Develops financial discipline: To pay off a loan successfully you need to set a time frame, which also helps you build a disciplined living. When you take loan you are committed to the bank to pay them at the concerned time with the installments until the loan is cleared off. For this you need to make sure that you have sufficient balance in your account. This builds financial discipline and keeps you away from spending too much and unnecessarily. You would never want to become a defaulter, as with this you would be putting down your expectation for a smooth approval of loan for the next time.
Makes you financially independent: Taking a loan does not only make you capable of owning and doing things you wanted to do, but makes you more mature and confident. It helps you stand on your own feet and saves you from turning towards your relatives or friends for money. It makes you financially independent and keeps you away from the worries of loaned money from relatives. The only point when you need to involve your family is to ask being a guarantor, while you manage on your own.
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