Personal Loans: Don't Just See EMI, Know the Real Cost

• Personal loans are often used for quick cash, but borrowers frequently overlook the true cost beyond just the EMI.
• The EMI alone is misleading; factors like loan tenure, APR, and hidden charges significantly impact the total cost of borrowing.
• Hidden charges such as processing fees, documentation, insurance, and prepayment penalties can substantially increase the overall loan amount.
• Loan tenure affects both the total interest paid and financial flexibility, while a good credit score can lower interest rates.
• Comparing multiple lenders and understanding all associated costs is crucial to avoid expensive loans and gain financial control.

Why It Matters: Understanding true loan costs prevents financial regret and saves money.