Personal loans are a popular option, but it's crucial to understand their downsides before applying. Here's why using a personal loan to invest in a Fixed Deposit (FD) is a bad idea:
The Misleading Pitch:
Some banks might suggest taking a personal loan to invest in an FD, claiming you'll profit from the interest rate difference. However, this is misleading because:
Example:
The Loss:
In this scenario, you'd lose Rs. 28,317 every month (EMI - FD interest).
Financial Experts Advise:
Financial experts warn against this strategy due to the significant interest rate difference and potential pre-payment penalties on personal loans.
The Takeaway:
Personal loans are for emergencies or specific needs, not investments. There are better ways to grow your wealth. Consult a financial advisor for personalized investment strategies.
#trending #latest #Personal Loan#Fixed Depos#itinvest
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