Ensure financial stability before opting for zero-interest EMIs, says Raj Khosla of MyMoneyMantra

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MintGenie, Raj Khosla, Founder & MD, MyMoneyMantra, talks about how youngsters should handle their credit so that they can make the best use of their credit cards and other debt products.Spending large sums of money on weddings is one trend that is clearly defined by the ‘want’ rather than the ‘need’ aspect of consumerism. Given the importance of the event and societal pressures, millennials and GenZs are ready to start their loan journey now more than ever.However, it's crucial they weigh the long-term financial implications. Here are some tips:First, set a realistic budget.

Before you venture into the unknown, it's always good to have a budget. This will help you decide on a number beyond which spending or borrowing will not happen. By doing this, you not only safeguard yourself towards unwanted hefty EMI repayments but you will also be prepared to deal with the situation in a better way as you are within your achievable spending limits.Second, be mindful of the loan terms.

When you decide to go for a wedding loan, you must first compare and then find out the best loan terms and conditions made available to you from different sources. Compare things like interest rate, repayment tenure, pre-closure penalties and anything that can affect your overall experience with the loan.Third, define your future financial goals. Having a debt of any kind takes a toll on your savings.

You need to be aware of your future goals which require good financial stability like getting a house, moving to a new city, starting a family etc. When you have identified your future engagements then it becomes easier to go for a loan.Yes, it is a very common trend as per the credit bureaus, especially in case of a new to credit population. Taking