How to manage EMI payments for self-employed bike loan?

Here are some of the tips to manage Equated Monthly Instalment (EMI) payments:

• Thoroughly evaluate your monthly income streams and necessary expenses to get a clear picture of your cash flow situation. This will help you determine a comfortable and affordable EMI amount that you can allocate from your income towards repaying the bike loan.
• Design a household budget that prioritises the bike loan EMI as a fixed payment. Ensure it is accounted for before other discretionary expenses. This will help you plan your overall expenses in alignment with the EMI obligation.
• Open a separate savings account and consistently set aside a fixed portion of your freelance or self-employed income every month. This will create a reserve fund you can use during months when you face a dip in earnings so you can still make the EMI payment on time.
• Opt for a loan tenure timeline that matches your capacity to make regular payments without putting too much pressure on your income. Longer tenures mean lower EMIs, so they can be more manageable for fluctuating incomes but will accumulate higher total interest costs over the full tenure.
• Make use of automated payment options offered by banks to schedule your EMI deductions. This takes away the need for manual payment and ensures you do not miss or delay the payment due to irregular work schedules or client payments.
• Be disciplined about maintaining good credit health by keeping credit card bills low and avoiding taking on unnecessary additional debts. This will help you sustain your finances in the long run.
• Be proactive and promptly contact your lender if you foresee difficulties in making an upcoming EMI payment on time. Discuss options they may offer such as EMI restructuring or moratorium to avoid defaulting