5 Useful Tips to Manage Personal Loan EMIs
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 –
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 –
3. Choose the right length of repayment –
4. Maintain a sound CIBIL score –
5. Look for an alternative –
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.