New Delhi, Nov. 24 -- With retail borrowing rising across India and digital lending becoming more accessible, borrowing smart has never been more important. Misusing a personal loan can lead to long-term debt, high interest costs, and a drop in your credit score. To help you stay financially healthy, here are five common personal loan mistakes you should avoid.

With the advancement of technology in lending, the entire approval process of personal loans has become smooth, provided the applicant meets the essential eligibility requirements. Still, as a sensible borrower, it is best to consider your requirements first. How much loan do you need?

You should answer this question after proper due diligence and consultation with a certified fi...