Personal Loans: Experts Advise Caution & Planning for Financial Needs.

• Personal loans offer quick funds for urgent needs like business restarts, medical emergencies, or unexpected expenses.
• They are easy to obtain, require no collateral, and provide quick approval with flexible EMI options (1-5 years).
• Projected interest rates by 2025 are 9.99%-10.80%, with better rates available for good credit scores.
• Proper planning is crucial: define the loan's purpose, compare interest rates, fees, and repayment terms across lenders, and pay EMIs on time.
• Risks include high interest rates, additional fees, extended repayment periods, and potential credit score damage if EMIs are missed, leading to financial stress.

Why It Matters: It guides smart personal loan choices, highlighting risks and benefits.