5 Easy Tips to Pay Off Your Loan Amount Without Hassle
Separate Budget For EMIs Once a loan is availed, it is your duty to ensure EMIs are paid on time. To avoid late payment fee and interest charges, you can schedule your EMI debit or payment to take place near to your date of salary credit so that it is paid off first.
Pay The Loans With Higher Rate Of Interest First Each loan is priced or charged at a different rate of interest. Generally, secured loans are charged lower rate of interest than the unsecured loans. As the common logic goes, higher the rate of interest, higher will be your EMIs. So, if you have more than one loan, pay off the one with the highest rate of interest first.
Go In For Debt Consolidation Loans Debt Consolidation Loans bring together various loans with different rates of interest into one single loan with a fixed rate of interest. This reduces your financial burden and you can save more..!
Refinancing Your Loan Refinancing your loan, especially the ones with longer tenures or big amounts is a perfectly good idea to ease your process of repayment.
Prepay Your Loans Prepaying your entire loan or even smaller portions of the loan can save you considerable amount. This option particularly helps when the tenure is longer or when the rate of interest charged is on the higher end, which is true for home loans or personal loans.
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