Till few decades back taking a loan was out of question for common man of India. As I remember my parents never took any loan to buy car, shop or build homes. Nobody liked to take loan and then repay it your whole life as there was no proper system. Farmers used to take loans from rich and couldn’t repay their whole life thus had to lose their lands. That is why taking a loan was not acceptable to general public unless until there was an emergency. In that case also loan was taken from someone whom they know. But the current system was just not in picture. May be the thinking was like if you have money then spend and if you don’t have then first earn it then spend but today the scene has completely changed. Today we buy everything by taking loans like home loan, personal loan, car loan, etc. Taking a loan has become the integral part of our lives and almost everyone around us has taken a loan for one or other purpose. We all have to repay the loan amount with interest in a fixed period. This period is called tenure of loan. It can range from 10 to 40 years depending upon the loan amount. We need to pay the interest on the amount of loan which we have taken. The interest can be fixed or floating. The repayment comes in systematic monthly installments which is called Equated Monthly Installments.Now when the real estate prices are sky touching and the interest rate is also very high the direct impact is on the EMIs which we need to pay monthly. The budgets are tightening because of the Monthly instalments are increasing with the increased interest rates. The interest on the borrowed amount is the cost of loan. The higher the rate of interest, higher is the cost of loan. That is why one needs to think time to time to lower the EMI. There are some ways that can help in lowering the EMIs.1.Bargain to lower the interest rate It is always wise to negotiate on the rate of interest offered by the bank. If you are the salary account holder of the bank where you are applying for loan then you can ask for a better interest rate. But if not then also you can put efforts to bargain on rate of interest as there are so many banks which are offering competitive rates in the market. If the bank doesn’t want to lose the valued customer then it will offer low rate of interest.2.Change the bankIf the bank is not in a mood to reduce the lending rates which are comparatively low in other banks in the market then it is advised to change the lender. Here the important thing is that one must study the market before switching or changing the lender as there are some other costs that are involved in borrowing loan like processing fees, pre payment penalty, other charges which are kind of hidden costs along with the loan and needs to be checked and confirmed along with the quality of service and timeliness. After calculating all these expenses if the loan seems to be cheaper than the current rate then it is better to switch. One should also check the switching penalty that the current lender is charging on the borrower. It is usually 2 to 3 percent in most of the banks.3.Refinancing from the same lenderIf the home loan taken few years back is now cheaper for new buyers then you may feel bad to pay higher rates of interest on home loan as compared to the new borrowers. In such a case you can have an option of refinancing of home loan from the same bank. You need to pay the charges to refinance (processing fees) the loan that ranges from 0.1% to 0.5% on the remaining unpaid amount of loan in most of the banks. It can help you reduce your interest rate in the long run. For example if you have taken a loan at 9 percent which has now become 12 percent then by paying a processing fees of 0.1% to 0.5 % on the remaining amount one can refinance the loan from the same bank which can reduce the interest by 1.5 % to 1.75% depending upon the bank that can lead to a low interest rate of 10.5 % to the borrower. Some banks don’t have this option open for customers.4.Repayment of higher interest loan if more than one loans are takenIf you have taken more than one loan like car loan, personal loan and home loan then it is advisable to pay off the loan which has higher interest rate first when you have sufficient funds. As the higher interest rate loans are more costly than low interest rate loans.5.Part Prepayment of loanOne can choose the option of prepayment of loan if possible. If you got a salary hike or bonus or family fund help then part prepayment of loan is a good idea as it will help in lower down the EMIs or reducing the tenure of loan as the principal amount comes down. It will help in reducing your financial burden.6.Increase the tenureBy increasing the tenure one can get lower EMIs. If you have a financial crunch then it can be the option for you. Later when you have sufficient funds then either you may part pay your principal or reduce tenure by increasing EMIs.By opting any of the above options one must study all the pros and cons of the option being taken. Sometimes a little effort can save thousands and help financially. The market is giving you opportunities to rethink and plan to save in future and reduce your stress of repayment of loan. Using your savings wisely can be advantageous for you but you must have emergency funds handy as the loans are a long time commitments and cannot be escaped in a short time but the burden can be reduced slowly with proper planning.Ruchi Mahajanзайм на карту без отказов круглосуточновзять кредит онлайн