Most people feel that personal loan interest rates are quite high, but they still take loans when they urgently need money.
For example, Rahul needed ₹1 lakh for a medical emergency. He took a personal loan at 15% interest. At that time, he did not focus much on the interest because the money was urgent. However, when he started paying monthly EMIs, he realized that a significant part of his income was going towards repayment, which made the loan feel expensive.
So, from a my point of view, personal loans are useful in emergencies, but the interest rates often feel high during repayment.