Loans occupy most of our lives. Be it credit debt, Personal Loans, Home Loans, Car Loans, Education Loan, etc. debt is always there today. But of course, they are there to fulfil our dreams some of which our regular income cannot fulfil. But that doesn’t mean you need to pay EMIs all your life!! Get rid of all the debt quickly and lead a more fulfilling and satisfied life! We will discuss how you can do just that!! India’s First Free Online Financial Advisory Moneymindz
1. Make sure your EMIs don’t burn a hole in your pocket
Before applying for a loan you have to ensure the EMIs(Equated Monthly Installment) don’t burn a hole in your pocket. You must be able to pay EMIs comfortably. If an EMI offered is sure to burn a hole in your pocket, forget that lender and his/her loan!! There are many others offering loans, go compare EMIs and select pocket-friendly EMIs. The foremost method to estimate your borrowing capacity is by determining the money you are left with after meeting your regular expenses such as savings, investments and taxes. Failing to pay EMIs on time negatively impacts your credit score.
2. Adaptable tenures
The tenure has to be flexible so that you aren’t pressured to pay high EMIs when you might be broke. If your income rises, your repayment capacity rises and vice versa. But if you find it hard to repay EMIs ask your lender to have your tenure increased so that your EMI becomes smaller. On the flip side, having more income means you can clear the debt quicker and avoid interest. India’s First Free On call Financial Advisory Moneymindz
3. Sufficient insurance for large loans
By taking a huge loan, adequate insurance cover will safeguard you from several risks that can negatively impact your loan repayment capacity if uncovered. For instance, if you have a loan and buy Term Insurance, and if you happen to leave this mortal world, the insurance company will pay the EMIs so that your family doesn’t have to worry about paying EMIs.
4. Shift the loan with ease
Interest rates don’t stay constant during the entire term. In such a scenario, do not hesitate to switch the loan to another lender to reduce your EMI load. But understand the merits and demerits of transferring loans. Know when and where you have to alter so that you benefit the most. Smart Financial Advisor, Kuber Mindz
5. Consolidate your debt
It’s arduous to manage multiple debts together, so try to consolidate everything into one. Maybe you can request your lender to consolidate all the loans into a single loan. Probably you can borrow money and clear all the different debts you owe, and then clear that one debt. Figure out what you can do.
For more information visit www.moneymindz.com or give a missed call to 022-62116588.