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.