Four Tips to Reduce Your Personal Loan EMI

A personal loan has to be one of the most preferred financial tools available these days to help you manage and cover your urgent and needy expenses. You can get up to Rs.25 lakh quickly to cater to your needs super quick. 

If you have a robust CIBIL score, repayment and income record, you may also get the loan approval fast along with low interest personal loan. It may help you lower EMIs to manage other monthly expenses without stressing out. 

Many people don’t apply for a personal loan because they don’t want to pay higher EMI as the personal loan interest rates are a bit more due to its unsecured nature. There are some tips that can help you reduce your personal loan EMIs easily. Read on and discover more now!

Easy tips to help reduce your personal loan EMIs 

1. Go for loan with longer loan tenor 

The higher is your loan tenor, the lower will be your loan EMIs. It is because you would be able to spread the loan amount over a longer tenor. However, opting for a longer tenor also means interest being charged on the remaining amount for a long time. Hence, you need to be careful about choosing a longer tenor and should know the pros and cons of before increasing the loan duration. It may mean that you need to pay more than what you borrowed. 

2. Compare multiple deals online 

Shopping around for the best personal loan deals in the town may help you grab low interest personal loans. In turn, it may help you in paying a reduced EMI from the beginning only. You can land on a third-party website where all personal loan offers are listed and pick a deal that suits your needs and repayment capacity. 

3. Consider availing personal loan with your existing bank 

If you are already a bank’s customer, it may be a smart option to consider the same lender for opting for a personal loan. It may work in your favour if you have a good past relationship with the bank. It this case, it is very likely that you may be awarded low interest personal loans. As a result, you may be able to pay lower EMIs right from the beginning of your loan tenor. 

4. Negotiate with lender for lower personal loan interest rates 

Considering the above point when an individual has a good relationship with the bank, they may also be in a good position to negotiate with the bank. They should negotiate for giving lower personal loan interest rates. Banks may be willing to do that for their existing customers to retain them and attract more customers. Existing customers with higher creditworthiness may also ask and grab even low interest personal loans. 

A personal loan is quick to avail, but you should also look at the discussed factors to reduce the personal loan interest rates, leading to reduced EMI. You can also use the personal loan calculator to calculate the loan amount you are eligible for. 

If you are still not convinced, you can take help from a known financial expert to help you out. The leading lenders in India such as Bajaj Finserv come with many pre-approved deals on multiple financial products such as personal loans, home loans, and more. The purpose of such deals is to help you simplify the overall loan formalities by making things less time-consuming. 

You can check out your pre-approved loan deals right away by sharing a few of your basic credentials such as your name and mobile number.