Loan Tips: There is a new update for loan takers. If you want a good and relieffull life, then don’t take two loans at the same time. Otherwise it will cost you huge. In today’s time, taking a loan to fulfill the major needs of life has become the best option for everyone. People are taking the help of loans for everything from buying a car to buying a house. But many times it happens that people take two loans at the same time, after which they have to face many problems, so then we will know what things should be kept in mind while taking two loans at the same time and what mistakes should be avoided.

Will be financially burdensome

If you are taking a home loan and a car loan together, then it can put a lot of financial burden on you. But if you take two loans with proper planning, then you can avoid this and can also repay the loan quickly. Yes, if you are taking two loans, then make a proper planning as to how you will be able to repay the installments of both on time.

Focus on EMI

If you are taking two loans together, decide beforehand the EMI you are choosing, which you will not face any problem in repaying. If the interest rate of the loan is high, then it will be best for you to focus on repaying it first, because by doing so your interest burden will be reduced. On the other hand, if the loan amount is less, then you should focus on repaying it quickly and getting rid of one EMI.

Always try to finish one loan before taking another. If you have already taken a loan, first try to increase the EMI, by doing this the loan time reduces quickly. Let’s assume that if you have taken a car loan of 10 lakhs, then (10% interest, 5 years) its EMI can be around 21,000 rupees, in such a case, you can finish the car loan in 3 years by paying 5,000 rupees more every month and then take a home loan or any other loan.

If you are taking two loans together, then it is important to first make a list of your monthly income and necessary expenses. You have to plan beforehand to see how much money is left if you are paying EMI of two loans, so that you can meet the expenses of the whole month. If you have money to pay the expenses of the whole month after paying EMI of two loans, then only take two loans together, otherwise you may have to face financial problems.

If you are taking two types of loans together, then decide in advance what will be its interest rate, along with this it is important to note the EMI and the remaining period. It often happens that the interest rate of home loan is around 8-9% and car loan is around 9-12%. In such a situation, it is necessary to get all the details of the loan from the bank before the loan.

All loan details

If you have taken two loans together, then first check that if the current interest rates are high, then you should transfer the loan to another bank at a lower rate. Apart from this, there are some banks which also give top-up loans along with the loan and their interest rate is also low. So it is necessary to get complete information about it beforehand.