New Delhi, Feb. 12 -- If you are short of funds currently and want the requirement to be met in the immediate future, what do you generally do? Raise a personal loan?

Well, it may work in certain cases, for instance, when you desperately need money for medical emergency, for renovating the house or even for the education of your child, but should you raise loan when you want to go on a vacation - this is a grey area but more often than not, you should refrain from doing so.

1. High interest rate: When the bank is offering a personal loan at an interest rate above 15-24 per cent, it may not be a good deal. Notably, high-interest loans increase the total repayment amount, making it financially draining.

2. Lacking stable job: If your job...