Do you have various loans? How to plan loan repayments in a better way? Which loan is first to finish and what strategy do we have to follow? Whether we must continue investment along with loan repayment? These are the various questions that many of us face. Let us try to answer them in this post.
Many of us in one way or another way have certain kinds of loans. They may be personal loans, home loans, or credit card loans. If you have various kinds of loans, then how do you plan to pay them?
Before jumping into plan loan repayments, first, follow these steps.
# Have a proper emergency fund in place – Ideally one must have at least around 6-24 months of expenses. Hence, if you have a surplus and plan to repay your loans, first make sure to create an emergency fund.
# Have Life, Health, and Disability Insurance in place – Along with an emergency fund, make sure to have sufficient Life, Health, and Disability insurance products.
# Try to concentrate on…
