Taking a wedding loan is surely one of the biggest liabilities. Thus, one should try to reduce it as early as possible. But, the question is, how can you make that happen? However, with low salary hikes, high equated monthly instalments and no savings, you must be thinking that if you could ever get out of this trap or not? Well, nothing to worry because it is possible for you to get out of this trap. Thou, there is no magic wand which can clear all your loans overnight, but you can do it with the help of taking the few wise steps carefully.
So, read the article below to know about the following tips that will help you in repaying the loan very fast.
- Cut Your Expenses
Well, needless to say that you should cut down your extra expenses to the bare essentials. For that, you need to list down your monthly expenses, and make sure to cut down on the expenses that you believe are avoidable such as dining out on weekends, going for a foreign vacation every year, endless shopping and many more.
- Opt for wedding loan balance transfer
In order to minimize the burden of your loan all you can do is you can opt for the balance transfer facility. You need to search for such lenders who are ready to offer you wedding loan at lower rate of interest. You can transfer you wedding loan to a bank/NBFC who is offering you wedding loan with low interest rate. In fact, even a slightly drop in the interest rate can fetch you good savings. So, going for a balance transfer is a thoughtful move.
- Use your bonus to prepay your loan
If you have got an annual bonus or expecting to get it in a few months, instead of spending it on a holiday trip, you can use that money to repay your debt first. Yes, by using this bonus amount in a very smart way, you can actually lower the burden of repaying your wedding loan.
- Sell off assets that generate low or no yields
It would be advisable to sell off such assets such as property or old house that has high maintenance and low rental. There is no use in keeping such assets as they yield no results to you. And, the money you will get after selling your assets, you can use it further to repay your loan faster. It is definitely an ideal solution that allows you to repay your loan quickly.
- Take soft loan from your relatives and friends
If you are suffering from financial crisis, the best solution to your problem is to take a help from your friends and relatives. You can simply borrow some money from them, and there is also one benefit here as you don’t have to give the interest, depending upon your terms and relations with them. If you maintain a healthy relation with them, they might not even charge the interest from you.