New Delhi, Aug. 5 -- Instant personal loans are nothing but unsecured credit products developed to meet urgent financial requirements for diverse needs such as education, medical expenses, or home restoration.

These loans are provided by banking institutions and NBFCs with minimal to no paperwork and seamless approvals. These loans are approved within 24 to 48 hours. Despite their convenience and comfort, unplanned borrowing can result in imposing a heavy, long-term financial burden and debt obligations.

Here are five costly errors to dodge when applying for an instant personal loan:

Taking a personal loan amount higher than the required amount based on generous approval limits can increase the monthly EMI burden. It also prolongs the ...