Personal loans are a great solution for getting the cash one needs fast. Personal loans are normally given to borrowers to meet their short term needs for expenses that cannot be met by savings or regular income. These could be emergency expenses or expenses that must be paid at once.

However, when it comes to repaying the loan, borrowers can pay the amount in EMIs for the entire loan period, or if they have sufficient cash, they can prepay the loan as the whole amount or make part payment of personal loan. 

Paying a significant sum in interest every year until the term finishes might be burdensome, specifically if borrowers have selected a long time. This is because longer loan terms contribute to higher interest payments, even though the rates are lower. 

• The goal is to pay off the entire loan early to benefit from paying less interest. If keeping idle cash or investing it elsewhere makes a borrower less money than the interest they pay on their personal loan, it is better to pay it off. 
• Part payments work because they reduce the amount of unpaid principal, which lowers the EMIs and the interest amount borrowers pay. However, keep in mind that it only helps if they make a large quantity of lumpsum money as part payment. 
• Further, making complete prepayments can improve the credit score in the long run. That is because the person paid off the debt early. 
• Being debt-free has numerous benefits. It leads to a stress-free existence, allows to achieve financial independence sooner, lowers the risk of financial failure, and gives more extra income.

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With Fullerton India, obtaining a personal loan is straightforward and quick. The process is digital, with rapid approval, competitive pricing, easy personal loan eligibility criteria and little paperwork.