Do you want to apply for a personal loan and don’t want to pay a large EMI per month hampering your monthly outlays? If yes, then you can find many reliable ways to lessen the EMI burden on your expenses. Let’s know more about some ways you can do it!
1. Go for a longer tenor
If you choose a longer loan tenor, then it means stretching your loan amount and paying reduced EMIs. You can use the personal loan calculator such as the EMI calculator to check an amount that will be payable if you select a longer tenor.
2. Negotiate with a lender
If you want to pay smaller EMIs, then you can negotiate with a lender to provide you with the lower interest. If you work for a reputed company and draw a higher income, then it may convince your lender about your repayment capacity and hence; may be allowed for a lower rate of interest.
3. Apply with an existing lender
Applying for a personal loan with a known lender may help you get lower interest based on your relationship that you share with the lender for years.
4. Make extra EMI payments
During the course of your tenor, try making 1-2 extra EMI other than the regular ones. It will help you reduce the EMI amount as well as the interest rate. You can use the personal loan calculator like the EMI calculator again to know your new EMI amount.
5. Opt for part pre-payment
You should try making part pre-payment towards your ongoing loan if you get a Salary raise or bonus. It will significantly reduce your EMIs burden and help you breathe easy.
Other than relying on these discussed factors that can help you lessen the EMIs, you can also consider comparing all personal loan deals beforehand.
This way, you can help yourself choose the best deals meeting your needs and matching your repayment capability.