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5 Useful Tips to Manage Personal Loan

Emergency cash needs come unannounced, and a personal loan can attend to them well. A personal loan is a cash aid extended by banks, NBFCs, and some private lenders that you can use for all your miscellaneous expenses. A personal loan can be both secured and unsecured, and it’s great if you get one without collateral.

The application process for a personal loan is not very lengthy, and you can apply for one online. Despite being easy to access, good repayment is a must for a personal loan. If not, the personal loan can put you in debt while hampering your credit score. You can be safe from such situations with the proper management of personal loan EMIs.

5 Tips to Manage Loan EMIs 

1. Assess your payback capacity –

It’s apparent that you are taking a personal loan because you have a financial need. But, before getting the money, make sure how to pay it back. A personal loan helps you, but it’s a liability that you have to repay in EMIs.
How would you manage this monthly amount is a must to calculate before you sign the personal loan deal. Making a budget and finding out how much you can manage as an EMI will not only help you in undisturbed repayment but also in proper monthly cash management.

2. Create and maintain an emergency fund –

During the tenure of the personal loan, sometimes the situation may come when you further additional expenses and paying the EMI is tough. To save from any late payment fees or penalties, the best way is to create an emergency fund and always keep that separate. The amount equal to one or 2 EMIs can be a saviour by the time you re-stabilize your budget.

3. Choose the right length of repayment –

The tenure of a personal loan and total payable interest work proportionally Longer the tenure, the higher the interest payable and vice versa. But, to save interest, it’s not advised to go for a loan tenure that increases your monthly financial pressure. This can be impractical to go for a smaller tenure without measuring your monthly capacity to pay. Thus, it’s advised to first calculate how much you can manage easily every month and then measure the tenure of the loan.

4. Maintain a sound CIBIL score –

Maintaining a good CIBIL score always helps, whether to get a personal loan or to extend it or make a new one. A credit score above 750 is considered decent. With proper repayment without any fail, the credit score remains healthy.

5. Look for an alternative –

Before taking a personal loan always look for its alternative. A line of credit can be a better idea over a personal loan when some cash emergency hits you. Many providers offer a line of credit now, and you can go with the one that suits your requirement. FlexSalary is one such lender that extends a credit line of up to Rs.2,00,000 to salaried professionals.

Why Take a Credit Line from FlexSalary? 

1. The credit line offered at FlexSalary is unsecured, and so no collateral is needed.

2. Anyone with a monthly salary of Rs. 8000 can apply for it.

3. Flexible repayment options will help in better EMI management.

4. Flexible tenure of 10-36 months is given in which you can repay anytime.

5. No credit check is mandatorily done, if offered the credit line deal can be negotiated.


1. What is the best way to repay the loan EMIs?

Maintaining a dedicated account for repayment will be helpful in automated deductions and will save you from missing out on the EMIs due. Tracking the deadlines and choosing the tenure wisely is the key to a mindful repayment plan.

2. How to settle down my loan faster?

Calculate how much you owe. Decide by when you want to pay it off. This helps to chalk out how much you must pay every month to meet your deadline. One extra payment with every EMI can also be a good plan to pay off your loan 50% faster.

3. What is a flexible repayment option?

Flexible repayment option is where “No Fixed EMIs” is taken, and you can pay off the dues in variable installments. FlexSalary extends flexible payback options that help in easy repayment.

4. How to save interest on a loan?

Prepayment is the best way to save interest on a loan. When you prepay, you save the interest due on the loan in future. A few lenders charge prepayment charges against the loss of interest, but a few like FlexSalary have no such fees.

5. How can I get a loan without the CIBIL score?

Many lenders offer loans to borrowers who are new to credit or have no credit history at all. FlexSalary is one such lender that offers a loan to salaried professionals even if they don’t have a CIBIL score.