Avoid Taking Loan

By: Dalip Singh Wasan

Avoid taking loan

Loan-taking system has come in our life and all the banks and other financial institutions are giving us loan for purchase of house, purchase of vehicle, for purchase of house hold effects and even we can take loan for the marriage of our daughter or of a son. We may avail of these facilities because these facilities have been floated by these financial institutions so that the people may take loan and then meet their demands with this money which is lying in these financial institutions. But when we are planning to take loan, we should first of all be certain that we shall be utilizing this loan money for the purpose for which the same has been taken and at the same time we should also take into account the sources from which money shall be coming in house with which we shall be returning the amount of loan.
We should know that all these financial institutions and banks charge interest on these loan amounts and that is quarterly calculation which means the financial institutions shall calculate interest after each period of three months and then that amount of interest shall also become principal.

We may be waiting for some source from which money shall come, but the interest-clock of the financial institution shall go on and would not stop. And as per conditions of loan, the financial institutions start charging penal interest if the conditions are violated or broken down.
We had taken this loan for availing a facility and we were of the view that this amount shall free us from so many problems and difficulties, but when the loan amount is not returned in time, then the same facility starts creating problems for us and hence tension. This tension is continuous and hot and we cannot have sleep in the night. Therefore, each one of us must not take loan till he has some sources in his or in her hand through which he or she would be able to return the amount with interest. We have noted that in offices, the loan amount is recovered from the monthly salary of the person, but when banks and other institutions give us money, they shall be instituting criminal or civil cases against us and these additional expenses shall create some additional problems for us.
So if we want to be tension free, we shall avoid to take loan from these institutions. We shall try to live within the income resources at our command. We should not create tension for ourselves.
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