Guidelines for Loan decision
1. Analyse the need and priority
It is very important that one does a fairly detailed self-analysis and introspection on the need and the usage for which the loan is to be used.
– Avoid buying luxury appliances on loan
– Avoid as far as possible usage of Credit cards and loan conversion options on those purchases
2. Budget expenses
It is always a good practice to budget the major expenditure on a monthly basis.
– Cover regular expenses including credit card payments and existing loan repayments