We need to take a loan to meet many of our needs, such as building a house, buying a car, studying or other such needs. Most of us take a loan in the initial days of our job and then during the rest of the time we manage our expenses to repay that loan.
According to credit bureau data, about 60 million individuals use unsecured loan instruments in the organized sector. This loan can be instrument credit card, consumer durable loan, personal loan or generally a combination of all three.
InCard Finance has provided this information that, “Around 20 per cent of its customers are those who take loans for the first time. This means that there is a large customer segment who take loans more than once. ”
Experts believe that it is important to manage the loan and save yourself from falling into the debt trap. You can manage your loan in a better way by keeping some very simple things in mind.
To manage your loan, it is very important for you to first focus on the loan repayment and savings methods. Apart from this, it is also very important for you to manage your non-essential or incidental expenses. Apart from this, borrowers should also prepare a buffer according to their financial means from time to time. This makes them very easy to manage casual expenses.
Apart from this, you must check that for what needs you are taking the loan. For example, if you have taken a home loan and if you are looking to take a loan to buy a vehicle, then you must think whether it is very important to take this loan now or not? That is to say, if your work is going on without any need, then it is better to postpone it. This helps you avoid taking more than one loan.
Along with this, many times while shopping, people forget that while using the facility of credit card or Buy Now Pay Later, it is also a kind of loan.
