5 Ways To Manage Your Debt Efficiently

Outlook Money

Make A Budget

Prepare a statement of monthly expenses, find ways to reduce them, and cap the monthly expenditure. Save the balance amount from income for pre-payment.

Set Auto-Payment

Utilise the auto payment facility banks provide to repay equated monthly instalments (EMIs) on time.

Advance Payment

If possible, make an advance payment to reduce the principal and, in turn, the interest outgo, enabling a faster loan closure.

 Refinance The Loan

Consider refinancing the loan if the interest rate drops to save on interest and overall loan burden.

Read Agreement Carefully

Read all the details carefully to ensure no unnecessary charges are levied on you due to pre-payment, late payment, interest rate changes, etc.

Compiled By Manas Malhotra