Clearing EMIs and dues effectively requires a mix of smart planning, budgeting, and sometimes negotiation. Here’s how you can do it step by step:
💡 1. Make a List of All Your EMIs and Dues
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Include loan EMIs, credit card dues, and any other borrowed money.
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Note down the outstanding amounts, interest rates, due dates, and minimum payments.
💰 2. Create a Monthly Budget
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Track your income and expenses.
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Prioritize essential needs, then set aside money for EMIs and dues.
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Cut back on non-essential spending (subscriptions, eating out, etc.).
📅 3. Prioritize Payments Strategically
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Pay overdue or high-interest loans/credit cards first (credit cards usually charge 30–40% annually).
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Make at least minimum payments on all accounts to avoid penalty and score damage.
💳 4. Consolidate or Refinance Loans (If Needed)
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Consider a personal loan with lower interest to pay off high-interest credit cards.
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Some banks offer EMI restructuring or loan top-ups for temporary relief.
📞 5. Talk to Lenders If You’re Struggling
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Contact your bank or NBFC to reschedule EMIs, request a moratorium, or apply for a settlement.
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Avoid ghosting lenders — missed payments hurt more than negotiating terms.
🧾 6. Set Up Auto-Debits or Reminders
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Use bank auto-debit features to ensure timely EMI payments.
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Use apps like CRED or your bank’s mobile app to track and remind you of bills.
📈 7. Increase Your Income (If Possible)
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Look for side gigs or freelance work to generate extra cash.
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Use bonuses, tax refunds, or incentives to make lump-sum payments toward dues.
❌ Avoid These Mistakes
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Don’t ignore small dues — they grow with interest and hurt your CIBIL.
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Don’t take another loan just to pay off existing ones unless it’s a well-planned consolidation.
Would you like a simple EMI tracking template or help calculating how much to pay monthly to clear your dues?