One of the principles of Personal Finance Tips is that you should not take up loans. If you need to, there are some guidelines for you so that you can minimize the exposure of financial risks.

Try to go for lower interest rates: You can always ‘fight’ it out with the banks to see if they can give you a lower interest rates. If you ask for it, there is a chance to get it. Even a small 0.1% reduction can make a difference to your monthly repayment.

Make a deposit: Have a larger deposit amount. In that way, you will have lesser loan taken, and also lower repayment amount.