Skip to main content

HOW TO PAY OFF YOUR EMI’S WISELY?

The subsequent COVID-19 outbreak has introduced some unique challenges to every sphere of life as people are suffering from this deadly virus and financial crisis caused by shutting off the business world. As all knows that funding is utmost for lifecycle and one of the key factors are loans that helps every individual from any income group to arrange the funds for every small and big need. Most of the people "Apply For Loan" these days either for personal or professional needs and this lockdown has hammered every person’s savings and money rotation. Thus, people are suffering from paying late EMIs, opting for moratoriums which may in return lead to a debt trap.

Many have struggling to pay their timely installments in recent times. If you are one of them, then this article will surely help you to tide over the financial crisis. We have mentioned few tips that would ensure you to pay off your EMI wisely without an inconvenience and shed off your financial stress.

  • Research and Compare Loans: Most of the lenders lure customers with different loan offering leading the borrower’s temptations high to secure the loan for a slightest financial crunch without thinking whether it is possible to pay it back timely. One should not forget that any big or small borrowed amount needed to be paid back in a disciplined manner, so one must think about the consequences of not paying back the loan amount in some unfortunate incidents such as job loss or medical emergency which may hinder your repayment capacity. Therefore, always research and compare the lenders and loan offerings that can be repaid easily.
  • Plan your Expenses: Well, planning hold the key when it comes to financial matters or budget. It is good to lay out a monthly budget so that you don’t spend a single penny unnecessarily till the time you have settled all your repayments. Cut down on unnecessary spending and save those funds to repay the loan first.
  • Save for uncertain times: There are uncertain times in everyone’s life when one would not have the enough funds to repay the monthly installments. In such unfortunate times, securing an emergency fund would prove to be a masterstroke. It will let you not to default on loan EMIs despite running short on cash. It is necessary to maintain an emergency reserve for five to six months which would enable you to tide over the tough times when one would not have ample amount of cash to repay the EMIs.
  • Invest in Mutual Funds: The investments in mutual funds for longer time can bring you smart returns. The funds from this investment can play a key role at the time of financial crisis and help you to repay the loan EMIs with ease.

You can avail a loan from ShubhBank for any of your need at the least possible interest rates from the leading lenders across India which may benefit you with flexible repayment options and lowest possible EMI to make your loan journey stress-free.


Labels:

Comments

Post a Comment

Popular posts from this blog

A COMPREHENSIVE GUIDE TO APPLYING FOR A USED CAR LOAN ONLINE

In today's fast-paced world, possessing a car isn't simply an extravagance but a need. For many, a used car is a magnificent choice to satisfy their transportation needs without breaking the bank. Notwithstanding, financing a used car purchase could appear to be daunting. Fortunately, to apply for a used car loan online has become a convenient and accessible choice. Here is a comprehensive guide to navigating the process without a hitch. Understanding Used Car Loans Before jumping into the application process, it's crucial to grasp the fundamentals of used car loans. These loans are specifically designed for purchasing pre-owned vehicles. Lenders offer varying terms and interest rates based on factors like credit history, upfront installment, and the vehicle's age and condition. Preparing for the Application 1. Know Your Budget: Decide your budget by assessing your financial situation. Consider factors like a month-to-month income, existing expenses, and potential init...
Post a Comment
Read more

A COMPREHENSIVE GUIDE TO AVAILING A LOAN ONLINE

In today's fast-paced world, the ability to get financial assistance rapidly and helpfully has turned into a need for many. While, you " AVAIL A LOAN ONLINE " offers a seamless answer for meeting various financial requirements, whether it's for education, starting a business, or dealing with startling expenses. Here is a comprehensive guide to navigating the process successfully. Understanding Loan Options Prior to plunging into the online loan application process, it's crucial to understand the sorts of loans available. Whether it's personal loans, business loans, or mortgages, each fills various needs and accompanies varying interest rates and repayment terms. Assess your requirements and financial situation to decide the most suitable loan type. Research and Comparison Whenever you've recognized the kind of loan you require, research various lenders. Various financial foundations, banks, and online lenders offer loans. Compare interest rates, repaymen...
Post a Comment
Read more

GUIDE TO BUYING A USED CAR: FIGURING OUT INTEREST RATES

As of now, in the fast-paced universe of today, possessing a car is neither a luxury nor a need. While considering the practicality of purchasing a used car, the vast majority of individuals arrive at this resolution. In any case, financing such a purchase can be troublesome. This blog aims to impart information regarding the intricacies of used car loans, with a particular emphasis on the critical component of interest rates. What is a Used Car Loan? A " Used Car Loan " is a financial product designed to assist individuals with the expense of purchasing cars. A used car loan, in contrast to a conventional car loan for another vehicle, is designed to accommodate the extraordinary circumstances associated with purchasing a used automobile. Factors Influencing Used Car Loan Interest Rates 1. Credit Score: An essential part of loan applications, the credit score significantly impacts the interest rate determination process. Individuals must maintain a decent credit history bec...
Post a Comment
Read more