Start with the purpose of the loan and list the expenses you need to cover. Avoid borrowing extra simply because a lender may offer a higher amount.
Compare the proposed EMI with your take-home income, rent, household expenses, existing EMIs, and savings goals. Make sure the payment remains manageable if an unexpected expense comes up.
Remember that the total cost includes interest and applicable fees, not just the amount deposited into your account. Compare the total repayment across suitable offers.
Choose the smallest amount that meets your need and a tenure that balances a manageable EMI with the overall borrowing cost.
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