New Delhi, March 5 -- While personal loans are being made easily accessible in India, they are a solution in waiting for money to fulfill all possible needs, be it a health issue or weddings. Their easy availability might be concealing some serious threats. Five things worth considering before availing a personal loan are listed below:

Personal loans can come with high interest rates, typically between 10% and 24%, depending on your credit score and the policies of your bank. To put it into perspective, an Rs.5 lakh loan at 15% interest for a period of five years might cost you nearly Rs.7.12 lakh in total as a repayment amount. This is much more than the original principal.

Borrowers should carefully compute the repayment sum, includin...