When you start paying off your debt amount early, it reduces the time period of loan repayment, interest cost and results in a lower EMI. Go for a longer tenure to lower your EMILowering your EMI outgo by slightly lengthening your loan tenure is a good option. Go for this option even if you do so for a few years, so that when your salary rises in the future you can reduce the loan tenure and pay bigger EMIs. A balance transfer can also help you get a lower EMI, while ensuring better service and loan terms. This is subject to the type of loan, the age of the primary loan, the loan corpus, the portion of repayment completed and your track record as a borrower.

Source: dna February 27, 2018 00:14 UTC