Core Insights - The article emphasizes the importance of careful planning and assessment before applying for loans, highlighting various factors that borrowers should consider to ensure financial stability and avoid over-borrowing. Loan Types and Features - Customers have access to a variety of loans including car loans, home loans, education loans, and personal loans, with online instant loans like FIRSTmoney by IDFC FIRST Bank offering competitive interest rates and quick disbursement [1][8]. Borrowing Purpose - Identifying the purpose of borrowing is crucial, as different loans come with varying tenures and interest rates, which helps in avoiding over-borrowing [3]. Repayment Capacity - It is essential for borrowers to assess their repayment capacity by reviewing monthly expenses against income to ensure loan affordability [4]. Interest Rates and Costs - Borrowers should compare interest rates and overall costs from different lenders, including processing fees and foreclosure charges, to understand the true cost of borrowing [5]. Loan Calculators - IDFC FIRST Bank provides EMI calculators for their FIRSTmoney personal loan, aiding borrowers in making accurate financial projections [6]. Flexibility and Terms - Evaluating the flexibility and repayment terms of loans is important, especially for those with fluctuating incomes or who may want to repay loans early [7]. Eligibility and Documentation - Borrowers must check eligibility criteria and prepare necessary documents for online loan applications, which are critical for approval [9][10]. Loan Tenure - The tenure of a loan significantly affects its cost, with shorter tenures generally leading to lower overall costs despite higher EMIs [11]. Credit Profile Protection - Maintaining a good credit profile is vital, as timely EMI payments positively impact credit history, while missed payments can have detrimental effects [13]. Choosing a Lender - Selecting a reliable lender with transparent practices, flexible terms, and competitive rates is essential for a smooth borrowing experience [14]. Final Checklist - A checklist of important factors includes using an EMI calculator, ensuring no over-borrowing, and confirming eligibility criteria before applying for a personal loan [15][17].