New Delhi, Sept. 30 -- A personal loan can be a sensible option for emergencies when your savings fall short. It is helpful to apply for personal loans only when the total cost is clear, and the EMI fits your monthly budget. The rates for personal loans vary by lender and your profile, so checking first is crucial.

Financial emergencies such as paying off a large hospital bill or booking an urgent flight don't come at a convenient time. A lot of families may not even have emergency funds for such situations, and this is exactly where a personal loan can be helpful. However, before you apply and choose one, make sure you actually understand if it fits your needs right now. Check what it actually costs you and whether the EMI that comes wi...