How to minimise EMIs burden on personal loans

There are several ways you can minimize the burden of EMIs on personal loans:

Try to borrow only as much as you need: Borrowing more than you need can increase your EMIs and overall interest paid on the loan.

Choose a longer loan tenure: A longer loan tenure will result in lower EMIs, but you will end up paying more in interest over the life of the loan.

Shop around for the best interest rates: Different lenders may offer different interest rates on personal loans. Shopping around and negotiating for a lower rate can help lower your EMIs.

Consider a secured loan: If you have collateral such as a car or property, you may be able to get a secured loan at a lower interest rate. This can help reduce your EMIs.

Make extra payments: If you can afford it, making extra payments towards your loan can help reduce your overall interest paid and lower your EMIs.

Consider a balance transfer: If you have a high-interest personal loan, you may be able to save money by transferring the balance to a credit card with a lower interest rate. Just be aware that balance transfer credit cards usually charge a transfer fee.

Consider refinancing: If your credit score has improved since you took out the loan, you may be able to refinance your personal loan at a lower interest rate. This can lower your EMIs.

Try to reduce your other expenses: By cutting back on non-essential expenses and increasing your income, you may be able to free up more money to put towards your loan and reduce the burden of your EMIs.