Personal loans are unsecured credits that customers avail to meet several financial necessities. Such loans, offered by financial companies, have a flexible tenor of up to 60 months, i.e. 5 years. Individuals opting for quick personal loans often apply for an extended tenor of 5 years so that the equated monthly instalments (EMIs) are reduced thereby putting minimal financial strain over an individual. However, customers may accumulate surplus funds at a later point in time and may wish to pay off the loan quickly. In such situations, they can consider the below-mentioned pointers and quickly repay their loan. Ways to repay personal loans quickly 1. Opt for short tenor Consider opting for a personal loan with a short tenor so that it takes less time to pay off the credit. However, opting for a short tenor will have a direct impact on the EMIs as it will increase. Customers should choose for this option if they have enough funds to repay loan EMIs, keeping other financial obligations aside. 2. Part-prepay the loan In case a customer has surplus funds, it can be used to make part-prepayment of the loan balance. This will help in reduced financial burden over a customer as either the loan tenor will be reduced or the EMIs, depending upon one’s requirement. However, financial companies may charge an additional fee to make part-prepayment of their loan. 3. Make full prepayment of loan Paying the outstanding loan balance in full can be considered if a customer has enough funds in their account. They can opt for foreclosure of their quick personal loan by paying off the entire outstanding balance. This not only helps them save on the total outgo but also from the hassles of keeping track of EMIs. 4. Balance transfer In case a customer receives a better quote of a personal loan with a relatively lower rate of interest, opting for balance transfer can be a wise decision. Even if the financial company charges a balance transfer fee, the reduced personal loan interest rate will help decrease the EMIs and the total cost of loan. Customers availing a quick personal loan and looking for ways to repay it fast can consider these pointers and reduce the total payable interest for the loan. Get answers to your queries instantly related to personal loan, anytime and anywhere Contact Bajaj Finserv Customer Care Number. Additional Read: Repay Your Personal Loan Quickly
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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. |