We all take a personal loan in order to meet one or the other financial need but taking a loan is a big responsibility. Not being able to pay back your loan EMIs on time has a severe impact on your credit score.
Don’t worry, in this blog, we will help you with 4 easy hacks to manage your EMIs.
Let’s begin by understanding the concept of EMIs first. Loan repayment is normally done via EMIs (Equated Monthly Instalments).
How to Calculate EMIs
Payable loan amount (principal + interest) = 24000 INR
Total loan duration= 6 months
Now that we cleared the concept of EMI, here are 4 tips on how to manage them properly.
4 Easy Hacks for Easy EMI Payments
The first trick for managing your loan is to not get under any kind of financial pressure every month.
1. List it: What we usually do is lock the amount of debt we have in some corner of our consciousness, so that we are not constantly reminded of it. But, for easy EMI management, one should do exactly the opposite. Start by making a list of ell the EMIs you have to pay each month.
2. Use an EMI calculator: This is an important aspect of managing monthly EMIs. Before you take a loan, and the associated EMI, use any EMI calculator to see how much loan you can manage without it becomes a financial burden on you.
3. Take a minute, before You borrow: It is possible these days to get a loan for almost anything. When you take a loan, make sure you are doing it for a real purpose. If it is a financially low phase, the try and get a smaller loan.
4. Be Smart About Repayment: Whenever you get any additional income in the form of gifts from relatives or a bonus on your salary, put that in your EMI repayments. That way, you will end up paying lesser interest as well.
With these tips to manage EMI you should be well set to manage your funds in a way that EMI payment becomes a breeze.
