New Delhi, Sept. 5 -- Personal loans and digital borrowing are now indispensable parts of the daily lives of individuals in the country. These are credit lines that offer borrowers the means to meet urgent and planned expenses such as medical, education, wedding, etc.

In such a scenario, borrowers must also inculcate timely and ethical repayment practices to ensure that borrowing remains a pleasant experience and that the possibility of defaults is also kept in check.

Vibhore Goyal, founder of OneBanc, says, "India's personal loan book now exceeds Rs.14.9 lakh crore, growing 14.2% year-on-year, with non-performing assets having climbed past Rs.11,000 crore. Defaults aren't rising from ethics but weak financial discipline. Repaying loans...