Four Tips to Reduce Your Personal Loan EMI - Loan Trivia

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Tuesday, 8 September 2020

Four Tips to Reduce Your Personal Loan EMI

 Things to Keep in Mind Before Taking a Personal Loan -


Given the fact that the personal loan coughs up higher interest charges, many people don’t apply for it. It is because they don’t want to pay bigger loan EMIs that may hurt their expenses. 


Still, personal loans are one of the most sought-after funding solutions. It is because loans are available fast, disbursed quickly with no collateral. 


But if you don’t want higher personal loan EMIs, then you can follow some tips. 


By following them, you can easily get your hands on low interest personal loans and pay reduced EMIs. Read on!


  1. Try taking a loan with your existing bank 


Your current bank is aware of your financial profile and your repayment records. Hence, it may offer the loan at a lower rate so that you can pay lower EMIs. Yes, it may not want to lose an old customer like you and may oblige. 


  1. Shop around for the best offers 


Nowadays, you may find many lenders offering you the loan facilities. And it may confuse you which one to go for. The best thing will be comparing all available loan offers on a third-party website for free. It will help you pick the best deal that may match your repayment capacity. In turn, you may end up having a low-interest personal loan and pay reduced EMIs. 


Must Read: Get Online Personal Loans at Low Interest Rates in 2019


  1. Go for a long loan tenor 


The longer is your loan tenor; the small will be your EMIs, and vice versa. But going for a longer tenor may also mean managing higher loan interest charges. But if it matches your loan repayment tenor capacity, then you can go for an extended repayment tenor. But, a shorter tenor will mean paying low-interest personal loan charges.


  1. Make 1-2 extra EMIs/part-prepayments 


If you are an existing borrower, then you can make 1-2 extra EMIs per year. It will bring down the loan rate and help you pay smaller EMIs. You can also make part-prepayments from time to time and reduce the loan outstanding. 


It is now easier to manage paying reduced personal loan EMIs if you can follow the discussed tips!


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