How can I make extra payments toward my loan?
- Posted:18th February, 2025
- Updated:18th February, 2025
Making extra payments can significantly speed up debt repayment on a personal loan. Here are some effective strategies, subject to the lender’s terms and conditions:
- Routinely deposit any monetary gifts, bonuses, tax refunds or other lump sum amount directly towards your loan principal as extra payment. This cuts down interest costs.
- Inform your loan provider to adjust any amounts directly against the outstanding principal. Otherwise, the extra amount may be credited as an advance payment.
- Whenever your income increases, increase your EMI amount incrementally. Even small additions of ₹500-₹10000 go a long way.
- Before your next EMI due date, pay any surplus money into the loan account as an advance payment that will be adjusted in the future.
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