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WHY A PERSONAL LOAN COULDN'T BE SO PERSONAL



You can use a Personal Loan for just about anything but try not to hide the purpose of the loan from the bank. While it’s possible that you may not know how you will utilise the money, one of the biggest mistakes that loan borrowers commit is trying to hide information from the lender. So, when you reach out to a bank to avail a Personal Loan, give them a clear idea of your plans. Let them know why you need the money and how you plan to utilise it. Yes, of course a Personal Loan can be used for any personal emergency. This will help you gain the lender’s trust, and it will work in your favour to get your loan approved quickly. Honestly, it’s better to have the banker in the loop just in case you ever face money troubles and are unable to pay an EMI. In such a scenario, the lenders may understand your situation and could give you an extension to pay the amount due. So, always maintain transparency with all your transactions with your bank. 

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