Personal Loan Foreclosure: Nowadays taking personal loan has become common, whether it is studies, marriage, treatment or home repair. But if you want too much money not to go to interest and your credit score is also good, then it can be a sensible decision to deal with the loan a little early.
According to financial experts, it is not enough to fill EMI on time. If the bonus or tax refund is found, then the loan should also be paid. Or filling a little extra EMI can also be a good option. This can reduce the burden of interest and loan time significantly. And you can get debt -ridden quickly.
Let’s know the five easy ways by which you can repay your personal loan immediately:
1. When you get a chance, pay more
You try to fill a little more than the EMI that goes every month. Due to this, there is a chance of ending the loan quickly. With this you will also have to pay less interest. If you fill two or four thousand rupees extra in a month after your financial condition improves, then there will be a lot of savings in a long time.
2. Choose Loan Balance Transfer option
If the interest on your old loan is very high, then you can get it transferred to a bank or finance company that is taking less interest. For this, take advice from someone knowledgeable. This will also reduce your monthly EMI and will also have to pay reduced total interest.
3. If more money comes, put it directly in loan
If you get a bonus, tax refund comes or increases salary, then instead of spending the money here and there, put it directly into the principal amount of your loan. This will reduce your debt quickly and will also reduce interest.
4. Mix many debt in one
If many of your loans are running, then you can take a new loan by mixing them all, which often has a low interest rate. This will also end the hassle of making separate payment every month and the total interest will also be reduced.
5. Talk to the bankers
Talk openly to your bank or whichever loan is taken. Maybe he can listen to you and do the terms of the loan a little according to you. If your record is good, then they can also adjust the interest rate or EMI a little.
Talking about the government, the Reserve Bank of India (RBI) also keeps instructing banks and finance companies that everything should be fine in terms of loan. For example, if the RBI guidelines are that if someone takes a loan at an individual floating rate, then the foreclose charge should not be charged. This will bring more transparency in the system.
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