Personal loans can help finance many needs, including medical emergencies, travel, or further studies. These loans are ideal because they are flexible and have relatively low-interest rates. Fullerton India offers an instant online personal loan that requires minimal documents and offers competitive interest rates.  The following are some of the ways you can reduce your EMI on a personal loan:

1. Right loan amount 

Finding the right loan amount is essential as taking a high loan and not being able to service it will affect your credit score. Understand your needs and expenses and choose the loan amount accordingly.

2. Appropriate loan tenure 

A longer tenure will ease the monthly EMIs and your personal loan status. However, longer tenure may be more expensive as you will pay more interest and be in debt longer. If you wish to pre-pay your loan, charges may apply. With lending institutions like Fullerton India, you can calculate such charges with their personal loan prepayment calculator.

3. Don’t default on personal loans. 

Keep checking your personal loan status to ensure you don’t default on your loan, which can also affect your credit score. Penalties will apply for defaulting on loans and affect your credibility on applications for future loans. 

4. Plan your loans before applying 

Using tools like Fullerton India’s personal loan prepayment calculator and EMI calculator, you can assess your payment plans and ability to pay your loans before applying. Planning your loans will save you time and help you choose the right lending institution.

 
Also Read: How Personal Loan EMI Calculator Helps in Easy Financial Planning