.57101%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":1100,"duration":1200,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f832313-2d77-43e1-8836-745b1a91a988","keyframes":{"opacity":[0,1]},"delay":2400,"duration":1200,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Black Star Black Star Learn more