6 Easy Ways to Repay Physician Loans Fast - Loan Trivia

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Monday, 2 July 2018

6 Easy Ways to Repay Physician Loans Fast

Do you want to know easy ways that can help you repay your physician loan or any other loan faster? Read on to explore the 4 ways now!

Repay all your existing loans first

If you have multiple debts on your name, taking a new one might be a little difficult owing to your low eligibility and debt-burden ratio. Thus, it would be sensible to pay off your existing loans first and then think of taking a new loan. Doing so will give you an upper hand on the situation, allowing you to negotiate and get yourself a good deal.      

Choose a short, feasible repayment tenor

“Time is money.” Whoever said this definitely knew the ins and outs of taking a physician loan. When you talk about a loan, keeping the repayment tenor short means a lesser amount paid towards the interest and vice versa. Thus, evaluate your monthly financial capability and devise a fitting repayment tenor for yourself.

Physician Loan - Bajaj Finserv

Pay two extra EMIs each year

This is the simplest strategy you can adapt to pay off your physician loan faster - pay at least two EMIs extra every year using the part-prepayment facility. The extra EMIs you’ll pay shall be deducted from the principal component and your repayment tenor will decrease eventually.  

Channelize your investment to pay debts 

Lastly, the most important decision you’ll have to make is - whether to or not to use your long/short term investments towards repaying your debts. The easiest way to decide that is to see if the ROI from the investment is > Interest paid towards the debt. If the investment is earning less than what you are paying a debt, it would be sensible to channelize your investment to pay off the debts instead.  


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