The most expensive loan is a personal loan. The surprising thing is that most people take personal loans.
Personal loan proves to be very helpful to meet your needs or in emergencies. There is no guarantee in this. Apart from this, it is also easily available compared to other loans. However, in this, EMI has to be paid at the highest interest rate.
In such a situation, we find many solutions on how to reduce EMI. Today we will tell you about some ways with the help of which you can also reduce your EMI burden.
Choose loan wisely
Many times people take personal loans for some such purposes, where they can take another cheaper loan in place of the personal loan. Personal loans are easily available, which is why many people select it.
For example, if you are thinking of taking a loan to repair your house, then you should only take a home loan. If you take a personal loan for this, it will cost you very expensive.
How to reduce EMI after taking a loan
If you have a personal loan and are troubled by EMIs, then you have the option to shift the loan. You can avail the benefit of lower interest by shifting your loan to another bank.
Apart from this, you can select Loan Prepayment. In loan prepayment, the principal amount of your loan gets reduced and along with reducing the EMI ratio, the tenure of the loan will also get reduced.
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