Three easy tips to help you pay your personal loan EMIs on time

Posted by Kritika Jose on June 14th, 2018

Personal loans are the easiest way to provide for things that you cannot afford simply on your disposable income. You can pay for things like education, medical procedures and treatments, travelling, business expansion and even lavish weddings by taking personal loans.

Even though to get personal loan is super easy. You easily apply for personal loan online, while you’re sitting at work or at your dining table or while in bed and you can rest assured that your application will be processed and sanctioned within 24 hours. However, once you get the personal loan it can really affect your credit standing.

You credit score of CIBIL score is your credit standing, it tells banks and lenders whether you’re worthy or capable of paying back a loan. It is one of the first factors that is taken into consideration when you apply for any kind of loan. Things like too many quick personal loan applications, failure to pay EMIs on time or missing EMI payments all together can affect your loan application adversely.

If you’re seeking an easy personal loan, and don’t want your credit score to be badly affected by it, here’s what you should do.

1. Manage your finances properly: With so many expenses, bill payments and other things, it is very easy to lose track of how much you’re spending and where. The key to save money is good money management. Keep a track of all your expenses, create boards and spreadsheets and make sure you’re spending money only where you have to.
   
2. Get an EMI calculator for personal loan: Personal loan interest rates can be high, as a result EMIs are high too. Get an EMI calculator for your personal loan so that you know how much you need to pay every month in order to repay your personal loans.
   
3. Always have a rainy-day fund: A rainy fund are basically savings that you can fall back on when you have nothing left. If in a given month, there are too many unavoidable expenses, if you fall sick, or need to have a procedure done, need money to fix your car, or get some repair work done on your home due to a calamity, and because of that you are unable to pay your EMIs, you can fall back on this fund so that you don’t have to miss your EMI payments for that month.