Cut unnecessary expenses, increase EMI

If every month small expenses like excessive online shopping, unnecessary subscriptions, outside food etc. are cut down a bit and the same amount is added to the EMI, then the loan can be exhausted quickly. Its effect can be seen within a year only.

Disclaimer: This article has been written for general information and educational purposes only. The information given herein is not financial advice, investment advice or legal advice. Loan terms, interest rates, prepayment charges, balance transfer fees and other terms may vary depending on the bank or financial institution. Before pre-paying any loan, transferring balance or changing EMI, take official information from your bank, authorized financial advisor or related institution.