> 4 Powerful Tips To Manage Your Personal Loan EMI Payments
Manage Your Personal Loan EMI Payments
4 Powerful Tips To Help You Better Manage Your Personal Loan EMI Payments
Shiv Nanda
Apr 28 • 2 mins read

4 Powerful Tips To Help You Better Manage Your Personal Loan EMI Payments

2 mins read

Congratulations, your personal loan got approved!

But don’t let down your guard just yet. Now, you need to be diligent in making timely EMIrepayments as well. Delayed repayments can result in late payment charges and, worse, mess up your CIBIL score, making it difficult for you to get a loan in the future.

In this article, we share with you 4 powerful tips to help you manage your personal loan EMI payments.

Tip # 1: Prepare a monthly budget:

You need to start practicing financial discipline in your life and make specific lifestyle changes to ensure that your monthly budget can support your loan EMIs. If you’re married, sit with your spouse and make a list of your monthly income and expenses. Find out which expenses can be cut down. Explore any new income avenues like freelancing, etc. if needed. You should target to have an adequate surplus every month to pay off the EMI after considering the expenses.

Tip # 2: Set regular reminders for your payments:

In your busy lives, there is every chance you might miss the EMI due date. To avoid this possibility, set a reminder in advance and try to pay 2-3 days before the due date. This will help you avoid any technical glitches or personal emergencies on the due date. An even better option is to set regular EMI payments from your bank account. That way, the money will get auto-debited from your bank account on the selected date without any action on your part.

Tip # 3: Re-structure/consolidate your loan(s):

Ideally, you should think through the right loan amount and tenure when signing up for the loan. However, if you find it difficult to pay your EMI amount after signing up, speak to your lender to adjust the terms of the loan by increasing the tenure. Another option is to consolidate all your existing loans into a single personal loan. This will save you from remembering multiple EMI due dates and also do away with high-cost loans.

Tip # 4: Explore ways to prepay your loan:

Don’t think that you will have to continue the loan till its tenure. If you receive money from any source like gifts or receive a salary increase at your job, explore the opportunity to make a prepayment or, better, foreclose the loan. However, check out the applicable penalties and do a quick cost-benefit analysis of the penalty and the interest payment across the loan tenure. One more option is to speak to your lender to increase your monthly EMI. This will help you to pay your loan quickly & also reduce the overall interest on the loan.


Unsecured personal loans are a great way to tide over a short-term cash crunch or meet some emergency financial needs. However, take this as an opportunity to be more disciplined and focused on your monthly financial budget. Also, you should proactively work towards closing the loan at the earliest opportunity.

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