New Delhi, Nov. 20 -- Personal loans provide borrowers with lifelines and ways to deal with sudden financial challenges. Medical expenses, surgery costs, education costs, and home renovation expenses are just a few reasons why individuals borrow funds and take personal loans.

This brings us to another critical factor, which is the concept of personal loan statements. Once a new loan has been applied for and released, the borrower will be provided with personal loan statements for this loan to make the entire process of repayment smooth.

Borrowers, hence, must understand personal loan statements, what each line represents. Here are five key elements in personal loan statements every borrower should review diligently.

Your statement clea...