You will be in a bad situation! If you take a personal loan for these 3 things, even by mistake, you will regret it for the rest of your life

When there is a sudden need for money, a personal loan seems like a magic wand. No guarantee, no more paperwork, and the money is also in the account quickly! This is why it is also called an 'emergency loan'. You can use this money anywhere; the bank does not ask you any questions. But there is another side to the coin. The interest rates of personal loans are very high, which can range from 11% to 24% or even more. In such a situation, if you take this loan without thinking, then you can get trapped in a debt trap from which it will be difficult to get out. Know 3 such things for which a personal loan should not be taken, even by mistake, otherwise the risk of getting entangled in debt can increase a lot, and once you get entangled in debt, you will regret your decision for the rest of your life.

"Double the money in a month!" This greed pulls many people towards the stock market. Some people, out of overconfidence, take a personal loan and think of trading or investing. This is a decision that can put you on the road.

The stock market is full of risks. There is no guarantee of profit here. You are taking such a big gamble on the loan money. In such a situation, if your money is lost in the market, then on one hand your investment is lost and on the other hand the burden of a huge EMI of the loan will fall on your head. It can be very difficult to recover from this double blow.

Often people take another loan to repay one loan. Suppose, you have borrowed from a friend or your credit card bill has become very high, then taking a personal loan to repay it is a big mistake. You will get out of one loan, but will get trapped in the trap of a bigger and more expensive loan.

The interest rates of personal loans are very high. You convert a short-term loan into a long-term expensive EMI, which takes a toll on your pocket. If you are unable to pay its EMI, then your CIBIL score will be badly affected and it will be difficult for you to get any loan in future.

In today's social media era, people are ready to do anything for status and show-off. Taking help of personal loan to buy expensive mobile, branded clothes, luxurious holidays or a diamond ring is the biggest foolishness.

All these things are not your 'need', but 'want'. Taking loan for these unnecessary expenses can put you in financial crisis. Your hobbies will be fulfilled in a few days, but the EMI of the loan will not leave you for years. It will spoil your household budget and give you mental stress.

If you need money very much or there is a medical emergency and money is not being arranged from anywhere, then you can choose the option of personal loan. But in such a situation also you should do all the calculations once that will you be able to repay its EMI on time after taking the loan? Apply for personal loan only after all this. If you are unable to repay it, your CIBIL score will be affected and the doors to getting a loan may be closed for you in the future.