Personal Loan Pitfalls: Don't Just Eye Low Interest Rates! Avoid Costly Mistakes

• Low interest rates alone can be misleading; consider all charges for a truly affordable personal loan.
• Always compare processing fees and understand pre-closure charges before finalizing a loan.
• Evaluate customer service, eligibility criteria, and loan disbursal time, especially for emergencies.
• Scrutinize all 'other charges' like default, prepayment, and bounce fees, as they significantly impact overall cost.
• Negotiate for better rates and look out for special offers during festivals to save money.

Why It Matters: Beyond interest rates, scrutinize all loan charges and terms to avoid costly personal loan mistakes.