Personal loans can help you wade through financial emergencies easily. These days it’s easy to apply for a personal loan, too. For instance, with Tata Capital, you can easily apply for a personal loan at attractive interest rates, with minimum documentation.

With a personal loan, it is equally important for you to manage your EMIs well. At times, it gets difficult to manage paying the EMI’s which may directly affect your credit score. Here are some tips to help you manage your personal loan EMI:

1. Ascertain your repayment capability: You should take only that much personal loan as much you can manage to pay off every month after meeting all your personal expenses. Tata Capital offers personal loan EMI calculator that will help you to calculate your personal loan EMIs better. By doing this you would have an idea in advance about how much your loan will cost you monthly.

2. Manage expenses better: If you already have existing loans, and are applying for another personal loan, you need to first check the amount you would be repaying as EMIs for all your loans. The sum total of this should not be more than 50 per cent of your monthly income. You should have enough left from your salary, after having paid all the EMIs, so you can manage expenses for daily necessities and other personal expenses for the whole month. 

3. Never miss an EMI: A good credit score can help you to get personal loans at comparatively lower rate of interest. A low-interest rate will mean lower EMI every month. Therefore, always try to maintain a good CIBIL Score by paying off your credit card bills and existing loans on time so that you can get a personal loan at a lower rate of interest. Timely payment of your EMIs is important. If you are paying by cheque, do remember to deposit the cheque on a particular date every month. Set a reminder on your phone. If the amount gets automatically deducted from your bank account, make sure your account is adequately funded for your personal loan EMI to get deducted on time. Default or late payment on personal loans can call for penalties.

4. Go for longer repayment tenure: Your loan repayment tenure is directly impacts the EMI amount of your loan. Opting for longer repayment tenure will enable you to disburse the total due amount over a longer time span, which will reduce your EMI amount.

If you keep the above tips in mind, managing your personal loan EMI will be just a cakewalk for you. So, don’t think twice, apply for a personal loan right now at Tata Capital.

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