New Delhi, May 27 -- Are you looking to secure a personal loan? Have you decided how you will repay the borrowed money? Have you taken professional advice before making this decision? Have you checked the basic eligibility requirements of the personal loan?

These are among the most fundamental questions any aspiring borrower must answer before locking in a personal loan. Furthermore, what must be acknowledged is that financial planning, i.e., loan planning, should start well before you apply for a personal loan.

This is because, without a clear understanding of your current income, monthly expenses, savings, and repayment potential, taking a personal loan can have serious consequences, such as missing EMIs or due dates, or defaulting on...