New Delhi, May 13 -- As personal loans are becoming increasingly accessible for individuals in India to meet financial needs such as medical expenses, education, home renovation etc, in light of the same, it becomes prudent for aspirational borrowers to make well considered and informed decisions.

Hence, before committing to a loan, consider these five essential questions to ensure financial stability and avoid potential pitfalls.

Focus and identify the specific reason for applying for a loan. Most of the personal loans are versatile in nature. They can be used to meet several different needs and aspirations such as education, home renovations, medical emergencies or even consolidation of debt. That is why efficient planning is required...