5 Easy Tips to Pay Off Your Loan Amount Without Hassle

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5 Easy Tips to Pay Off Your Loan Amount Without
Hassle
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Separate Budget For EMIs
Once a loan is availed, it is your duty to ensure
EMIs are paid on time.
To avoid late payment fee and interest charges,
you can schedule your EMI debit or payment to
take place near to your date of salary credit so
that it is paid off first.
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Pay The Loans With Higher Rate Of Interest First
Each loan is priced or charged at a different
rate of interest. Generally, secured loans are
charged lower rate of interest than the unsecured
loans.
As the common logic goes, higher the rate of
interest, higher will be your EMIs. So, if you
have more than one loan, pay off the one with the
highest rate of interest first.
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Go In For Debt Consolidation Loans
Debt Consolidation Loans bring together various
loans with different rates of interest into one
single loan with a fixed rate of interest.
This reduces your financial burden and you can
save more..!
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Refinancing Your Loan
Refinancing your loan, especially the ones with
longer tenures or big amounts is a perfectly good
idea to ease your process of repayment.
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Prepay Your Loans
Prepaying your entire loan or even smaller
portions of the loan can save you considerable
amount.
This option particularly helps when the tenure is
longer or when the rate of interest charged is on
the higher end, which is true for home loans or
personal loans.
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