How To Manage Your EMIs of Multiple Loans

Availing a loan in today’s time has become far easier than before, even the terms are now not as stringent as before. This has made people take multiple loans for their personal use and poor management of their personal loan EMIs lands them in a lot of financial pressure. Thus, it is important to manage EMIs in order to avoid situations of debt trap or financial pressure.

Follow these tips:

1. Use the Personal loan EMI calculator to understand whether you can pay the monthly instalment of the chosen loan amount. Also, it is used as an eligibility checker for the loan you plan to apply.
2. Chose the tenure of the loan on the basis of how you want to manage your debt, the situation behind the decision to take a loan and the monthly EMIs burden you can handle. 
3. Keep the EMIs in check so that it should never exceed 50% of your monthly salary. 
4. Repay your loan whenever possible such as in case of sudden cash inflow due to gifts, bonus etc. 
5. Keep a regular track of your credit score. Plan to build and maintain a good credit score by proper debt management. 
6. Avoid any delay or missed payment of EMIs. In addition to penalty or fee, it also hampers credit score and future loan prospects greatly.

Also Read: Manage Personal Loan EMI Payments with These Tips