The EMI (Equated Monthly Installment) option for personal loans operates differently depending on the chosen plan.
The Standard EMI Plan involves consistent payments of both the principal amount and the interest throughout the defined tenure of the loan. Under this plan, the EMI amount remains the same for the entire personal loan period. This plan is suitable for individuals with a regular income who prefer a fixed repayment structure.
Alternatively, the Step-up Flexi Personal Loan EMI Plan offers greater flexibility. With this option, borrowers can start with lower EMIs and gradually increase them as their salary or income increases over time. This plan is particularly beneficial for individuals who anticipate income growth or expect higher financial stability in the future.
By assessing your current financial situation and future income prospects, you can decide whether a standard EMI plan or a step-up flexi EMI plan suits your needs and preferences.