Like most borrowers, you also probably have days where you wish for more financial liberty to buy the things you want like the perfect home, car, or gadgets. Financiers like Bajaj Finserv offer a variety of loans like Home Loans, Personal Loans, and Business Loans etc. that make it feasible for you to make all your materialistic dreams come true. But before you embark on the journey to acquire a loan, it is imperative that you carefully plan your budget and make sure that you don’t go beyond your means to get the loan.

What do you do, when you face trouble repaying your loans? Plan smartly! Following are few ways in which you can reduce your debt and find that breathing space between your monthly payments.

Find Extra Dough

While there are many tips to repay your home loan, not all are equally effective. Scan and scour your home for the durables that you can sell. If there’s a TV you don’t use anymore, or a stereo system, or bike which you don’t need, sell them! Every rupee procured from those sales, will help you with your payment and in turn save your income, which would have otherwise gone directly towards EMIs.

NBFCs like Bajaj Finserv offers customers a flexible payment alternative wherein they can choose the number and the amount of payment they can do in a year.

Go for a Joint Loan

One way to ensure that you don’t drown out in loan repayments, is to opt for a joint loan. With the monetary support from your co-applicants, be it your spouse or parents, you can not only save money on interest payment but also get approved for a larger amount, if the need be.
Also, you can reach out to family members or friends well-versed with the financial market for tips to repay your personal loan.

Get into a Green Routine

Being environmentally conscious isn’t just about being eco-friendly but also pocket-friendly. Save up on your fuel consumption and the expenses borne due to it, by ditching your car and bike and opting for public transport instead. If the distance is too short, consider taking a walk. You can also cycle to work. This will help you save the money spent on fuels, give you that cardio for free without shelling out on that expensive gym membership. As a result, you can save enough money to significantly contribute to your EMIs.

Get Better Loan Terms

Repaying your loan on time is all about making the right choices. High personal loan interest rates and home loan interest rates can make it difficult for you to manage your finances. Be on the lookout for banks that are offering lower interest rates for the loan you have taken and go for a balance transfer. You’ll not only be saving money on the amount of interest being charged, but also ensure that you meet each repayment deadline.

Bajaj Finserv is one such financial institution, which offers various secured loans like Gold Loan, Loan Against Shares, Loan Against Fixed Deposit, and Loan Against Property. Opt for their varied financial services and experience a bump-free loan experience.

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