Tips to reduce your personal loan EMIs - Bajaj Finance Limited (2024)

FAQs

Tips to reduce your personal loan EMIs - Bajaj Finance Limited? ›

Part-prepay your personal loan:

Increase your repayment tenure

If you choose a longer tenure, the total due amount is divided into equal payments over a longer time period. This brings down the EMI that you have to pay each month. While increasing the loan tenure can decrease your EMI amount, you will pay a larger amount of interest overall.

Can I lower my monthly personal loan payment? You'll pay less for your personal loan as a whole if you refinance and are able to secure a lower interest rate. Lower minimum monthly payments are offered when refinancing to a longer loan term.

Grounding dissipates electromagnetic interference through a safe path to the ground, which can help to reduce your device's emissions. Shielding. Using conductive or magnetic materials to encase electronic components and circuits in your device can also help to reduce EMI.

Electromagnetic interference (EMI) is a phenomenon that occurs when the operation of an electronic device is disturbed by an electromagnetic (EM) field and typically occurs when the device is close to an EM field, which disrupts the radio frequency spectrum.

Can I Lower My Monthly Personal Loan Payment? You can lower a monthly personal loan payment if you qualify for a lower interest rate or choose a longer repayment term. However, choosing a longer repayment term without a lower interest rate can cost you significantly more interest over time.

First, you can contact your loan provider and ask whether you can bring down the payments. Lenders may be able to provide support, such as a payment holiday or a period of reduced payments or reduced interest, or a repayment plan.

There are two strategies that you can use to lower personal loan payments. The first option is to extend your repayment term and repay what you owe over a longer period, and the second is to utilise debt management services such as debt review to reduce your monthly repayment.

Can I negotiate my personal loan? ›

Over the loan tenure, you may be able to save money by negotiating a lower interest rate on a personal loan. It's imperative to assess the most affordable rates available and attempt to convince the lender to provide a reduced annual percentage rate (APR).

Personal loan APRs typically run from 6% to 36%, but the average rate depends on the loan length and amount, as well as the applicant's credit score, income and outstanding debts.

One smart way to do is to make regular partial-prepayments. Prepaying your principal reduces the interest charged on the loan. You can use the home loan part prepayment calculator to calculate exactly how much you can save with each payment.

Speak to your lender and discuss the options to reduce the EMI by increasing the tenure. Consider taking a top-up loan to manage your finances, provided you've not defaulted on EMI payments already. Plan your finances efficiently at the time of taking the loan, e.g., choose higher tenures for affordable EMIs.

Types of arrangements that can be made: Extend the repayment term of your loan to reduce your monthly instalment. Spread your arrears over the term of your contract. Freeze your instalment for a short period.

Yes, you can pay your EMI in advance - up to 5 days before your due date. For example, if your due date is the 2nd of the next month, you can pay your EMI in advance, as early as by the 27th of this month (considering a month of 30 days).