List every loan
Write down each loan with its monthly EMI, due date and remaining months. Check the figures against your loan statement once.
Add EMIs to your monthly plan
Record each EMI as a fixed bill. Mark it paid when the payment goes out, and note the account it came from. The total EMI figure shows how much of your salary is already committed.
- List each loan with its EMI and due date
- Track each EMI as a fixed bill
- Note the total EMI as a share of salary
- Check the remaining months once a year
Questions people ask
What share of salary should go to EMIs?
Many lenders look at total EMIs against income. Keep them as low as your situation allows and leave room for essentials and savings.
Should I prepay a loan?
That depends on the interest rate and your other goals. Speak to a financial advisor for personal advice.
What if an EMI bounces?
Contact your lender as soon as possible. Check the bank statement and record the payment once it goes through.