New Delhi, Sept. 17 -- It has been repeatedly seen that aspirational borrowers generally apply for personal loans, gold loans, home loans, credit cards, and other similar credit lines without understanding the intricacies and complications associated with borrowing.

While applying for all such credit instruments, it is important to clearly understand the agreements, key terms, and conditions related to the borrowing transaction. This is important so as to avoid surprises later and face unwanted situations.

The psychology behind loan terms often results in borrowers focusing on simple numbers, such as interest rates, overlooking important conditions that influence the total cost of repayment.

Here are ten essential loan terms borrowers ...