New Delhi, Aug. 22 -- If you urgently need money and borrowing from friends and family is not an option for you, then another feasible option is to take out a personal loan.

Being an unsecured form of borrowing, apersonal loan typically charges a higher rate of interest. However, there is no harm in taking out a personal loan if the push comes to shove, so long as you borrow within a comfortable limit. The rule of thumb is that your monthly EMI (of the loan) should not be more than half of your monthly take-home salary.

For instance, if your monthlysalary is Rs.50,000, then the EMI of your loan should be lower than Rs.25,000.

There could be several pressing reasons for taking out apersonal loan. For instance, you could have a wedding (...