Personal loans that are available with quick processing time are handy and come very useful just when they are required. A personal loan is mostly upto a limit of Rs 5 lakhs and is payable within 3 to 5 years. Higher loan amounts and longer repayment periods are privileges that are given to regular borrowers with a good credit rating, good creditworthiness, and good relations and trust with the lending agency. The EMI, or the equal monthly installment, has become the most popular and convenient way to repay a loan. Most personal loan apps have a built-in EMI calculator, and loan applicants can decide on the amount of loan they want with a choice of the repayment period. The EMI depends upon the interest rate and the term of repayment. Most applicants choose personal loan amounts based on the amount of EMI they are comfortable paying monthly.
Tricks of the trade
There are plenty of loan apps, such as paysense, and the best loan app also provides useful guidance to manage debt effectively and finances. Once the loan amount and the EMI are decided, there are ways to manage repayment, and here are some tips that will help borrowers manage their personal loan portfolio effectively.