4 Golden Rules to Smoothly Manage a Personal Loan EMI - Loan Trivia

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Monday, 26 March 2018

4 Golden Rules to Smoothly Manage a Personal Loan EMI

Despite having a well-planned budget to tackle all monetary essentialities, people fail to avoid falling in financial pit-traps in the long run. There are some events that are common, crucial and expensive simultaneously and can’t be realized even after exhausting entire savings.

Events like marriage, foreign holidays, big medical bill etc. are inevitable and demand additional financial support from legitimate sources like financial loans to be satisfied. Thus, a financial loan, Personal Loan to be precise, has become an imperative part of our daily life.

Having said that, a Personal Loan online is still considered as a financial liability and the borrower can’t be ignorant about the EMIs at all. Taking a Personal Loan online requires a lot of financial planning in the initial and succeeding stages. The existing budget has to be improvised to make space for the new expense - the Personal Loan EMI, and that’s not as easy people assume.

Therefore, here are a few things you can do to adjust the Personal Loan EMI in your existing budget:

1. Decide the amount to borrow
In order to manage your EMIs, you need to know the exact amount you’ll be borrowing as a Personal Loan. Thus, add your needs and calculate the exact amount to borrow. Follow the golden rule: Don’t borrow more than what you can afford to repay.

2. Use an online calculator for accurate EMI calculations
Manual calculations are vulnerable to errors, leading to inaccurate figures. Thus, use the Personal Loan EMI calculator available on the web-portals of financial institutions for error-free Personal Loan EMI calculations.

3. Exclude expenses without compromising on basic survival needs
Some expenses are relevant and crucial for survival, others are just to sustain a comfortable life. Every budget planner knows the difference between essential and inessential expenses, thus they can get rid of the inessential ones, and cut down the essential ones to a manageable level.

4. Avoid big transaction unless the loan is disposed of. 
Last but not the least, avoid big-budget transaction like foreign holidays, car purchase etc. unless the Personal Loan is settled completely.

Bottom line: For more accurate results, double check the results derived from Personal Loan calculator. Use Personal Loan calculator available on different web-portals and cross-check your calculated results.

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