EMIs Gone Out of Budget? Reduce Your EMI Burden By Increasing Tenure - Loan Trivia

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Monday, 2 September 2019

EMIs Gone Out of Budget? Reduce Your EMI Burden By Increasing Tenure

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Whether you are refurbishing your office or moving into a new home with your family, you can arrange for all your office and household essentials like laptops, air conditioners, refrigerators and kitchen appliances by shopping on EMIs. Financing schemes like Bajaj Finserv’s No Cost EMI helps you shop economically and repay conveniently by ensuring that you incur nothing over your item’s purchase price. However, multiple big-ticket purchases made all at once can cause your total EMI amount to increase sharply. 

In such a situation, you may wonder how can I reduce my monthly EMI or how to increase EMI tenure and thereby lessen your monthly spends. One way by which you can do this is through Bajaj Finserv’s new EMI Reduction Offer as it lets you lower your installments by up to 70%. 

Read on to know how you can bring your EMIs within your budget by increasing your loan tenure.

Opt for a tenure increase and thereby lower your EMIs 

Through the EMI Reduction Offer, a facility available for EMI Network users, you can obtain a new tenure of 5 to 18 months over which you can space out your debt payments. The longer the repayment term you choose, the smaller your new EMIs will be. This is because your new instalments will be split over more number of months. 

While you can reduce EMIs to suit your budget, you can consolidate all your current debt payments into a single consumer durable loan and thereby make repayment even more convenient. With just one EMI to keep track of you needn’t worry about defaulting owing to a missed payment date and can channelise all your finances towards a single goal. 

So, in the event that you bought a computer, fridge and a washing machine from the EMI Network and desire to lower the strain of your current EMI payments, consider consolidating them into one and opting for a tenure of up to 18 months via the EMI Reduction Offer. 

Now that you know the answer to the question ‘How to increase EMI tenure?’, take a look at the reduction in EMIs you get through Bajaj Finserv’s EMI Reduction Offer in practical terms. 

Lower your EMIs by up to 70% through Bajaj Finserv’s EMI reduction offer 

When you are servicing hefty consumer loan EMIs, reduce your monthly financial burden by up to 70% by availing Bajaj Finserv’s EMI reduction Offer. Here’s how. 
Say, you bought a TV and a washing machine for your home from the EMI Network. At present are financing Rs.1 lakh through EMIs worth Rs.4,000 over a 5-year tenure. Take a look at the same in table format. Existing loan outstanding amount Existing tenor Existing EMI Rs.20,000 5 months Rs.4,000 

Existing loan outstanding amount
Existing tenor
Existing EMI
Rs.20,000
5 months
Rs.4,000

Having considered your monthly obligation before EMI reduction, consider what you pay each month post availing the EMI Reduction Offer. Evaluate how you reduce your EMIs significantly by consolidating both purchases into a single loan and repaying it over a longer, 10-month tenure. 
By availing the EMI reduction scheme and stretching your tenure to 10 months, you lower your EMIs by 46%. Here, your consumer loan EMIs amount to Rs.2,150 inclusive of the fixed interest charge of Rs.1,500. In this way you can use this EMI reduction facility to keep your budgets in check. 


Loan amount
New tenor
New EMI
(Inclusive of interest)
Total fixed interest 

Reduction in EMI
Rs.20,000
10 months
Rs.2,150
Rs.1,500
46%
Now that you know how to increase EMI tenure, make use of the EMI Reduction facility to free up your monthly budget. As a customer of the Bajaj Finserv EMI Network, you can avail the EMI reduction offer easily. Simply apply online without submitting any additional documentation. With smaller EMIs to manage, you can ensure that your budget remains intact and your finances, healthy!

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