If you are troubled by the monthly EMI of a personal loan, then adopt these methods, every month's expenditure will be reduced.

Nowadays people are fulfilling their needs by taking loans from the bank. Some people are buying a house by taking a home loan, while some people are buying a car by taking a car loan. At the same time, some people are also taking personal loan from the bank to fulfill their personal needs. Let us tell you that personal loan is an unsecured loan. In such a situation, personal loan is the most expensive loan i.e. the interest rates of personal loan are higher than other loans.

Many times people take personal loan from the bank to fulfill their needs, but later it becomes very difficult for them to pay the EMI of the loan. On the other hand, due to the high interest rate, the EMI of this loan is also high. In such a situation, it becomes even more difficult for some people to pay monthly EMI. Today we will tell you about some such methods, by adopting which you can reduce the monthly EMI of your personal loan. Let's know.

Transfer your loan to another bank

Recently RBI has cut its repo rate, after which the interest rates of loans of different banks have also come down. In such a situation, if you want, you can transfer your loan to another bank, which has lower interest rates. In this way your monthly EMI can be reduced. However, you will have to pay a charge for loan transfer.

Increase the loan period

If you are not able to pay the monthly EMI of your personal loan, then you can increase the loan period. This will reduce your EMI. However, you will have to pay more interest due to this.

Use your savings

You can pre-pay some part of your personal loan using your savings. For this, reduce your expenses and pay more attention to savings. You can also reduce your monthly EMI by pre-paying the loan.