Points to think through before taking on new credit.
| Check | Why it matters |
|---|---|
| I need this credit, and know what it is for | Borrowing for a clear purpose is easier to plan for. |
| I can pay the EMI even if my income falls for a while | An emergency fund protects your repayments. |
| I have compared offers on full cost, not only the EMI | A lower EMI over a longer tenure can cost more. |
| I have read the key fact statement and charges | Fees, prepayment charges and penal charges add to the cost. |
| I am not borrowing to pay existing EMIs | That can start a cycle of growing debt. |
| I will never share OTPs, PINs or passwords with anyone | Genuine lenders do not ask for them. |
A self-check only: Finobazaar does not calculate a score or rating from it, and nothing is saved.
Related
- Managing debt: repayment order, consolidation and your debt-to-income ratioListing your debts, the snowball and avalanche orders, when consolidation may help, and when to talk to your lender.
- Secured and unsecured credit: the differenceWhat security means for a loan, examples of each kind, and what to weigh when choosing.
- Loan affordability and personal loan readiness calculatorSee the EMI of a loan you are considering and what it would do to your monthly debt burden and the money left over.
- Monthly budget plannerAdd up income, expenses, debt payments and savings to see what is left each month and your savings rate.