New Delhi, May 4 -- Are you thinking of taking a personal loan on a Rs.30,000 salary? You're not alone. But before you go ahead, it's important to understand the basics of borrowing so you don't end up making costly mistakes later.

A personal loan can be a helpful cushion in times of need. That said, choosing the right EMI is crucial. If your monthly instalment is too high, it can strain your finances, add unnecessary stress, and even push you towards a debt trap over time.

Don't base your decision only on whether you're eligible for a loan. What matters more is whether you can comfortably repay it. Your EMI should fit alongside your everyday expenses-rent, groceries, bills-without stretching your Rs.30,000 monthly budget too thin. A re...