Digital personal loans now available with easy repayments

Taking out a personal loan can help you cover unexpected expenses, like a wedding or medical bills. However, it is important to understand how and when you will repay the money. You need to pay back not just the loan amount but also the interest. A loan repayment schedule shows how you will repay your loan over time. It includes details like the monthly payment amount (EMI), interest rate, and due dates. Understanding this schedule can help you manage your finances better and avoid missing payments. Different banks have various repayment structures. When you apply for a loan, factors like your income, credit score, and the type of loan will affect your repayment plan. Moneycontrol has partnered with lenders to offer quick loans of up to Rs 50 lakhs with interest rates starting at 10.5% per year. A repayment schedule is important for several reasons. It can help you budget as you’ll know how much money to set aside for your monthly payments. It also shows how your payments are split between paying off the principal and interest, which can help reduce the overall cost of the loan. Additionally, knowing the due dates can prevent late fees, helping you maintain a good credit score. For example, if you take out a personal loan of Rs 100,000 at a 10% annual interest rate for one year, the total amount to repay would be Rs 1,05,499. This means your monthly payment would be approximately Rs 8,792. To manage your loan effectively, consider setting up automatic payments so you never miss a due date. You can also make prepayments to reduce your principal early and save on interest. Make sure your total EMI payments do not exceed 30 to 40% of your monthly income to minimize stress. Regularly check your loan statement to track your progress. In summary, a personal loan repayment schedule is a valuable resource for managing debt responsibly. It helps borrowers with budgeting and planning, ensuring they stay on track with their loan payments.