5 Important Tips for Repaying Your Personal Loan _ How to Repay Your Personal Loan Faster in Tamil

These people are from the Kuppandi family. The family leader is Senthil Kuppandi, the chief Serala is daughter Janaki. She lives an orderly and modest life. Even the highest of the high is the mother's trustworthiness. She does not even have a sliver of respect for her wife and daughter-in-law. This vettibandao has no less! But no matter how many days she works, she can't afford to wear a dirty shirt and borrow money. Day by day, Sarala has to pay off all the jewellery that she has bought and worn. The girl has reached a point where she can't even study. She has to spend money on unnecessary things. The girl who grew up on her shoulders and the debt on her head has become a burden for her. She has sold all the jewellery and everything in her hand. She has become so depressed that she has to pay off all her debts and eat food. All these are because of the debts that she has borne. Do you need the jewellery that you have bought? No need at all. She has spent money on unnecessary things, borrowed money on unnecessary things, and borrowed money from people in the name of personal loans. She has come to this state. Then what? She has to pay off all her debts and eat food. So, whether you are borrowing money or taking a loan, don't take any step without knowing these 5 things. I am Meghla Kannan. Welcome to Freedom Tamil Money Channel. After these 5 points, you will know who to borrow money from, why to borrow money from, and when to borrow money from. Watch the video till the end. Point number 1. How much debt do you have to borrow? Let's say you only need 3 lakhs. But the bank will call you on the phone and say that you are eligible to take a loan of 5 lakhs. If you have that much self-control and clarity about how much money you need, then you should not choose that 5 lakhs. If you have fulfilled your need of 2 lakhs, then you should not borrow that 5 lakhs. First know what your need is, and then decide the amount of the loan. Don't borrow more than that. Point number 2. Interest rate. Before you take a loan from a bank, you should know how much interest you have to pay. Some banks will tell you that you have to pay this much interest in the first 6 months. But they will tell you that you have to pay more interest now. Many banks are doing such scams. You should read the agreement carefully, and then you can take any loan. Similarly, you can take any loan with the assurance that you can pay that interest. Point number 3. You have to pay the loan in the amount of your monthly budget. For example, if you get 50,000 per month, and you have to pay only 20,000-25,000 interest, that is not acceptable. Again, you have to take another loan to pay your household expenses. So, you have to take the loan in the amount of your monthly budget, and you have to pay the interest rate accordingly. You have to decide how much you are going to spend on your monthly budget, and then fix the interest rate. Point number 4. You have to fix your EMI date. Many people try to pay their loan from a credit card. Then they try to pay the loan from another credit card. Many people end up in this situation. You have to fix the EMI date accordingly. Point number 5. You have to take care of the prepayment option. You have to do it properly. For example, you have taken a loan. You have paid the interest for a few months. After that, you get a lump sum of money. When you think that you have to pay that amount, you will be given a separate interest for the prepayment option. That is what all banks do. But, beyond that, there is a possibility that you have to pay a penalty or more money. So, in that matter, you have to read the court carefully and choose a prepayment option. Then, you have to read the agreement and choose the prepayment option. If you take a home loan, don't get stuck in the situation for 25 years. You have to add as much as you can and pay it off as soon as possible. If you follow these 5 points correctly, even after taking a loan, you will be able to repay it easily. It is not a big deal to take a loan. But, you have to take a loan that suits your income. Similarly, you have to pay it off as soon as possible. You have to take a loan with clarity. I hope that this tip was useful to you. If you want any other financial ideas and tips, let me know in the comment section. Before that, subscribe to Freedom Tamil Money channel. If you want any other financial ideas and tips, don't worry. Our Freedom app will help you. If you click the link in the description, you will get a course in the category Personal Finance for just Rs 399 per month. Download the app and learn. I will see you in the next video. Until then, it is Meghla Kannan signing off. Thank you.