3 Tips For Managing Your Personal Loans

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Personal loans are offered for not any specific purposes like buying house, buying gold or education. If you have any emergency need to get the money for meeting your medical expenses or any kind of expense. It is easy to get the personal loans if you are getting the monthly salary. But, it is expensive to get personal loans. The halvin pikavippi is that many people not aware that personal loans are costly and you will have to pay more interest amount compare to other type of loans.

  1. Jewellery Loans

You can get the gold loans for the less interest rates in some of the banks. For example, if you get the gold loans from the corporate banks because you or your father is the regular customer, they will give you the loans against your Jewellery. The interest rates would be lower then the personal loans. In that case, get that loan and repay your outstanding personal loans.

  1. Take Loans for Short Tenure

It is very common assumption among the loan buyers that taking the loan for long period would reduce their EMI outgo.  But, they are not aware or giving less important for how much interest amount they are paying for each EMI installment.  You can look into the EMI schedule from your bank statements, the proportion of the Principal and Interest for each month. In the initial period, the interest amount will be higher than the Principal part.

  1. Avoid taking the Personal Loans

Before taking the personal loans, think twice and discuss with your family whether you can manage without applying for the personal loans. If you have fixed deposit or shares, you can close it and pay your loans. Because, the returns you got from these investments may be less than the loans interest rates. If you have long term investment for your child or family, dont close it. It all depends on your personal financial strength and decision.