New Delhi, Dec. 12 -- Refinancing a personal loan is now a practical way for borrowers to reduce their monthly EMIs and manage cash outflows. Interest rates constantly fluctuate across different lenders, and fintech platforms offer quicker approval systems. A timely refinance, combined with proper due diligence, can significantly reduce the total cost of borrowing.

Many banks and financial institutions now offer lucrative interest rates to attract credit-worthy borrowers with strong credit profiles. A shift to a lower-cost lender delivers immediate savings if your income has risen, your credit score has improved, or your current loan carries a high interest rate. This also goes a long way to reduce the psychological stress that comes wit...