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Loan duration and EMI are the two important factors that determine your debt burden. When you take any loan, these two factors are fixed up front before the approval. Based on your acknowledgement, the loan amount is disbursed after agreeing to the terms and conditions. If the EMI amount is higher, the loan tenure may be lower and if you have low EMI amount, the tenure may be longer depending on the loan amount.
Reducing the EMI amount works best for you if you have too many debts and are unable to manage the repayment with the current income. You may approach the lender to reduce the EMI which will in turn increase the loan duration. Although you are likely to enjoy a lesser repayment, the debt will last longer with additional payment towards interest.
Reducing loan duration works certainly best for you especially when you look forward to clearing the loan faster. You can approach the lender to restructure the loan and reduce the tenure. Apart from paying the debt faster, a lower tenure also reduced the outgo on the interest payment.
A low EMI certainly brings relief when you are burdened with too many debts. However, reducing the loan duration can help you save a lot on interest payment and also clear the debt much sooner.
Transferring your existing loan to another lender can help you reduce the interest rate and EMI amount. However, consider the prepayment and processing charges levied for the transfer.
Looking forward to reduce the interest rate on your existing loans? You may consider a balance transfer option through CreditMantri.