“The better way ensure success is by planing everything”. This philosophy is valid for all situations of life, even when it is about taking a loan. Taking a loan is normal but letting it turn into a burden is not okay! With the right kind of planning, you can avoid your loan from turning into a turmoil. How? Make a repayment strategy even before you plan to apply for a professional CA loan.
Now, here’s is an effective strategy you can follow to manage your CA loan EMI payments smoothly.
Try paying higher EMIs: The idea might sound strange, but it is really effective. The top-ranked financial experts suggest that it’s always a better idea to opt for higher EMI’s to reduce the repayment tenure. In this way, you pay lesser interest and settle your financial liabilities faster. Just make sure you don’t compromise on your other vital expenses while following this suggestion.
Choose the right repayment options: Some banks and NBFCs offer special repayment options which makes it easier for you to repay the loan. Something like Bajaj Finserv’s flexi loan facility which lets you choose how you want to repay the loan. You can choose to pay the interest as EMI first and settle the principal amount later.
Redirect your investments: If your investments are not generating income more than or equal to the interest you are paying against the loan, it’s always better to redirect your investment and prepay the loan. This helps you reduce the total payable amount.
