Well yes, I want to discuss how you should not take loans.
A.You must not take a loan for anything which Looses Value.
This means you must not take a loan for CAR,LCD TV,TWO Wheeler,Travel Etc. You should take loan only on Items which will increase in value over time.
B.You must not take loan because You are eligible.
Loan must not be taken just because you can take it.So if you have the money you should use it instead of taking loan, the only exception to this rule is If your investments are earning more than the Interest being paid on the loan.
C.You must not take the wrong loan.
Well this is a stupid one but. if you need to take the loan it must be from the cheapest source.so if you have to take a loan it should be A personal Loan or a loan against gold instead of Credit card loan....
D.You must not take loan because it is easy.
Believe me if you take a loan because it was easy to take you are Dooooomed.it is worthwhile to make the extra effort & take the loan which has more formalities for a few days... if you are not able to handle the extra formalities for a few days/weeks initially , then you are going to going to pay a lot of extra money over the years through various charges etc, because you will be too lazy to notice..........
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