New Delhi, Nov. 7 -- Whenever you have a shortage of funds, it is quite normal to rely on a personal loan. The reason could vary from hosting a wedding, an emergency in personal life, and renovation, of home to higher education. Some travel buffs, meanwhile, may consider taking a personal loan for such discretionary expenses as travel.

Experts suggest that borrowing for travel is not an advisable thing to do. Travel, at the end of the day, is a luxury and can be avoided or deferred, or even cancelled. Taking a personal loan comes with a cost - interest at a very high rate.

"I never advise my clients to borrow money for non-essential things. If they need money for a wedding or a renovation at home, it is still understandable. But if some...