Outlook Money
Prepare a statement of monthly expenses, find ways to reduce them, and cap the monthly expenditure. Save the balance amount from income for pre-payment.
Utilise the auto payment facility banks provide to repay equated monthly instalments (EMIs) on time.
If possible, make an advance payment to reduce the principal and, in turn, the interest outgo, enabling a faster loan closure.
Consider refinancing the loan if the interest rate drops to save on interest and overall loan burden.
Read all the details carefully to ensure no unnecessary charges are levied on you due to pre-payment, late payment, interest rate changes, etc.
Compiled By Manas Malhotra