New Delhi, Nov. 14 -- As personal loans continue to grow in the country, choosing the correct offer can make a significant difference to one's finances. It is essential for borrowers to carefully consider several factors, such as interest rates, processing fees, borrower's profile, basic eligibility requirements, etc. Here are five factors to consider carefully when comparing different loan options.

All personal loans come with certain inherent risks, such as high interest rates, the risk of debt traps, the possibility of an adverse impact on credit scores, hidden charges and penalties, and the potential for overborrowing due to the ease of approval. Borrowers should carefully understand these risks and conduct proper due diligence after...