New Delhi, Sept. 5 -- For several households, upgrading home appliances such as washing machines, refrigerators, air conditioners, microwave ovens, etc., has now become a forced necessity rather than a luxury. This is because of the rapid advancement in technology and the comfort it brings.

Still, with rapidly escalating costs, after-sales services, and annual maintenance charges, most consumers are turning to personal loans to effectively plan and spread out payments. This growing trend is a consequence of the rapid rise of digital applications, through which purchases can be made in an instant. Now, the question in such an environment is whether this financial option makes sense.

Simply put, personal loans are unsecured funds, which m...