Different Ways to Pay Off Personal Loan

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Different Ways to Pay Off Personal Loan

The first mode of repaying the requisite loan amount is through the fixed instalment method. Through this method, the borrower has to pay off the loan amount in fixed instalments as mandated by the regulations and policies mentioned in the agreements of the banks and as complied to by the borrower who is availing the loan facility. 

In the fixed instalments method, an amount is mandated by the bank and agreed to be paid off by the interested borrower. Then on the designated date of repayment, the deduction of the amount is automatically made from the bank account of the borrower if he or she has agreed to that system of repayment. During times of repayment, it is also critical to understand that interest charges are to be incurred while paying off the loan facilities. These rates of interest charges are determined by the banks and have to be agreed upon by the person who is applying for the loan from the bank.

The second mode of repaying personal loans is through lump sum payment methods. In the case of lump-sum payment methods, the interested borrower agrees to the pact that he would pay off a considerable portion of the loan amount within a specific period. The quantum of the loan amount would be dependent on the amount of money that the borrower wants to pay off as a yearly instalment. Thus the time and opportunity have come forward when the banking institutions in the country have started several financial schemes to induce consumers to take personal and gold loans during this period. 

An individual may apply for the system of lump-sum instalment method whereby he or she can reduce the burden of the loan within a short period. Bajaj Finance Personal Loan offers the borrowers the opportunity of repaying the loan amount in a lump sum. This helps in generating credit flow and also reduces the loan burden for the interested borrower. 

 

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