Clear off your loans with these repayment tips
Getting a loan is easy! You can in minutes and get the funds you need in a day or two, or just two hours if you choose RapidRupee. The difficult for many is repaying loan. Well, with the tips mentioned below, you’ve got nothing to worry about. Check it out!
Use an EMI calculator:
They say all that starts well, ends well. It’s something that applies to most things, including the repayment of your loan. How do you start well you ask? It’s simple, you use a personal loan EMI calculator. It will tell you the EMI payments for your loan before the repayment process can start. All you have to do is feed the calculator with the particulars of your loan including the loan amount, the tenure and the interest rate. Before you know it, the tool will provide you all the details of your repayment.
Restructure your budget:
Now you know the EMI payments that you will have to make. Based on this information, you can restructure your budget to make place for these monthly payments.
Make the loan repayment your first priority
In order to clear your instant personal loan, you have to give your monthly installments utmost priority above the rest of your expenses. The first thing you do once you get your salary is to keep aside funds for the EMIs. This is most important, as a delay in the loan repayment would keep increasing the late penalty fee. It would also affect your credit score, and this is something you should never let happen, as a good credit score is crucial for getting a loan in the future.
Once that is taken care of, you then come on to the other expenses, which you can then alter based on your budget. Even though this would mean lesser funds for other expenses, but is always better to repay your loan before anything else.
Increase your EMI payments
An effective way to clear a loan faster is to increase the EMIs you are paying. Once you increase the repayment amounts, this would reduce the tenure of the loan.
Clearing the loan before time also has benefits, like getting a better interest rate since the tenure of the loan is lessened. Repaying the loan before time will also help increase the score on your credit report.
Do not waste your bonuses
We should always try and save the bonuses and incentives that we get from work. Generally, people do not think of saving these surplus amounts. However, these amounts should be saved for more important things, such as for the repayment of a loan.
These may not be big amounts, but any amount that helps in clearing the loan amount is very helpful for the individual. After you clear the loan, making investments with these bonuses is much more helpful for the future than just spending it all.
Therefore, if you are worried about the repayment phase of your loan, just relax! If you follow these tips, you’ll be out of debt in no time! What’s more is that, with RapidRupee, you can avail tenures up to 12 months, ensuring that your repayment is an absolute piece of cake!