Outlook Money
Compile a list of your monthly expenses and divide them into spending groups, such as grocery and other household bills. Next, cut the expenditures wherever possible.
Setting up an autopay facility from your bank savings account is a great approach to ensure your loan repayments are made on time.
Besides the regular EMIs, try reducing the principal by paying an extra amount when possible, which, in turn, will reduce the interest outgo.
Refinancing can also help lower your loan burden. If you have a higher credit score, refinancing the loan shouldn’t be difficult.
Before signing a loan agreement, thoroughly review the terms and conditions, including the interest rates, repayment plan, costs, etc.
Compiled By Himani Verma