New Delhi, June 24 -- Are you someone facing high monthly instalments? To combat such a situation, borrowers with active personal loans can take several sensible and strategic steps to lower EMIs, resulting in improving their finances and improving their budgeting flexibility.

Elucidating on the same, Yashoraj Tyagi, CEO, CASHe, says"To reduce EMIs on ongoing personal loans, borrowers can part-prepay, opt for a balance transfer, extend tenure, or negotiate lower rates. Step-down EMIs and top-up loans at better terms can help too. A healthy credit score and comparing lender offers regularly can unlock lower EMI options."

A personal loan EMI (Equated Monthly Instalment) is the fixed amount that a borrower repays on a monthly basis for a l...