Missing EMI payments damages your credit score and incurs penalties. This guide teaches you how to track all loan payments, set reminders, monitor payoff progress, and stay debt-free.
Step-by-Step Guide
Create a comprehensive list of every loan and EMI you're paying. Include home loans, car loans, personal loans, credit cards, and education loans.
Action Items:
- ✓List all active loans with current balances
- ✓Note monthly EMI amount for each loan
- ✓Record payment due dates
- ✓Calculate total monthly EMI burden
- ✓Add all loans to Expenie's loan tracker
Never miss a payment deadline. Set reminders 3 days before each EMI due date.
Action Items:
- ✓Enable EMI payment reminders in Expenie
- ✓Set calendar alerts for each loan due date
- ✓Consider auto-debit for critical loans (home, car)
- ✓Keep enough buffer in bank account before due dates
💡 Pro Tip:
Auto-debit is safest for home and car loans. Keep manual payments for personal loans you might prepay.
Log every EMI payment in Expenie to monitor payoff progress and maintain payment history.
Action Items:
- ✓Log EMI payment immediately after making it
- ✓Categorize as 'EMI/Loans' in Expenie
- ✓Add loan name in notes (eg. 'Home Loan EMI - Jan 2026')
- ✓Check updated loan balance in Expenie dashboard
Regularly check remaining principal and total interest paid. This motivates faster repayment.
Action Items:
- ✓Review loan dashboard monthly
- ✓Track remaining principal for each loan
- ✓Calculate payoff date based on current EMIs
- ✓Consider prepaying high-interest loans when possible
💡 Pro Tip:
Pay extra ₹1,000-₹2,000 toward principal monthly. You'll save lakhs in interest.
Conclusion
Effective EMI tracking prevents missed payments, protects your credit score, and helps you become debt-free faster. Use Expenie's loan tracker to monitor all loans in one place.
Frequently Asked Questions
Late fees (usually ₹500-₹1,000), interest penalties, and credit score damage. Always prioritize EMI payments.
If loan interest rate > expected investment returns, prepay. For home loans at 8%, prepayment often beats equity returns.
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