Taking a loan is very easy on almost everything in India like home loan, car loan, loan for mobile phones, loan on every household products, even then the credit cards we use is also a personal loan from which we can buy everything for our day to day needs. This proves that we have access to buy anything and instead of paying on the spot we can take credit for a month or make EMI’s for almost everything.
All these facilities are beneficial as well as not beneficial for a consumer. On daily basis we need things like mobile phones, washing machines, fridge etc. and earlier one used to buy it after arranging the funds but today in internet world if you just Google something for one single time, you will start getting all sorts of Ads, popup etc. and if you will try to buy it online you may get free home delivery, EMI payment options and this will excite you which will cause a every month installment for few months.
Now ways to get out of loans:-
First of all take a total of your pending loans and put it on the home screen of your mobile phone. Now if you have any credit card pending payments which have increased by every month’s interest. Call the credit card’s customer care and convert them to EMI for minimum 12 months this will make it easier to pay to debt.
Secondly at least 25% of your earning should be directly saved for clearing the loans and like if you earn 50,000 per month and you have EMI’s of 25,000 still you have to save 12,500 every month so that after a while you can close the loans and make yourself free from EMI’s.
And mainly you have to cut short you expenses for some time so that you can be free from all loans.
Now if you are saving money every month for the loan enclosure you should aim for the small loans first for e.g.
If you have following EMI’s:-
• 5933/45- 2,66,985
• 8735/28- 2,44,580
• 3344/15- 50,160
• 1700/19- 32,300
• 1250/30- 37,500
And a credit card balance of 1.5 lac
Now firstly as told you above convert this credit card payment to EMI plan. If you choose to a 36 month EMI you will start an installment of 5199 with interest of 30,000 but if you even ignore to pay it for 3 months the bank will charge you 30,000 interests and the amount will be changed to 180,000 and still you have to pay the total amount so it’s better to make an EMI of 5199.
Now you are paying 26,161 EMI every month and you are saving 12,500 every month.
After 3 months you can clear the minimum loan you have- 1700/16 EMI which is equal to 27,200 and now you total EMI will be reduced to 24,461. Now after 3 months 1250/24 EMI which is equal to 30,000 after paying this your total EMI will be reduced to 23,211
So likewise do the same for every EMI pending and you will be in a little extra time but this is the only way to free yourself from all the loans.