New Delhi, Oct. 7 -- When you are short of funds, you could approach a lender (bank, NBFC, or fintech) for an advance. The money you borrow could be offered at a low or a high interest rate based on your credit score and income level.

The amount you choose to borrow is subject to your requirement, but the interest rate charged on apersonal loan is an additional cost that you stand to bear. Typically,interest rates on personal loans are high (11-24 percent), given the unsecured nature of these loans. But how high is too high for a personal loan?

Before you decide to sign on the dotted line, make sure you have taken note of these factors.

I. EMI: At the outset, it is vital to note that the monthly EMI (which includes interest & principal...