Financial is needed in every aspect of life, and it is not possible to fulfil all the needs from savings. Most of us are so caught up with our daily lives that we forget to give priority to financial budgeting. Often when the budget isn’t fixed, you miss out on loan repayments, due-date of your credit card bill payment, and might even overspend were not required. These lead to a negative impact on your credit score which is affected with even a single EMI being missed. Having a good CIBIL is very important as it decides your creditworthiness and also forms the basis for future loans.
We have to take loans to meet our financial requirements, which can be either home loan, car loan, a business loan or a personal loan. In case of any emergency requirements, personal loans come as a saviour as it is unsecured and can be easily availed as per your needs. Though getting a loan to meet your requirements seems like a boon, but repaying isn’t all that easy and comfortable. You require proper management of your money & finances to pay the EMIs on time.
Manage your Personal Loan EMI effectively –
Once the loan is availed, the repayment often seems stressful, be it for the EMI or credit card payments. Hence, it is important to efficiently manage your finances and this can be easily done if you follow a financially disciplined life.
- Before applying for a personal loan, it is advised to use a Personal Loan EMI Calculator to calculate your personal loan EMIs. This is readily available on all the banking and NBFCs sites. It gives a clear idea in advance about how much your loan will cost you monthly. You can check for yourself whether you can afford it or not? If you are unable to pay that amount monthly, it is suggested to not go for higher loans. Apply for the loan amount wisely, as it should fulfil within your budget range and you can repay easily.
- Keep a budget plan where the sum total of all the EMIs and repayments should not be more than 50% of your monthly income. You should always have enough left from your salary, after having paid all the EMIs, that you can manage the other necessities for the entire month.
- It is strongly recommended to do thorough research whether it be online or offline before going for a personal loan. The rates by different banks are available online which has made it even easier to compare. Choose your lender accordingly and as a smart borrower select your loan wisely according to your needs.
- A good credit score can help you to get a loan at a comparatively low-interest rate and with good offers. The low-interest-rate will lead to low EMI hence more beneficial. So, maintaining a good CIBIL Score is essential so that you can get a loan at a low-interest rate.
- When planning your monthly budget, it is always advisable to save for a rainy day. There might be instances where there is an unavoidable unexpected expenditure, which might affect your financial plans and hence your repayments. For e.g. any medical emergency, or sudden hike in fuel prices or any unexpected hobby class which your child wants to go for. In situations, you need to have some buffer money or a contingency fund. If you have to meet these expenses and are unable to pay your EMIs and default, it can cause a drop in your credit score.
Don’t delay or ever miss an EMI! Paying the EMIs on time is very important. Any delay or missing an EMI payment can also result in you having to pay extra charges and penalties apart from your credit score being negatively affected.
Financial is needed in every aspect of life, and it is not possible to fulfil all the needs from savings. Most of us are so caught up with our daily lives that we forget to give priority to financial budgeting. Often when the budget isn’t fixed, you miss out on loan repayments, due-date of your credit card bill payment, and might even overspend were not required. These lead to a negative impact on your credit score which is affected with even a single EMI being missed. Having a good CIBIL is very important as it decides your creditworthiness and also forms the basis for future loans.
We have to take loans to meet our financial requirements, which can be either home loan, car loan, a business loan or a personal loan. In case of any emergency requirements, personal loans come as a saviour as it is unsecured and can be easily availed as per your needs. Though getting a loan to meet your requirements seems like a boon, but repaying isn’t all that easy and comfortable. You require proper management of your money & finances to pay the EMIs on time.
Manage your Personal Loan EMI effectively –
Once the loan is availed, the repayments often seem stressful, be it for the EMI or credit card payments. Hence, it is important to efficiently manage your finances and this can be easily done if you follow a financially disciplined life.
- Before applying for a personal loan, it is advised to use a Personal Loan EMI Calculator to calculate your personal loan EMIs. This is readily available on all the banking and NBFCs sites. It gives a clear idea in advance about how much your loan will cost you monthly. You can check for yourself whether you can afford it or not? If you are unable to pay that amount monthly, it is suggested to not go for higher loans. Apply for the loan amount wisely, as it should fulfil within your budget range and you can repay easily.
- Keep a budget plan where the sum total of all the EMIs and repayments should not be more than 50% of your monthly income. You should always have enough left from your salary, after having paid all the EMIs, that you can manage the other necessities for the entire month.
- It is strongly recommended to do thorough research whether it be online or offline before going for a personal loan. The rates by different banks are available online which has made it even easier to compare. Choose your lender accordingly and as a smart borrower select your loan wisely according to your needs.
- A good credit score can help you to get a loan at the comparatively low-interest rate and with good offers. The low-interest-rate will lead to low EMI hence more beneficial. So, maintaining a good CIBIL Score is essential so that you can get a loan at a low-interest rate.
- When planning your monthly budget, it is always advisable to save for a rainy day. There might be instances where there is an unavoidable unexpected expenditure, which might affect your financial plans and hence your repayments. For e.g. any medical emergency, or sudden hike in fuel prices or any unexpected hobby class which your child wants to go for. In situations, you need to have some buffer money or a contingency fund. If you have to meet these expenses and are unable to pay your EMIs and default, it can cause a drop in your credit score.
- Don’t delay or ever miss an EMI! Paying the EMIs on time is very important. Any delay or missing an EMI payment can also result in you having to pay extra charges and penalties apart from your credit score being negatively affected.
