Skip to main content

HOW TO MANAGE YOUR MULTIPLE LOANS EFFECTIVELY?



Nowadays, it’s common for people to borrow multiple loans to fulfill their different needs. An army of people acquires home loan with car loan as well as personal loan as borrowers have a wide range of loan options with number of lenders present in the market who offer competitive interest rates allowing the customers to avail loans easily and quickly.

Sometimes, multiple loans can be stressful but that doesn’t mean that you will end up in debt trap when you "Apply For Loan". You can keep your loan burden from spinning out of your control and gradually repay the all with good financial management. In this article, we will take a dig at some methods that you can use to manage the multiple loans.

  • Manage it properly: First of all, ensure yourself that all your monthly installments are on level that will not mess up with your other financial obligations. Be wise and never allot more than 40% of your earnings to your loan EMIs. One can make a use of online EMI calculators to plan their loans and their ability to manage them properly.
  • Timely repayments: Always remember that if you default on single loan or multiple loans, the consequences for both the cases are same which means your credit score suffers negatively. So make sure to pay all your installments on fixed date and never apply for new loan to pay a pending one as it will be a perfect recipe for debt trap. If you are having any trouble to repay the EMIs then ask your lender to extend your tenure and reduce the EMI.

  • Prioritize the EMIs with high rates: It is best to pay off the EMIs of the loans that come with high interest rates such as Personal Loan and then your credit card bills because defaults on credit card dues and personal loan can have significant effect on your CIBIL lowering it from time to time. Therefore, you must prioritize your EMIs with high interest rates.
  • Keep an eye on your expenses: It is good to watch where you are spending your hard earned money so that you can set aside the required funds for paying off the EMIs of your loans. Make a list of your expenses and plan a monthly budget and classify the list as essential and non-essential. It is best to meet your top priority expenses to save a lot of funds to repay your loans sooner.
  • Get a debt consolidation loan: Availing a debt consolidation loan and paying all your debts into a single source can be ideal strategy to get rid off debts from different sources. Thus, one can "Apply For Loan Online" or offline if you have good repayment history and high credit score. Lender will consider some factors such as employment status, credit profile and repayment history before sanctioning you a loan.

Hence, having multiple loans simultaneously can’t be a bad thing but following such strategies can help you to manage your finances in a better way. One can live a stress and debt free life with smart planning and little efforts to manage multiple loans effectively.


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

WHICH FINANCIAL HABITS CAN BE GOOD FOR NEW YEAR?

Nowadays, gaining a financial freedom is a primary goal of many people which generally means investments generating higher returns, enough savings and ample amount of cash to upgrade their lifestyle or to face any financial emergency. Everyone wants a financial planning which could lead them to pursue desired career and to retire stress free by earning certain amount every year. Hence, we are stepping into 2022; here we have mentioned some good financial habits to follow this coming year: Update the Financial Plan:  It would be the best financial decision to make a plan for your money but creating a plan is not enough, one should make sure to update his/her financial plan regularly that can improve your today and tomorrow’s financial life. Therefore, just update your plan to navigate your financial decisions without any stress. Invest in good habits:  People who possess certain money attitudes which help them to achieve financial success. There are not any secret strategies or investin

HOW TO ENSURE YOUR DOCUMENTS ARE SAFE WITH LENDER?

Nowadays, loan is a go to debt consolidation tool that come handy while financial crunch, planning a business expansion and upgrade or fueling up the expenses that arises sudden of any emergency. Most of the people apply for a loan as they are easily available online on different digital lending platforms. A number of lenders with the help of digitalization have made these loan schemes easy to avail and make it sure to provide you the liquid funds within few minutes. However, it has been an easy process now but a plethora of queries come around authentic lenders whether it’s about safety of personal details and cyber security. Here, we help you to understand what lenders need in hand to process a loan application and how secure it is to provide your data and documents to a lending institute. Nevertheless, you take precautions; the risk regarding your personal information may prevail. We have formulated this blog post to impart the necessary information regarding the authenticity of the