EMI of loan will be reduced, just have to do this work!
If you are a doctor, engineer, lawyer, chartered accountant or any other professional and you need some infrastructure to expand your practice. If you do not have money for this right now, then you do not need to worry. Any bank can easily give you a professional loan. Other financial institutions can also do this. This loan provides you flexibility in spending. That is, it does not put much restriction on where you have to spend its money. But its EMI can increase your worry. But by adopting some special strategies, you can reduce the burden of your EMI.
You can reduce your EMI by adopting these methods
Your credit score plays a big role in deciding the interest rate of your loan. So always keep your credit score high. Pay the EMI of all the previous loans on time. Refrain from over-utilizing your credit limit. Apart from this, always keep your credit score above 750.
If keeping the EMI low is your priority, then decide with the bank to repay the loan over a longer period. The longer your loan period is, the lower your EMI will be. If you take a loan of Rs 5 lakh at 12 percent interest rate for three years or for five years, then the EMI will definitely be lower in the loan taken for five years.
Negotiate with the bank for a lower interest rate
Negotiating with the bank for a lower interest rate can also prove to be helpful in reducing your EMI. For this, give reasons ranging from being a loyal customer to a clean credit history. Still, if the bank is not reducing the interest rate, then after the loan is sanctioned, get the loan refinanced from a bank that charges a favorable interest rate. Repaying a large part of the loan before time can also reduce your future EMI. Apart from this, trying the EMI calculator in different ways can also be beneficial for you.
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