Financial Blog

Re-payment of personal-loan without affecting your house budget

posted on 2019-07-30 10:28:50 by Admin

Re-payment of personal loan could be a hectic job for fixed salary individuals as it needs a dedication to save a particular amount from your monthly salary to pay your debts of loan. You can take care of so many basic things so that you can do the re-payment of your personal loan timely without affecting your budget.

Tips and Tricks for the re-payment of personal loan without affecting the budget

  1. Firstly set a monthly reminder to avoid the late payment fees on your persona-loan EMI.
  2. Use no-cost EMI options to buy new products. It will help you in controlling your monthly expenses.
  3. Try to buy products from an online store with cashback and discount offers.
  4. Borrow money from your friends if your salary is late to pay your EMI on time to avoid late payment fees. Don’t forget to re-pay the money of your friend on the arrival of a salary.
  5. Use your credit card to pay the personal loan EMI if there is no money in your account. It will save your late payment fees charge.
  6. Buy only daily use things; don’t buy branded products until you have fully paid the personal loan amount.
  7. Never try to take multiple loans simultaneously.
  8. Make a budget before expanding the personal loan amount about re-payment planning and expenses.
  9. Always compare the personal loan plans of all the banks to get personal-loan at minimum interest rate.
  10. Focus on your savings and use a different account other than your salary account for saving purposes only. Use it as backup money in an emergency only or to make your loans EMI in the condition of low payment to avoid fines and GST on it.

What happed if you don’t pay your personal loan EMI on time?

Things which can be happened by not paying the personal loan EMI on time are:

  1. Paying your personal-loan EMIs on time is very important because the late fee charge will increase your debt amount only.
  2. Banks can deduct the EMI or pending loan amount from your account without any prior notification.
  3. Not paying the EMI of your personal-loan on time can reduce your credit score or CIBIL score and can affect your bank history.
  4. You will face the late payment charges on your next statement.
  5. After the first month, you will receive the back to back calls from the collection team to pay your EMIs.
  6. Every bank has different criteria to collect money. The collection team can visit your home if there is no response from your side on calls or email.