5 Impressive Ways to Help Plan Your Monthly EMIs With Instant Cash Loans

When a thought about a loan strikes our mind, the first thing that appears in our mind is the repayment. Most financial institutions give out instant cash loans in 1 hour to ensure that repayments are done in the form of monthly EMIs and at regular time intervals. Your monthly EMIs are calculated based on how much amount you have borrowed.

A combination of factors such as your income, credit score and repaying capacity shall also help in determining your EMI amount because if not properly planned, these EMIs can be stressful! So, let us decide on a checklist that can help you plan your monthly EMIs with an instant cash loan:

• Prioritize your loans - Due to the convenience and easy access to loans, you might even consider applying for an additional loan. Hence, it becomes important to prioritize your loans in order of monthly EMI amount owed, interest rate, the time period for repayment, etc. Sort your loans to clear off the loans with higher interest rates, first!

If high-interest rate based loans are not paid on time, then you are likely to entail a heftier penalty when compared to your other low-interest rate loans. On the other hand, repaying a high-interest rate loan takes a longer tenure which means you will be paying more interest as opposed to the low-interest rate loans.

• List down your monthly expenditure - Your income and overall expenditures are to be taken into consideration when you are availing an instant cash loan. This way, you can determine the EMI amount that you have to repay every month, without disturbing your monthly budget. List out all your expenses to understand where your money is spent, and cut down on those expenses which are not necessary.
  
  

• Look out for any minimal or zero prepayment charges - Before applying for a loan, look out for those lenders who can offer you a loan with zero prepayment charges like FlexSalary. Because these hidden charges add up, making you pay more money than required.
  
  

• Different accounts for different expenses - To track your expenses in an easier way, it is advisable to plan better by maintaining different accounts for different expenses. This is one of the efficient and accurate methods for managing a single account for all kinds of expenditure. This way, you can also identify different patterns of your expenses!

• Reinvent your finances - Eliminate unnecessary expenses, encourage smoother monthly EMIs and lesser stress with a more stable EMI repayment plan.

For example - If you are spending 10% of your monthly salary on eating outside every month, either reduce eating outside or find any other alternatives to fulfil that need. Hence, the more you save, the easier and stress-free your monthly EMI payments will be!

Conclusion

If you want instant credit solutions in a hassle-free manner, then consider Flex Salary. With FlexSalary, you can skip the lengthy paperwork process and gain access to reasonable interest rates loans with no further hidden charges. Moreover, you can borrow up to INR 2 lakh and have it disbursed into your account within a few minutes. Download the FlexSalary app in your smartphone and get started!