Friends, we are inching towards the end of the financial year 2017-2018. Obviously, you must have submitted your income tax related proofs and scurried around to get them submitted in the correct format. If you raise your head over your cubicle you might get to see 3 types of ‘income tax return filing’ person/characters. They are:
Person number 1
“Arey Arnab, tuney sab income tax proofs and documents submit kar diya kya? Yeh last week hai bhai”
Santosh: “Nahi yaar, cut ho jayega toh hone do. Agley saal dekhenge” (he said the same thing last year)
Person number 2
“Arey Nikhil, tuney apna income tax proofs and documents submit kar diye kya? Bas 3 din bache hain”
Nikhil: “Arey woh toh maine march ke shuru mein CA ke saath bethkar sab clear kar diya. Kyun tune abhi tak ITR file nahi kiya?”
Person number 3
“What is ITR?”
While we will discuss the relationship between ITR and Personal loan in tomorrow’s blog post, we look at a realization that dawns on us when we are preparing our ITR filing – Savings!
It’s an interesting thing to me, because how many of us actually have an investment plan or a savings chart? How many of us are proactively making amends to prevent a personal loan default? Are we ensuring that our loans, credit cards and other obligations are being met on their due-dates? But, what if you can trick your mind into saving more in order to never befall a precarious situation of not having enough funds to pay your loan EMIs?
The Art of Saving
Getting a proper understanding of your savings is important. Yes it is not easy, but with self-discipline you can ensure that you don’t travail at it either. The earlier you gain a foothold over your savings, the better it will be for your credit obligation clearance.
Loan Singh’s digital lending platform is here to serve credit starved salaried individuals like you but we provide these loans based on your repayment capacity and credit score. Otherwise there would be no distinction between us and banks. If you are someone who lives paycheck-to-paycheck and is dedicated to clearing your loan EMIs on time, you need to come up with a plan to be able to pay your EMIs without any worry or hassle.
Savings ensure you are ready for a rainy day. Planning to buy a house in the future? How will you pay the down payment? Saving to surprise your wife on her birthday with a diamond ring? All these special moments need you to be prepared financially. On a humorous note let’s try and look at the miserly way of saving (I don’t know why I thought of these but they are food for thought).
*These money saving stunts are performed by experienced elders who are always ready with ‘Once upon a time I barely had…’ stories 🙂
Some parents would be ultra-strict if kids left the lights, fan or air conditioner ON and move out of the room. This helped them use common one liners such as “Paise pedh pe nahi ugte”, “In our times I used to study under the street light. Now, look at yourself!”
- Old Cloth Rags
Why waste money on a new mop? When would the old t-shirts lying in the house be useful?
How many of us have heard of some family uncle who loves bringing home the Medimix Rs.5 soaps that are offered in various hotel rooms? It’s a bull’s eye if there is a shower cap and first aid box available too. Well, I don’t know how much good a Rs.5 soap can do, but it is true.
- Passing the Parcel
C’mon, I know most of you do this. This is probably the most miserly thing to do to save some cash. The gift that is received with a gift wrap is kept unopened and later passed on to someone else.
- Split it up
Saving on food bills can easily be achieved by splitting the final bill among friends. By the way, a soup split one by two actually gives you more soup than a single bowl.
Unlike the above section, one has to take EMI repayments seriously. This is because; the only way you can get yourself out of debt is by repaying it. Loan Singh’s digital lending platform provides loans to salaried individuals who have never availed a loan before. This means he/she can get an opportunity to pay EMIs, without ever having done that before.
This is because your loan approval depends on the promise you make to Loan Singh with regards to repayment of the loan in equated monthly installments (this includes Loan Singh’s low interest rates). Equated Monthly Installment, aka EMI, is essentially made up of 2 subparts – the divided principal amount and the interest over the principal amount. The EMI amount to be paid to Loan Singh can be easily calculated yourself by making use of the Loan Singh Personal Loan EMI Calculator. Input the EMI amount that you are sure to pay each month.
The EMI has to be paid to Loan Singh by the assigned due-date every month. During the quick personal loan application process, you can provide Loan Singh with a NACH mandate. This allows Loan Singh to auto-debit the EMI amount each month. This way you don’t have to worry about any missed repayments. In case, however, the auto-debit does not trigger, you need to pay the EMIs via netbanking only. The benefits of netbanking include its security and transaction speed.
4 Tips to Pay EMIs on Time
- Prioritize debt payments
Ensure that you are extremely prompt while clearing loan EMIs and other credit-related payments.
With all these payments getting registered with credit bureaus, it is important that you pay-off these debt payments to prevent a negative credit history and also to prevent a fall in your credit bureau score.
Keep reminders on your phone or log in to Loan Singh’s dashboard to keep track of the due-date and impending EMI payments.
- Build a budget
A better way to control your finances is by creating a precise budget and sticking to it. A well-planned budget will help you prevent over-spending. Your budget should include all your expenses – big or small.
Tweak your budget according to the rise in your income. Revisit your budget every 6 months, at least. Although it can be difficult, especially if you have high spending habits ingrained, a budget should be your priority to make your personal financial management work. This includes loan EMI repayments.
- Track your expenses
Expense tracking is a habit that will ensure you keep track of daily, weekly or monthly expenses. This is important because in case you overshoot your budget, you won’t have the funds needed to pay the loan EMIs on time.
Keep track of your bank account balance, store all your bills, ATM receipts, invoices, etc. so that you can match these values with your expense tracker. The tracker can be a spreadsheet or a diary. Categorize the expense by type, date and purpose. You will get to know how much you spent last week in restaurants or how much fuel goes into your motorcycle each week, etc.
- Rainy day funds
An emergency fund gives you breathing space during a financial calamity. It will prevent you from looking for other options to pay your loan EMI, as well.
Clearing a personal loan is a debt. It is best you clear only one instead of thinking of paying loan EMIs with your credit card limit.
Why Pay EMIs on Time?
On time EMI repayments are beneficial towards your financial peace. Let’s look at 5 benefits of paying your personal loan EMI repayments with Loan Singh.
- Build Your History with Loan Singh
Yes! That is true. The awesome thing about availing a personal loan from Loan Singh is the repayment history you build. We appreciate your efforts to pay the EMIs on time and ensure you can then avail another loan – faster than the first one. Please do not make it difficult for us, and for yourself, by defaulting on your EMI repayments.
- Avoid Added Charges on Default
Nobody wants to pay more for anything. You look at the cashier with aghast when he/she tells you “Sir! Your bill is coming to Rs.4999. Is it okay, if I redirect your balance of Re.1 to the children’s fund?” While this is a noble thought, people always expect us to feel no worry when giving a little from what we earn. You have so many other priorities to spend your money on, instead of paying extra for a loan default.
- Prevent Late Penalty
With a late penalty you not only have to spend more, you still have to face the ignominy of being a defaulter. It is a worrying sign. Wouldn’t it be better if you set up reminders over your Gmail calendar, put up sticky notes on your fridge or simply provide Loan Singh with your details to auto-debit the EMI amount before the due-date?
- Boost in Your Credit Score
We have been reiterating about building your credit score since Day-1. A good repayment history, with Loan Singh, will allow you to avail a second loan without a hick. But, this will also boost your credit score to help you get a credit on your credit cards, secured loans, etc.
Loan Singh is a digital lending platform that prides in providing an unsecured online loan to salaried individuals. You can apply for instant funds with instant approval. An easy emergency loan can be availed in the form of a personal loan, which is not a bank loan. You receive a low personal loan interest rate. This instant loan, which is basically a quick loan, can be paid via easy EMI and can be availed for a number of loan purposes such as:
- Home improvement loan/Home renovation loan
- House repair loan
- Marriage loan/ Wedding loan
- Medical loan
- Second-hand car loan
- Second-hand bike loan
- Second-hand vehicle loan
- Consumer durable loan
- Vacation loan
- Shopping loan
- iPhone loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loan
You can calculate your easy emi using our personal loan emi calculator. We accept bank statement, PAN, and Aadhaar for instant loan pre-approval. A bad credit score or credit report errors can lead to personal loan rejection. Personal loan defaulter consequences can also ruin your credit score. Improve your credit rating by avoiding emi repayment default. The ‘Loan Singh Blog’ is one of the best finance blogs in India.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. Some destinations you can find us on are:
- Loan Singh on Facebook
- Loan Singh on Twitter
- Loan Singh on Youtube
- Loan Singh Pinterest
- Loan Singh on Instagram
- Loan Singh Blogarama
- Loan Singh Google Review
- Loan Singh Medium Blog
- Loan Singh Reddit Blog
- Loan Singh Tumblr Blog
- Loan Singh Scoop It Blog
- Loan Singh Storify Blog
- Loan Singh Digg Blog
- Loan Singh Blogger
- Loan Singh Lymelight
- Loan Singh Justdial