New Delhi, April 22 -- If you are contemplating applying for a personal loan, it is recommended to undergo the necessary steps before you opt for the loan. These include carrying out necessary research, comparing interest rates offered by different banks, submitting your application, and finally choosing the one which offers the best deal to you.

I.Do the necessary research:First of all, the borrower is supposed to carry out necessary research, which includes finalising the loan amount that you need as loan, exploring thebanks and NBFCs that are reliable, factors you should be careful about, and so on and so forth. The preliminary research requires you to ask people around about their feedback.

II.Compare interest rates:The second impor...