1. Go Digital
Look for the most profitable mode of interaction with the lender. Digitalization is quickly becoming a popular trend, and following it will have definite benefits. While apply for your taxi loan, try to go paperless, as this is favored by most new-age lenders. By opting for auto payment of your Uber/Ola loan, you ensure optimization of your time, attention, and efforts as well. Going paperless makes it easier for lenders too, as they don't have to undergo clumsy paperwork and billing, and thus loan repayment becomes a seamless experience for all. Opting for auto payment makes sure you do not miss your instalments, thus avoiding late fees/penalty charges.
2. Channel extra cash into repayment
It is a good idea to create a savings account and label it 'loan for taxi,' and invest additional savings into that account. This could total up to a considerable amount and bring you that much-needed relief during a particularly difficult month. Another option is to utilize the tools like Amazon sale and eBay on your phone to sell items you do not use any more, for that extra fodder for your loan repayment.
3. Try bi-weekly payments
Consider making bi-weekly taxi loan payments instead the usual EMIs. This helps you save on interest: Since you are paying more often, less interest will be aggregated. You end up shortening the time of your loan for taxi repayment. However, communicate to the bank about your intentions of bi-weekly payments, as some banks may have policies for penalizing early or extra payments.
4. Register under Ola/Uber pools
In case you find the maintenance and refueling of your taxi a bit too much, the best course is to register your vehicle under the Ola or Uber pools. They provide separate allowances for fuel and maintenance, and your daily earning won't be compromised. Ola recently launched a daily repayment program for their drivers, called "Ola Pragati." Under the scheme, SBI will offer car loans to drivers who work with Ola as a daily repayment scheme, as against the current practice of Equated Money Installment (EMI). This program will also give you the benefits of reducing your payment and faster clearance of the loan for taxi.
5. Free debt-counseling centers
Riding through busy streets with all the noise, fumes, and heat can easily put you in a nasty, frustrated frame of mind. To add to that, frequent and last minute changes implemented by the government on money, road, or tax policy will have a direct impact on you. To help you cope, you can approach a debt counseling center to handle the heat and pressure. These credit counseling centers offer you free/paid services on tackling debts. They can also help you to put better financial planning in place. Some of the credit counseling centers in India are Abhay by the Bank of India and Disha counseling center by the ICICI Bank, which give direction to people who are struggling to meet their repayment obligations. These services are free of cost to those who are in distress because of credit card and housing loan debts. They can prove to be equally handy if you are struggling to pay your loan for taxi.
A loan for taxi is unavoidable if you wish to invest in a radio taxi business; however, you do not need to carry the debt for too long. Making early and smart payments is the best way to repay your loan for taxi.
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