Managing monthly debt is crucial for long-term financial health. Planning your EMIs can help you pay off loans faster and reduce total interest payout.
1. Choose the Right Tenure
A shorter tenure means higher monthly payments but significantly lower total interest. A longer tenure reduces monthly pressure but increases the interest burden.
2. Make Prepayments
Whenever you receive a bonus or extra income, consider making partial prepayments towards your principal balance. This directly reduces your remaining tenure and interest.