Tips to Reduce EMIs on Loans – HDFC Bank Limited is an Indian banking and financial services company and India’s largest private sector bank by assets. Sometimes a loan is sanctioned with high-interest rates and the EMIs become overrated. Sometimes, it become burden for the borrower to repay. But, recently, HDFC suggests few tips to reduce EMIs on loans. In this article, we are going to discuss these Tips to Reduce EMIs on Loans by HDFC Bank Limited.
Check out the tips to reduce EMIs on loans by HDFC Bank Limited.
1) Pay partial payments:-
If you are facing difficulties to in re-paying the full amount, then you can opt for the partial payments. The way it works is that you pay a huge amount of money which later gets subtracted from your earlier principle amount.
2) Choose Top-Up Loan:-
If you want low-burden loan plan, then you can choose Top-Up Loan. You can ask your lender to grant a top-up loan over your loan. Your on-time payments give you the ability to negotiate a lower interest rate while you gain access to more money and lower EMIs.
3) Choose Step-down EMI plan:-
A “step-down EMI plan” is an EMI plan in where the borrower takes a personal loan and repays a large amount of money that is borrowed with interest in the early years. This is one of the tips to reduce EMIs on loans by HDFC.
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Written and edited by Rajeshwari.