New Delhi, Nov. 11 -- When used wisely, a personal loan can be more than just a means of borrowing. It can be a strategic tool to safeguard and grow your finances. The most important factor in such cases is nothing but proper planning and long-term thinking. Aspiring borrowers should sit down with a sheet of paper and a pen and write down the top reasons why they are going for a particular loan.

This can help individuals make well-thought-out calls. Here are five simple yet practical ways borrowers in the country can save money through a personal loan.

Try to treat a personal loan as a financial tool and use it wisely. You should only go ahead with any particular loan after understanding the complications and challenges a loan can bring...