Your wedding is likely to be one of the most special occasions of your life. You would have dreamt for years of how you would like your wedding to be. However, given this rising inflation, your dream wedding may cost you more than what you can afford. Does that mean you have to compromise on your dream? Not really.
Imagine having the wedding of your dreams without worrying about the cost. This is possible with a Personal Loan. Banks allow you to borrow a significant amount at a competitive interest rate based on your eligibility. You can use the borrowed amount to take care of all kinds of wedding expenses without any interference.
You can repay the amount in Equated Monthly Instalments over a tenure. This simplifies the Loan repayment for you. However, despite the simplicity, several individuals struggle with the repayment. Plan your Personal Loan repayment to ensure such is not the case with you. Here are practical ways to plan your repayment:
- Opt for a suitable tenure
With Personal Loans, banks provide the option to choose the repayment tenure. Since the choice is yours, make sure you make a good one. This is because tenure impacts your repayment. Ideally, you should opt for a longer tenure as it may result in lower EMI, making the Loan repayment affordable for you. However, you should be mindful of the associated interest liability while doing so.
- Keep aside the necessary amount
Today, you can know the payable EMI within minutes by using the EMI calculator for Personal Loan. Once you know the payable EMI, you should keep the necessary amount aside at the start of the month only. This ensures you have enough to repay and do not default.
- Have a buffer
You should have a buffer amount along with the payable EMI amount. The buffer amount comes in handy if you need to pay Loan fees and charges. Alternatively, you can use the buffer amount to meet monthly expenses. This means keeping the buffer amount will be helpful either way. Hence, it would be best if you did it.
- Be mindful of deadlines
Paying the mandatory EMI amount and paying it on time are equally important. Hence, you should be mindful of the EMI payment due date. Mark the date to ensure you do not miss it. You can also consider automate the Loan EMI payments. This way, the payable amount will automatically be deducted from the linked Bank Account on the due date.
- Consider refinancing
If you are struggling with Loan repayment due to a higher interest rate or strict repayment terms, consider refinancing. This reduces your interest liability, making your repayment manageable.
