Skip to main content

HOW SMARTLY YOU CAN MANAGE YOUR LOANS?


Nowadays, life beyond means has become very common and getting credit to live an amazing life has become more convenient and easy. Most of the people want to live their life that their income don’t allow and overlook the dangers lurking behind their luxuries which results in taking multiple loans that can easily lead them into tricky debt situations. Well, now we will discuss some of the smart ways to manage the multiple loans at a time.

  • Follow ‘avalanche’ method: Layout the list of your debts according to their rates of interest. Make a plan to repay the biggest Emi of the loan whose interest rate is highest. Then after, continue paying regular installments on other loans. When the loan with highest rate of interest is paid off, create a plan to repay the next.
  • Increase your EMIs with hike in income: One of the easiest ways to manage your loan burden is to increase your monthly installments every time your income rises up. By increasing your installments, you are enable to cut the months or years off your loan tenure which saves a big chunk of money on interest too.
  • Extra income should always go towards repayment: In case, you receive any bonus or return on your investment, it may be tempting to spend it on bumping up your lifestyle but when you are already in debt, it would be a wise decision to utilize that money to reduce your loan burden. Many of the lenders in market allow you to pre-pay the loan without charging any penalty.
  • Consolidate your debt: These days, debt consolidation loans are one of the convenient methods to reduce your loan burden. Therefore, to pay off your existing multiple loans, consider taking a debt consolidation loan or "Apply For Personal Loan". Consolidating your debts not only saves the hassles of making large repayments but also reduces the interest outflow, making you able to pay off the loan faster.
  • Pay credit card dues in EMIs: Most of the credit card companies offer their customers a facility to pay their outstanding dues into easy monthly installments. Breaking your dues into smaller EMIs will provide you much needed breathing space to pay off your bills that suits your pocket. Moreover, interest charged on EMIs of credit card is lower compared to the interest rates charged on late repayments.
  • Ensure timely payments: Paying multiple installments to service your different loans at a time is bad enough and missing out the payments makes the matter worse enough and hits your credit score adversely. So, adopt a habit of making your monthly payments on time. You can also set up reminders on payments from your existing bank account.

With the smart ways mentioned above, you can manage your multiple loans better and can enjoy a debt free life. If you want to reduce your loan burden and considering a personal loan for debt consolidation, ShubhBank can help you. You can apply for any kind of loan at ShubhBank to fulfill your needs. 



Comments

Popular posts from this blog

HOW SHUBHBANK IS BEST FOR BUSINESS LOAN

In India, being a developing country every year many start-ups are launched and operated successfully. There are really a great number of young people who come up with an excellent business ideas every year. But most of businesses fail and the main reason behind it is the lack of funding. Nowadays, banks and other financial institutions become more stringent in the eligibility criteria to sanction a business loan. And to " Make Your Business Loan Successful "  you need to provide a stack of documents to the lender. Then the lender verifies your documents and takes 30 to 40 days to disburse the loan. So the parallel way of business funding is ShubhBank. Our aim is at funding your dying business but our way of functioning is different from other traditional lenders. We provide easy business loans for small and medium-scale enterprises with progressive vision. ShubhBank have different process of gauging the loan eligibility than traditional banks and financing compa

HOW TO OVERCOME A MONEY CRISIS AMID COVID-19 LOCKDOWN

    Nowadays, the coronavirus outbreak has affected our lives in countless ways. The deadly virus has made its presence felt in everyone’s personal and professional way such as from shopping groceries, socializing with people or commuting to workplace. It has also a negative impact on the country’s economy leading to widespread layoffs and pay cuts that have taken a toll on salaried individuals. If you are also a salaried employee and facing a loss of income then ShubhBank have stepped in with few options to guide you that how to overcome a money crisis amid " Covid-19 Lockdown " . We are happy to help you over this financial crunch by offering Loan against Insurance Policy and online Personal Loan to raise funds. Online Personal Loan: many banks and NBFCs have rolled out many personal loan offers for existing customers and who hold salary as well as pension accounts in their financial institutions in this lockdown period. You could also take the advantage of " Onl

GET A LOAN WITH LOW INTEREST RATE ON GOLD ORNAMENTS

In India, Gold has always been an asset that supports you in the need of an hour. If you have jewelry or ornaments or raw form of this valuable metal, you can simply borrow sufficient money by pledging it to the bank or money lender. The amount can be used for any purpose like marriage expense, purchase of property, investment in the business, construction of the home, education or to fulfill any other necessity.  " Gold Loan In India " is given by several banks, financial institution, or many lenders, you can choose as per your convenience. Each bank or money lender has its terms and conditions to give you the loan amount. Mostly you will get 80% value of gold ornaments. To know more about the Gold loan and its benefits, here are some key points you need to remember while applying for a gold loan. •    You can apply for the gold loan both online and offline. If you are applying online then make sure you have researched well. It helps you to be saved from fooled agencies by