Smart Personal Loan Repayment: How to Avoid Penalties & Save Big!

Always Pay Your EMIs on Time

Missing EMIs leads to penalties and impacts your credit score. Set up auto-debits or reminders.

Avoid Unnecessary Borrowing

Borrow only what you need to reduce the risk of missed payments and financial strain.

Consider a Shorter Loan Tenure

A shorter tenure increases EMIs but reduces total interest costs over the life of the loan.

Opt for Prepayments When Possible

Doing so can reduce your debt burden and interest costs but check for prepayment charges first.

Use a Personal Loan EMI Calculator for Effective Budgeting

Adjust loan amounts, interest rates, and tenures to understand their impact on your EMI.

Ready to Apply for a Personal Loan? Consider SMFG India Credit

Estimate your EMIs , check your eligibility , and apply for personal loans of up to INR 30 lakhs*!

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* Please note that this webstory is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us