Worried about high EMIs? Here are some practical options you can consider to ease your monthly burden:
Make Prepayments whenever Possible
- Paying a portion of your loan early gives you a choice to either reduce EMI or tenure.
- Tenure reduction is wiser choice as it will help you save more on your loan’s overall interest cost.
- Go for lower EMIs only when you are struggling to repay your existing EMIs.
Note: Personal loans usually have a lock-in of one year after which you can make partial or full loan prepayments depending on the lender. Prepayments may also incur prepayment charges.
Transfer Your Personal Loan
- You can also consider transferring your personal loan to another lender offering lower interest rates.
- Some lenders may also offer you better terms like longer tenures, higher loan amount, etc. through personal loan balance transfer.
- Before opting for this facility, do a detailed cost-benefit analysis to ensure the amount you save on the interest is significantly higher than the costs* incurred during the loan transfer.
- Use our online personal loan EMI calculator to check how much you can save by reducing your EMIs before you opt for the balance transfer.
* Your existing lender may charge prepayment/foreclosure fees if the loan was availed at fixed interest rates. Additionally, the new lender may charge processing fee, administrative fee, etc. on the transferred loan.
