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How to reduce personal loan EMI burden
Posted on Monday, October 10th, 2022 | By IndusInd Bank
We live in times of unprecedented inflation, pandemic, etc. which makes it difficult to save. We see prices of daily necessities go up every week which forces us to spend more on our day-to-day expenses. Education, LPG, fees, etc. are no longer available at the prices they were a few years ago. But there are times when you require funds immediately to cover an unexpected expense. It could be for several reasons – a down payment on a home loan, wedding expenses, medical bills, etc. To cover such expenses, you have the option of availing of an instant personal loan. To be financially responsible and to ensure you don’t accumulate late fee charges, you need to make regular monthly payments to pay off the loan. However, without proper planning, it can be stressful to take care of liability and you may end up tweaking your finances to pay it back. Fortunately, there are ways to reduce the personal loan EMI burden.
Find Low-Interest Rate:
Your loan interest rate is one of the main differentiators that can help you bring down your EMI. When you choose a low-interest rate for a personal loan with IndusInd Bank, you have the option to reduce your EMI further in the long run. Check the interest rates which are as low as 10.49% here.
Maximum Tenure:
This is one of the best and most popular ways to reduce your EMIs. There is no need to burden yourself with a monthly amount that goes beyond your financial repayment capacity. So, it makes sense to apply for a personalloan online with the tenure that gives you a comfortable EMI option. You have the option to choose a tenure from 12 months to 5 years and you can easily calculate your EMI using a Personal Loan EMI calculator. However, do note in mind that a longer tenure will result in a high-interest payment.
Consolidate Loans:
If you have multiple loans in your name and you are paying various EMIs at different schedules, then it will be difficult for you to manage them all. Such a situation can sometimes warrant a missed payment which can eventually result in you accumulating a low credit score. You can take a personal loan to consolidate all your loans and get one EMI at affordable interest rates to make EMI management easier.
Prioritise Your Payments:
If you have a personal or a home loan simultaneously, then you need to prioritise paying the one with a higher interest rate to gradually bring down your EMI. Your best intentions to pay off all your loans will not get you far if you don’t know how much you need to pay towards which loan. To effectively manage everything, you need to list down your debts and see how much you are paying towards the interest component in your home loan and when you start paying towards your principal amount. You can always avail of tax benefits from a home loan and pay that extra amount towards credit cards to bring your monthly payments to the low side.
Find out how much you can pay when you take a personal loan when you consolidate your debts or when you are looking for a low monthly payment amount.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
