How much loan one should take?Today there are a large number of banks and financial entities which are ready to lend the money to the needy persons on presenting the required documents and eligibility conditions. So getting loan is easier today as compared to the earlier times. Another thing is because of falling interest rates the loan interest rate has also come down significantly. But the question which arises at this juncture is whether loan is really required and if yes then how much loan a person should take.
It does not look logical that we should go for a loan because its is easily available to us. The first thing to be considered in this matter is why we require a loan and if we require it then how would we be able to repay it. Only after doing a complete analysis one should opt for a loan. A wrong decision in this matter can be a painful experience later when a person is not able to repay the loan. In case of a need a person should go for the minimum loan that meets his need at that point of time. What are your thoughts on it?