Choosing the Perfect Loan Tenure | Personal Finance Tips by PaySense
Interested in buying a vehicle through an online personal loan? Follow these three efficient mantras to decide the tenure of your personal loan. Number one: See how you spend on your lifestyle and responsibilities. Your rent, meals, movie plans, and your child’s fees, your medical expenses and the dozens of bills you pay, add them up and see how much EMI you can afford comfortably without compromising your lifestyle! The more the EMI, the shorter the tenure you need. Number two: Forecast your future. Expecting a promotion, a bonus or a big expense soon? They will also affect how easily you can pay your EMIs. Number three: The Interest Rate. While the EMI decreases when the months you use for payback increase, the total interest pay out keeps increasing. So for a one lakh loan at twenty two percent, this is how you would pay… Choose the right balance between affordable EMIs and total interest amount, so the dream bike can really be yours to keep!