New Delhi, July 7 -- Paying your personal loan EMIs on time is important. If you don't do that, your credit score will take a hit and getting new loans in future will be difficult. In this article, we will look at some of the steps you can take to manage your personal loan EMIs effectively. So, let us get started.

1. Choose an EMI amount which is neither too high nor too low: At the time of taking a personal loan, choose an EMI amount that is smooth on your pocket. Choosing a lower EMI will mean the loan will go on for a longer duration than it ideally should. It will result in a higher interest amount. On the other hand, choosing a higher EMI may strain your cash outflows. You may have to cut expenses elsewhere to make provision for the...