Unable to manage your loan repayment? Follow this!
Unarguably, we live in a world where one is torn apart in between enjoying life in the present times versus saving it up for a much secure and comfortable future? With long tenure years and bulky interest rates, at some point a strong sense of feeling kicks in when we feel that we have started living to repay these loans and not do anything that we genuinely like. It’s probably not the best position to be in.
What if we at SAVENSA Business Solutions Pvt. Ltd. could guide you in a way that you can enjoy both, living a stress free life as well as planning for a secure upcoming time? If your answer is yes, then you should ensure that you follow these steps below.
Use our EMI Calculator – we make it easy afterall!
Handling heavy calculations and numbers can be tedious task. We made it simple for you. Go to www.savensa.co.in/emi-calculator.html - enter your loan amount, tenure and interest rate. We give you a complete breakup of your loan EMI, total interest amount and total amount to be paid overall to your bank. If you still find it tough to get your head around these numeral figures, we also represent the same data in a pie chart format, to be able to understand the calculations in a fun way.
It’s essential to know what you are getting into, and this simple step can save you years of financial load.
Don’t miss your due date
PLAN. Plan your finances in such a way that you save up your X amount of money that you have to transfer to you bank. Missing these due dates is definitely not a good idea. This will have a considerable impact your credit score.
This will have an important role to play in your future finances and loan requirements. Right from your credit card applications to your travel plans, everything falls like a dominos with this one thing.
Go for higher EMI to lower your stress
You might be thinking “What did I just read?”. But think about it. If you recently got a promotion, you are at a position to pay a higher amount for your EMIs.
So increase the chunk of money you pay the bank, reduce your tenure, hence, in a bigger picture – the total payment that you make in an actual sense reduces a lot lesser. You will not get a feeling that you’re working endless hours just to repay these loans. You’ll actually live the moments of your life stress free!
You can also pre-pay your loans partially
Continuing our point 3, prepaying loans beforehand is another practice you can follow. This can happen when you receive a heavy amount at one stop, pay this off to the bank.
Benefit? Positive credit score and reduction of tenure. Some banks charge a minimal rate of partial pre-payment of the loan, which you can inquire with your concerned bank at the time of payment.
Even if you end up with just ₹ 2000 left before your payday, invest it. Make it a practice it save this amount as a minimal every month. Opt for the ones with a healthy interest rate. There are lot of players in the market who would give you peanuts for the money you give them. Choose wisely Invest small amounts first, get a hang of how the system works and go big.
For anything and everything else, please know we are just one call away. Feel free to call us on 8296 11 6666.