If you are an engineer and planning to take an engineer loan or if you have already taken a loan, then first you should be sure about your capability of loan repayment. To simplify your repayment, you can increase your loan tenor to lower down the EMI amount. You can even avail EMI holiday to manage your finances better.
Other facilities that a lender can provide you are EMI holiday, part prepayments, foreclosure facility, etc.
Select a longer tenor or choose a Flexi Loan facility
If you choose a longer tenor, then automatically your EMI amount will decrease, and the loan will become affordable. You can also select Flexi loan, where you can borrow money as per your requirement and repay only the interest. Here you can repay the principal amount at the end of the tenor.
You should only borrow the amount that you can repay easily. You may be qualified to get a loan of higher amount or may need more money to finance, but you should apply for the loan amount that you can afford.
Go for a lender with nominal rate of interest
Choose a lender wisely. A lender that offers lower interest rate and give better facilities to the applicants are considered to be the best lender.
Make it a point to make part prepayments on your loan
If you have some excess money with you, you can always go for a part prepayment.
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