New Delhi [India], February 27: Personal loans can be effective in dealing with financially challenging situations. However, before applying for an instant personal loan, individuals must understand the eligibility criteria and estimate the right loan amount. Moreover, they should also look into the hidden charges that might increase the total cost of the loan. Utilising smart borrowing tactics may also help borrowers reduce the overall cost of the loan. This article highlights the hidden charges associated with personal loans, and eligibility criteria and explores a few smart borrowing strategies.