Imagine that you are on the verge of an important financial decision. A loan can be a catalyst for realizing your dreams or a cause of financial distress. It is not desirable to have a solid financial plan before taking out a loan - it is simply necessary.<\/p>\n\n\n\n
Credit: Your Financial Stimulus<\/p>\n\n\n\n
Loans, if used wisely, will help you achieve your aspirations. Whether it's buying your dream home, expanding your business, or investing in your child's education, loans can open doors to new possibilities.<\/p>\n\n\n\n
Let's take an example<\/p>\n\n\n\n
Rajesh and Priya's dream was to own a house in Mumbai. They took a huge home loan without a clear financial plan. At first, everything seemed to be fine. However, the EMIs could not be paid as Priya had to take a break from work due to health issues. If they had made a financial plan, they could have gone ahead with the loan without putting themselves at risk and knowing exactly how much they could afford.<\/p>\n\n\n\n
The importance of your financial health<\/p>\n\n\n\n
Taking out a loan affects many aspects of your financial health. Let's understand in detail:<\/p>\n\n\n\n
Cash outflows: Loans are monthly EMIs. It's not just a number - it's the money that goes out of your account every month. You should check if your budget can handle it without compromising on the essentials<\/p>\n\n\n\n
Total Value: Your assets may initially depreciate due to liability. However, if you plan well, when you repay the loan and value your assets, your net worth will increase significantly.<\/p>\n\n\n\n
Risk Factors: Life is unpredictable. The loan becomes a burden in such situations as loss of employment, health problems, or even death may occur. You need to be prepared for such situations.<\/p>\n\n\n\n
Insurance Requirements: More debt often means more risk. It is advisable to consider additional insurance to cover the repayment of the loan in case of unforeseen events.<\/p>\n\n\n\n
Let's take an example to understand this.<\/p>\n\n\n\n
Anita took a business loan without a comprehensive plan to expand her boutique. It was difficult to repay due to the lockdown. With a financial plan, Anita could have set aside an emergency fund, which would help her get out of financial difficulties without affecting the business during tough times.<\/p>\n\n\n\n
Smart Loan: Essentials<\/p>\n\n\n\n
\u0d12\u0d30\u0d41 \u0d32\u0d4b\u0d7a \u0d0e\u0d1f\u0d41\u0d15\u0d4d\u0d15\u0d3e\u0d7b \u0d24\u0d40\u0d30\u0d41\u0d2e\u0d3e\u0d28\u0d3f\u0d15\u0d4d\u0d15\u0d41\u0d28\u0d4d\u0d28\u0d24\u0d3f\u0d28\u0d4d \u0d2e\u0d41\u0d7b\u0d2a\u0d4d \u0d08 \u0d1a\u0d4b\u0d26\u0d4d\u0d2f\u0d19\u0d4d\u0d19\u0d7e \u0d38\u0d4d\u0d35\u0d2f\u0d02 \u0d1a\u0d4b\u0d26\u0d3f\u0d15\u0d4d\u0d15\u0d41\u0d15<\/p>\n\n\n\n
Do I need this? Are you in need of a loan or can you wait a little longer? Sometimes, waiting can save you from financial stress.<\/p>\n\n\n\n
Can I get it back? Look at your current and future income, expenses, and stability. Can you manage EMIs realistically?<\/p>\n\n\n\n
Interest Rates and Terms: Ensure the best rates and terms. Understand the penalties for default on the entire cost of borrowing.<\/p>\n\n\n\n
Term of the loan: Align the term of the loan with the life of the asset. Avoid extending loans into your retirement years when your income may be low.<\/p>\n\n\n\n
Taking a loan is not a financial decision - it is a life decision. Make sure that integrating it into a comprehensive financial plan helps you financially rather than putting you in financial stress. A well-structured plan helps you understand your ability to repay, align the loan with your financial goals, and protect against unexpected risks.<\/p>\n\n\n\n
Remember, a loan should be a step towards financial freedom, not a leap towards financial risk. Make sure it is in line with your financial plan. Only then can action be taken.<\/p>","protected":false},"excerpt":{"rendered":"
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