In recent times, the significance of a quick personal loan has surged big time. It is because not only it is easier to apply, but you also get to enjoy a higher loan amount. A leading lender can sanction up to Rs.25 lakh that you can use without restrictions as per your loan eligibility. It is also possible to repay the loan amount over a period ranging up to 60 months. But if you are looking for a quick personal loan and want to know ways to repay it fast, then this short post is for you! 1. Try paying 1-2 EMIs extra every year If you can afford, then you should try to pay extra 1-2 EMIs other than the 12 EMIs in a year. This way, you will be able to repay the loan fast. Also, your interest and EMI amount will get reduced. You can use the Salary hike that you can per year to make way for extra payments. 2. Make prepayments Whenever you save some money or get ROI on some assets, you can use the amount to make prepayments. In turn, it will help you lessen the burden of interest charges and let you pay lower EMIs. Leading lenders won’t charge an amount if you make some prepayments during the course of the quick personal loan repayment. 3. Go for a debt consolidation loan if you have many EMIs to pay If you are involved in paying a large part of your income in clearing EMIs, then you can apply for a debt consolidation loan. It will help you save big as you will only need to pay 1 EMI in a month. By following these easy tips, you will be able to clear the burden of the personal loan and more sooner than expected! Additional Read: Know The Process To Repay Your Personal Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |