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What You Should Do After Taking a Overdraft (flexi) Loan ?

Paskola Value: Nowadays, more and more people are opting to take a overdraft loan because of the rising costs of everyday. overdraft loans help individuals and families fill the gap between accumulated income and expenses. A personal loan is a loan which is completely unsecured and not backed by any security or collateral. People usually take overdraft loans from either banks or non-banking financial companies (NBFCs). Since the risk of giving out a overdraft loan is so high to the lenders, the overdraft loan interest rate is also higher than what the interest rate would be for a car loan or a home loan. Taking a overdraft loan is a decision that should be taken with careful consideration of the outcomes and in-depth research of the lenders. Some things you should keep in mind while taking a overdraft loan are: Make sure you are eligible for a overdraft loan. You must have a stable occupation, be between the ages of 24 and 60, and have a proof of income to be eligible for a overdraft loan, Flexi loan, Business loan. overdraft loans have higher personal loan interest rates. Make sure you are prepared to pay the Rate EMI with your income. Your credit score is the first thing a lender will look at before giving you a overdraft loan. Make sure your credit score is up to mark so your application won’t be rejected.

A longer tenure means lower Rate EMIs and a shorter tenure means higher EMIs. Prepaying for a loan means you have to pay the prepayment fee Now that you know what the criterion for taking a overdraft ,(flexi) loan are, here are some things you should do after you have taken a personal loan. Pay off your EMIs on a timely basis- if you do not pay off your EMIs on the date it has been decided by the bank of non-banking financial company, it will negatively affect your credit score and you will have to pay a penalty charge that might burn a hole in your pocket.

Make a monthly budget-

In order to pay the Rate EMIs fully and on time, make a monthly budget with your salary. When you stick to your budget strictly, there is a higher possibility that you will pay the Rate EMI know principle amount pay on time and you will not be penalized for the same. Another advantage to budgeting is, you can save some of your money and that money won’t be used to pay off your personal loan.

Prepay a Part Of Your Overdraft ,(Flexi) Loan-

if you suddenly get a salary hike or a holiday bonus, you can use some of it to prepay a part of your overdraft ,(flexi) loan. However, do not pre-close the loan before the tenure is up because it can affect your credit score negatively.

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We hope this article helps you! Good luck! Paskola Value