Last year when I availed of a personal loan, I paid it off quickly by paying extra EMI. So if you ask me: How to pay personal loan faster? I can say that an easy method to make sure you pay off your personal loan more quickly is by making an additional payment each year. You go closer to paying off your debt with each payment as the principal and interest due significantly decrease.
How to Pay a Personal Loan Off Faster?
The 2 ways by which you can repay your personal loan faster are:
Extra EMI
If you think an additional EMI will be too costly, you can divide the sum into smaller installments. For instance, suppose you make a monthly EMI payment of INR 6,000. You can increase your monthly EMI by INR 500 by dividing the specified amount by 12 months. So, you are paying the regular EMI amount plus an extra amount per month.
Round Up the EMI Amount
Rounding up the EMI amount is another method to pay off your personal loan early. The EMI amount can be a decimal instead of a full figure for many customers. In general, making a round-figure payment can facilitate early loan settlement.
Now, you might think that your loan repayment won't be much impacted by paying a rounded-up sum.
That isn't always the case, though. Your loan will be repaid more quickly if you make even the smallest additional contributions. For instance: If your EMI is Rs. 4375.30, you can pay Rs. 4500 instead. Over the course of several months, the extra Rs. 120 will make a significant impact.
These are the 2 ways that I think are suitable to pay off your loan quickly. However, let me know in the comments below about what you think?
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How to Pay Personal Loan Faster?
Juhi89
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4 months
2025-03-24T08:42:28+00:00 2025-03-24T08:42:28+00:00Comment
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