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One can start the repayment process of a loan as early as when they are in college. Making small payments of even the interest amount can help curtail the repayment burden.
Whenever one receives surprise funds like bonuses, tax refunds or incentives, a part of it should be used to pay towards the education loan. Lump sum payments go towards the principal amount directly, thereby, lowering the interest burden.
For one to pay EMIs monthly, it is better to make half-payments every fortnight. This can help one enable to pay off the outstanding amount earlier.
One should hike the EMI if the salary goes high or there is a change in the job. The higher the EMI, the more interest is paid off and this leads to lower interest liability over years.
If the existing interest rate is higher than the current market rate, one must consider refinancing or transferring the education loan to another bank or financial institution with improved terms.