{"id":10686,"date":"2020-07-21T12:24:13","date_gmt":"2020-07-21T12:24:13","guid":{"rendered":"\/blog\/?p=10686"},"modified":"2025-02-03T15:10:06","modified_gmt":"2025-02-03T09:40:06","slug":"ways-to-plan-personal-loan-emi-repayment-smartly","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/ways-to-plan-personal-loan-emi-repayment-smartly\/","title":{"rendered":"Ways to Plan Personal Loan EMI Repayment Smartly"},"content":{"rendered":"\n

With a plethora of lenders available in the market today, borrowing money has become a viable and lucrative option. In India, the demand for personal loan is soaring despite weak economic conditions. As per the credit trends report from TransUnion, personal loans\u2019 volume of origination has grown 134% on a year-on-year basis. This speaks of the popularity of such loans in our country. However, it is one thing to be a borrower and another to be a smart borrower. Smart borrowers manage their personal loan EMI without adding much financial pressure.<\/p>\n\n\n\n

Here\nare five ways to plan personal loan EMI repayments smartly:<\/h2>\n\n\n\n

Manage\nyour expenses<\/h3>\n\n\n\n

The\nimportance of efficient cost management for financial adequacy cannot be\nstressed upon enough. No matter the stage or role in life, everyone must have a\nbudget planned and manage expenses to permit savings. Cut down discretionary\nexpenses such as online subscriptions, phone bills, fuel costs, dining out, etc.\nEven a small yet increasing savings rate can help to pay the personal loan EMIs\nwithout any hassles.<\/p>\n\n\n\n

Grow\nyour savings<\/h3>\n\n\n\n

Wise planners never let their money sit idle. If you have substantial savings in your accounts, invest them appropriately to earn interest and returns. You can choose fixed deposits or mutual funds<\/a> to allow your money to grow over time. The excess money or interest earned can be used to repay a personal loan.<\/p>\n\n\n\n

Plan\nrepayments in advance<\/h3>\n\n\n\n

There are many low interest personal loans available in the market. However, merely low interest would not suffice to ensure a timely repayment. You must plan your EMI structure carefully to ensure that you have sufficient funds and do not default paying the instalments. For calculating the EMI, you can use the personal loan EMI calculator<\/a> available online.<\/p>\n\n\n\n

Increase\nrepayments with an increase in income<\/h3>\n\n\n\n

The main goal of a wise borrower should be to repay the personal loan<\/a> as quickly as possible. If your job is such where you earn bonuses and commissions or get monthly over-payments, you can use the extra influx to pay a part of the loan before schedule. However, it is important to know of any prepayment clauses or penalties applicable to your loan to avoid extra costs.<\/p>\n\n\n\n

Consolidate\nor refinance<\/h3>\n\n\n\n

In\ncase you are struggling to repay a loan, you can ask the lender for\nrestructuring. Some institutions are happy to readjust interest rates, EMIs,\nand tenures as per your repayment capability. Moreover, you can opt to\nconsolidate several smaller loans into one big loan to enjoy lower interest. In\nother cases, you can choose to refinance your loan from a new lender. This is\npossible by transferring the loan to another lender that charges less interest\nand offers friendlier terms. <\/p>\n\n\n\n

Conclusion<\/strong><\/p>\n\n\n\n

As a borrower, missing out on EMI payments can cause a huge financial setback. Not only does it increase the burden for the following month, but also lowers your CIBIL score. Hence, loan repayment should always be a priority. You can check the personal loan eligibility<\/a> of Tata Capital and be assured of best-in-class services, consumer-friendly policies, and affordable interest rates.<\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

With a plethora of lenders available in the market today, borrowing money has become a viable and lucrative option. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":10688,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-10686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"\nWays to Plan Personal Loan EMI Repayment Smartly - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Repaying your personal loan on time helps build your creditworthiness. 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