Smart Tips to Manage Your Personal Loan Effectively - Loan Trivia


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Friday 18 January 2019

Smart Tips to Manage Your Personal Loan Effectively

Availing a loan is a different level ball game and managing the repayment is on another level entirely. While taking a loan all you have to ensure is the lender’s credibility, you get approved for the right loan amount at a lower interest rate, and the EMIs are in accordance with your repayment capacity. 

However, while repaying an unsecured personal loan you have to remember the dates, make sure the EMIs are paid on time, and your account balance is sufficient to manage EMIs on the due date. If you forget one single thing, your CIBIL score takes a dip and the default is recorded in your credit history.

Thus, below are some tried and tested tips we suggest to manage your personal loan effectively.    

1) Always have a repayment plan in place

So you never face issues paying the EMIs on time and in full. Doing so also keeps you stress-free. Though a good repayment plan is quite difficult to devise, don’t hesitate taking help from experts. 

2) Connect your loan amount with your bank account

This would ensure you never have to remember dates of EMI payment, the EMI will be credited directly into your lender's account. In short, it would automate the whole process and all you have to do is ensure sufficient balance in your account before the due date. 

3) Always have a backup

A back up here would refer to an alternate plan for managing the repayment if in case you are no longer employed, or your primary source of income isn’t sufficient. You can use your investments to repay your loan in case your primary repayment plan fails.  

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