Top 10 Smartphones under 20k in 2021 for Students in each category

Feb 1, 2021

| 1 min read

The smartphone market in India has registered a 9% YoY growth by Q3 in 2020. A major share of sales is contributed by students. Smartphones are companions during lectures while collaborating over assignments, for lesson revisions, and even for leisure.

Being a student, you have specific uses of a smartphone and must focus on features that cater to your needs. An ideal phone should be a high-performance device with the latest processor, a great camera, long-lasting battery life, and must suit your budget too.

We have curated a list of the top 10 best-suited smartphones for students under 20,000:

Phones with the Best Camera

1. Realme 7 Pro for INR 19,999/-

SpecificationsDisplay6.4 inches, 1080×2400 pixelsProcessorQualcomm Snapdragon 720GRAM8GBStorage128GBBattery Capacity4500mAhRear Camera64MP + 8MP + 2MP + 2MPFront Camera32MP

The Realme 7 Pro is the best camera phone to buy under 20000. It comes with an AMOLED display and stereo speakers for a great viewing experience. Realme 7 Pro includes 4 rear cameras- a 64-megapixel Sony IMX682 main camera, an 8-megapixel ultra-wide-angle camera, a 2-megapixel depth camera, and a 2-megapixel macro camera. You can capture great photos with natural-looking colors in regular lighting or HDR mode. Photos shot in low-light or dark places also come out well without much visible grain.

2. Redmi Note 9 Pro Max for INR 14,999/-

SpecificationsDisplay6.4 inches, 1080×2400 pixelsProcessorQualcomm Snapdragon 720GRAM8GBStorage128GBBattery Capacity4500mAhRear Camera64MP + 8MP + 5MP + 2MPFront Camera32MP

Redmi best camera phone under 20000 is the Redmi Note 9 Pro Max. It has four rear cameras including a main camera with 64 megapixels, 8 megapixels ultra-wide, 5-megapixel macro lens, and 2-megapixel depth sensor. You get the benefits of pro mode photography, and excellent night mode captures. The front camera is 32-megapixel, allowing you to take stunning selfies. The phone also has a 6.67-inch Full HD Plus display and a 5020mAh battery powered through a 33 Watt fast charger.

Phones with Top Processors

3. Vivo Z1x for INR 18,990/-

SpecificationsDisplay6.38 inches, 1080×2340 pixelsProcessorQualcomm Snapdragon 712AIERAM8GBStorage128GBBattery Capacity4500mAhRear Camera48MP + 8MP + 2MPFront Camera32MP

Vivo Z1x is among the best performing Vivo phones equipped with Snapdragon 712 AIE. It is packed with a 64-bit CPU – Qualcomm Kryo 360, a clock speed of up to 2.3 GHz, and Adreno 616 Graphic Processing Unit (GPU) to give you the best gaming and multitasking experience. Third generation AI Engine boosts performance by 10%.

4. OPPO K3 for INR 20,007/-

SpecificationsDisplay6.5 inches, 1080×2340 pixelsProcessorQualcomm Snapdragon 710RAM8GBStorage128GBBattery Capacity3765mAhRear Camera16MP + 2MPFront Camera16MP

Oppo K3 is packed with Snapdragon 710 and is among the Oppo best phones. Its 10nm processor has a maximum operating frequency of 2.2 GHz, improving its peak performance by 15%. It runs on ColorOS 6, based on Android 9 Pie. The Game Boost 2.0 enhances your gaming experience with its frame and touch accelerators.

Phones with Top Processors

3. Vivo Z1x for INR 18,990/-

SpecificationsDisplay6.5 inches, 1080×2400 pixelsProcessorSamsung Exynos 9611RAM6GBStorage128GBBattery Capacity6000mAhRear Camera64MP + 12MP + 5MP + 5MPFront Camera32MP

Galaxy M31s is the best Samsung phone under 20000 with a big 6000mAh battery. A 25W fast charger comes along with the phone which charges the battery to 100% in just 97 minutes. The monstrous battery lasts up to 2 days even with heavy usage. It sports a chic “3D Glasstic” look, the premium glass-like glossy surface made of plastic adds durability to the phone. The side-mounted fingerprint scanner picks up fingerprints like a magnet.

6. Poco X3 for INR 15,999/-

SpecificationsDisplay6.67 inches, 1080×2340 pixelsProcessorQualcomm Snapdragon 732GRAM6GBStorage64GBBattery Capacity6000mAhRear Camera64MP + 13MP + 2MP + 2MPFront Camera20MP

Poco X3 is the best phone under 20000 with the best battery life. It is equipped with a 6000mAh battery which lasts more than 1.5 days on a full charge. The phone battery quickly charges to 65W and is at 100% in just 65 minutes. It boasts of consistent performance enabled by the octa-core Qualcomm Snapdragon 732G processor. Loud stereo speakers and an LCD panel with a Full HD+ resolution, making the device ideal for a great gaming experience.

Best Phone for Gaming

7. Realme 6 Pro for INR 15,999/-

SpecificationsDisplay6.7 inches, 1080×2400 pixelProcessorQualcomm Snapdragon 750GRAM4GBStorage128GBBattery Capacity5000mAhRear Camera48MP + 8MP + 2MPFront Camera16MP

Realme latest phone is the 6 Pro, a mid-range flagship device capable of high-performance gaming. Featuring the powerful Snapdragon 720G chipset and a wide 6.6-inch LCD display. The device has 8GB of RAM and 128GB of expandable storage, for the ultimate gaming experience. Its 4300mAh battery lasts over a day and can be quickly powered using 30W fast charging for uninterrupted gaming. A capacitive fingerprint sensor is built in the power button and a face unlock option is also available.

6. Poco X3 for INR 15,999/-

SpecificationsDisplay6.6 inches, 1080×2400 pixelsProcessorQualcomm Snapdragon 720GRAM6GBStorage64GBBattery Capacity4300mAhRear Camera64MP + 8MP + 12MP + 2MPFront Camera16MP + 8MP

Moto G 5G is the latest and best phone in the market under 20,000 for gamers. It is a 5G ready smartphone from Motorola equipped with the latest Qualcomm Snapdragon 750G. It improves CPU performance by 20% and allows headroom for smooth performance while playing the latest games. To improve your gaming experience, the 6.7” FHD+ Max Vision display is supported by HDR10 and a fast-charging 5000mAh battery which lasts over 2 days.

The All-Rounder!

9. Motorola One Fusion+ for INR 17,499/-

SpecificationsDisplay6.5 inches, 1080×2400 pixelsProcessorQualcomm Snapdragon 730GRAM6GBStorage64GBBattery Capacity4300mAhRear Camera64MP + 8MP + 12MP + 2MPFront Camera16MP + 8MP

Motorola One Fusion+ is one of the best phones with snapdragon under 20000 with an all-round performance. This budget-friendly smartphone sports a pop-up selfie camera and an all-screen 6.5-inch display. It is HDR 10 certified and offers a great viewing experience with an IPS panel and a loud bottom-firing speaker. Powered by Qualcomm Snapdragon 730G processor, the device is great for multi-tasking and intense gaming. A powerful 5000mAh battery supplied through an 18W charger lasts for over 2 days after a full charge in around 2 hours. Good photos can be captured even in low light through its quad-camera setup with a 64-megapixel primary camera.

10. Redmi Note 8 Pro for INR 17,999/-

SpecificationsDisplay6.53 inches, 1080×2340 pixelsProcessorHelio G90T Professional Gaming ProcessorRAM8GBStorage128GBBattery Capacity4500mAhRear Camera64MP + 8MP + 2MP + 2MPFront Camera20MP

Redmi Note 8 Pro is one of the best budget phones under 20k equipped with stunning features. Powered by Helio G90T Professional Gaming Processor and a mighty battery of 4500mAh, the device delivers robust gaming performance for up to 10 hours. It is India’s first phone with built-in Alexa and the most influential AI Quad Camera Array. It can be called Redmi best phone under 20000 for its performance, looks and capacity.

Low on Budget? mPokket has you covered!

Now that we have helped you decide which phone to buy, mPokket instant loan app for students can help you order the best one too. Being India’s best instant student loan app, we offer loans from Rs.500 up to Rs.45,000 to college students directly into their bank account.

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.

Other blogs

Whether you're a resident looking to renovate your home, cover medical expenses, or fund a dream vacation, a personal loan can be a convenient financial solution. However, before you apply for an instant loan in Hyderabad, there are questions you would like to be answered to ensure a smooth borrowing experience.

What are the Requirements for Getting a Personal Loan in Hyderabad?

When you have identified the need for a personal loan, let us understand what are the requirements for getting a personal loan in Hyderabad. To apply for a personal loan, you typically need to meet the following criteria:

Age: You must be at least 21 years old at the time of application and not older than 65 at the time of loan maturity.

Residency: You should be a resident of India and residing in Hyderabad.

Income: You must have a regular source of income, whether through employment or self-employment, to demonstrate your ability to repay the loan.

Employment Stability: Lenders may require a stable employment history, typically with at least 2-3 years of work experience.

Credit Score: While not always mandatory, having a good credit score (usually 750 or above) can increase your chances of approval and help you secure a lower interest rate.

Documents: You'll need to provide documents such as proof of identity (Aadhaar card, PAN card, passport), address proof (utility bills, rental agreement), income proof (salary slips, bank statements), and employment proof (offer letter, appointment letter).

Credit History: Lenders will assess your credit history to determine your creditworthiness. A good credit history indicates that you are a responsible borrower, which can improve your chances of approval.

Loan Amount: Your loan eligibility will depend on your income, credit score, and other factors. Lenders may also have minimum and maximum loan amounts for personal loans.

Why Consider a Personal Loan in Hyderabad?

There are several reasons to answer the question why consider a personal loan in Hyderabad:

Debt Consolidation: If you have multiple debts with high-interest rates, you can use a personal loan to consolidate them into a single monthly payment with a lower interest rate.

Home Renovation: Personal loans can fund home renovation projects, allowing you to upgrade your living space or make necessary repairs.

Medical Expenses: Personal loans can help cover unexpected medical expenses, ensuring you can access the healthcare you need without worrying about finances.

Education: Whether you want to further your education or support a family member's schooling, personal loans can help cover tuition fees and other educational expenses.

Wedding Expenses: Weddings can be expensive, and a personal loan can help you cover the costs of the ceremony, reception, and other associated expenses.

Travel: If you're planning a dream vacation or need to travel for personal reasons, a personal loan can provide the funds you need to make the trip.

Emergency Expenses: Personal loans can be a lifeline during emergencies, such as car repairs, appliance replacements, or other unexpected costs.

Business Start-up or Expansion: If you're looking to start a new business or expand an existing one, a personal loan can provide the capital you need to get started.

Improving Credit Score: Responsible loan management, such as making timely payments, can improve your credit score, making it easier to qualify for future loans.

Things to Consider Before Taking a Personal Loan in Hyderabad

Understand your Financial Needs: Before applying for a personal loan, it is essential to check your monetary requirements. Determine how much money you need to borrow and for what purpose. This will help you choose the right loan amount and repayment term.

Research Lenders: Hyderabad has a variety of banks, financial institutions, and online lenders offering personal loans. Research different lenders to compare interest rates, loan terms, and eligibility criteria. Choose a lender that offers competitive rates and flexible repayment options.

Understand the Fees: Before applying for a personal loan, ensure you understand all the expenses associated with the loan. This may include processing fees, prepayment charges, and late payment fees. Factor these costs into your loan repayment plan to avoid any surprises.

Determine your Eligibility: Each lender has specific eligibility criteria that borrowers must meet to qualify for a personal loan. This may include minimum income requirements, employment stability, and age limits. Ensure you meet the lender's eligibility criteria to increase your chances of approval.

Gather the Required Documents: You must submit certain documents, such as identity, address proof, income documents, and bank statements. Gather these documents in advance to speed up the loan application process.

Compare Interest Rates: Interest rates on personal loans can vary widely between lenders. Compare interest rates from different lenders to find the most competitive offer. A lower interest rate can save you money over the life of the loan.

Understand the Repayment Terms: Before signing the loan agreement, understand the repayment terms, including the loan tenure, EMI amount, and repayment schedule. Choose a repayment plan that fits your budget and financial goals.

Conclusion

There are cases when urgent cash loans can be a good option to consider when dealing with your financial requirements. However, you are supposed to find out more about the creditors and their conditions and responsibilities before borrowing money for personal needs. It is advisable that one follows these tips so as to make an informed choice that will make sure an individual gets quick cash loans of his or her liking.

Things You Need to Know Before You Apply for a Personal Loan in Hyderabad

Financial emergencies have a sneaky way of coming without a warning. Whether it is a severe health problem, fixing your house, or making an urgent trip, you must always be able to use fast money. Instant loans are the source of this need, giving quick cash to people with stable incomes. This guide will cover the basics of urgent loan online, including why they are popular and how to apply, and strategies on repayment loans to ensure that you make an informed decision.

Why do Salaried Individuals Prefer Instant Loans?

The growing popularity of instant loans among salaried individuals can be attributed to several key factors. Here’s why why do salaried individuals prefer instant loans:

Speed and Convenience: Instant credit stands up to the name, as it is processed speedily, in most cases, under 24 to 48 hours. Salary employees commend this process because it is easy to fill it online with user-friendly platforms and deposit their money directly into their bank accounts. Usually, there are several documents to fill in, meetings with the bank officer, and long waiting periods that may take months. On the other hand, instant loans do not have these barriers, providing a more rapid and less complicated procedure.

Emergencies: Unplanned events such as a medical bill, a car repair, even a sudden failure of an appliance, or possibly urgent travelling due to a family crisis can lead to immediate financial needs. Salaried people face emergencies instantly through instant loans, thus avoiding delays or depression from insufficient finances.

No Collateral Required: Instant loans do not need collateral, unlike secured loans that require collateral in the form of property or gold. Thus, salaried employees can get money without worrying about losing their essential assets. This lending type appeals to people without property or who can not pledge collateral immediately.

Flexible Loan Amounts: Instant loans are a type of credit that can be used for any financial need. Whether you need just a little to fix a minor car repair or a more significant amount for a considerable medical expense, instant loans offer you the convenience of borrowing the amounts you need. Salaried people can buy the products they need without taking on unnecessary debts.

What Documents Do Salaried Individuals Need for Instant Loan Applications?

Thinking of what documents do salaried individuals need for instant loan applications? To ensure a smooth and quick loan processing, keep the following documents readily available:

Identity Proof: To verify your identity, you should show a government-issued document such as an Aadhar card, passport, or driving license.

Address Proof: Records like electricity and water bills (utility bills), rental agreements, or voter ID cards can all work as address proof.

Income Proof: Salaried employees must submit proof of income and ability to repay to meet the acquisition standards.

Employment Details: To show a stable job, you must provide the lender with your current employer's name, job position, and work experience.

Bank Account Details: Lenders can request a bank statement showing your salary credit and transaction history for a given period.

Photographs: While photographing is not essential in most other cases, this is not the case when applying for a loan for low salary.

How can Salaried Individuals Manage Instant Loan Repayments Effectively?

The fact that instant loans provide undeniable benefits is not a reason enough to ignore the importance of responsible repayment that may save you from ending up in a debt trap. Here are some key strategies how can salaried individuals manage instant loan repayments effectively:

Budget Wisely: Prepare a detailed plan that divides money between your monthly loan payments and your usual spending. Budgeting will allow you to manage your finances properly.

Automate Repayments: Automate withdrawals from your salary account to your loan instalment to prevent the risk of missing repayment and incurring penalties.

Avoid Multiple Loans: If you use instant loans to solve urgent needs, you should ensure that you don't get into various loans simultaneously. Every loan you take adds more to your financial burden, increasing your debt-to-income ratio. It may be hard for you to repay your debts, damaging your credit score.

Build an Emergency Fund: It is crucial to have a rainy fund in addition to your loan repayment. This safety net implies that you are ready for unpredictable events because additional loans are not required.

Conclusion

Instant loans provide a quick and easy option for salaried people who suffer an unexpected financial crisis. Nonetheless, their proper application should be considered carefully and with an unambiguous strategy. Knowing the pros and cons of instant loans will help you make a well-informed decision. Besides, considering your financial state and following some repayment strategies will allow you to better manage instant loans.

Remember that instant personal loan online for salaried loans can be a handy tool when you face a sudden emergency, but don't get addicted. mPokket can help you with instant loans. By keeping a keen eye on your finances and being selective about how you use instant loans, you can be sure that they will work for you rather than you working for them.

Guide to Instant Loans for Salaried Individuals: Everything you Need to Know

Short-term loans are your best option when you need cash for your business or personal use. Quick cash loans can be obtained instantly and repaid in a short time. While these loans are convenient for managing immediate cash requirements, they also have risks and insecurities. Let us know in detail about short-term loans, their types, advantages, and disadvantages.

What are Short-Term Loans?

As apt to the name, short-term loans are taken for shorter periods. These loans are offered on an urgent basis and can help resolve immediate cash shortages. Banks and other lenders offer short-term loans with varying terms and conditions.

Why Consider Short-Term Loans?

When you understand short-term loans, knowing why to consider short-term loans will be helpful. Here are some reasons why:

In Case of Emergency: Short-term loans are very helpful when you need money in emergencies and are short on it.

To Get Rid of High-Interest Loans: If you have taken any other loan on which you are paying high interest, short-term loans can be used to get rid of such types of high-interest loans.

For Shopping: Shopping loans are also short-term loans which can be used to make major purchases.

For Travelling: You can also use short-term loans to plan your payments for travel-related expenses like booking tickets, stays, etc.

For Education: Short-term loans are an excellent option for paying for education expenses like college fees, books, and other essential things.

What are the Types of Short-Term Loans Available?

Once we have understood these quick cash loans, the next question is, what are the types of short-term loans available? Short-term loans are of different types. Given below are some of the short-term loans:

Payday Loans: Payday loans are taken when you are short on cash and waiting for your salary. They work like an advance salary, which you can spend on your requirements. You need to repay the loan on or before your salary day.

Personal Loan: Offered based on your income, job, and credit history, personal loans do not require paperwork and are approved and disbursed quickly. This type of loan can be used for various purposes like urgent home repairs, medical emergencies, wedding expenses, travelling, shopping, etc.

Loan Against Gold: As the name suggests, this type of loan is taken by mortgaging your gold against the loan amount. Also known as a gold loan, this is a secured loan that gives you the flexibility of paying back the principal amount after the tenure is over.

What are the Pros and Cons of Short-Term Loans?

Although short-term loans are essential financial tools, they also have some pros and cons. Let us find out what are the pros and cons of short-term loans:

Pros:

Quick Cash When Needed: Short-term loans can fulfil your immediate cash requirements as these are approved immediately.

Flexibility of Repayment: These loans offer flexibility in repayment. You can choose to pay back quickly or over an extended period.

No Mortgage Required: Short-term loans are unsecured loans, which means you do not need to keep any collateral against the loan amount.

Helps Build Credit Score: These loans are approved quickly and can be repaid quickly, helping you improve your credit score.

Cons:

High-Interest Rates: As these are unsecured loans, the interest rates charged on them can be higher than those charged on traditional loans.

Processing Fees: The lender may charge additional fees for processing loan applications that may be taken from the borrower.

Limited Amount Sanctioned: The loan amount can be limited as these are unsecured loans, and lenders do not take the risk of providing bigger loans.

Risk of Increasing Debt: If you are unable to pay back the loan, it may lead to an increase in debt as the interest rate on these loans is higher than that on traditional loans.

Conclusion

Instant short-term loans are an important financial instrument which can help you when you need urgent cash. These loans are easy to apply for and get quickly processed. They can help you fulfil emergency requirements or other casual expenses. For those looking to apply for a loan for low salary, mPokket is the best app, which provides quick cash loans. You only need a little documentation, and no collateral is required.

Essential Guide to Short-Term Loans: What You Need to Know

Everyone needs to make essential purchases or upgrades once in a while. This can include buying a new car, replacing an old air conditioner, or buying a new laptop. Obtaining an online loan for shopping can help you make important purchases. A thorough understanding of shopping loans will help you understand how they can be useful when making big and important purchases. Let’s explore what are shopping loans and understand their perks and other essential aspects.

What are Shopping Loans?

A shopping loan is a type of personal loan used to fulfil important or urgent shopping needs. It's an unsecured loan, so you don't need to offer any security. You can use the loan for both in-store and online shopping.

To get a shopping loan, you'll need essential documents like your PAN or Aadhar card for proof of identity. You'll also need proof of income, such as a three-month bank statement and a two-month pay slip.

Why Consider Shopping Loans for Smart Purchases?

If you need to finance your shopping expenses, applying for a loan for low salary is a better choice than breaking down the fixed deposit. Read on to find out why consider shopping loans for making smart purchases:

Faster Approval: Personal loans generally get approval quicker. This option will be helpful when you are facing a budget constraint but need to make some essential purchases.

Highly Convenient: Shopping loans are primarily available online. Thus, you can easily apply for one and complete the entire process from home.

Preserving Your Savings: You can keep your savings for emergencies while choosing a shopping loan for your big purchases.

High Flexibility: Shopping loans give you much flexibility regarding repayment options. You can choose the repayment plan that best suits your budget and financial goals.

No Need for Collateral/Guarantee: Since it is an unsecured loan, you do not need any collateral or guarantee to take a personal loan for shopping.

Affordability: Shopping loans help you pay for expensive items over time. Instead of paying all at once, you can pay in smaller, manageable amounts, making it easier to make big purchases.

Better Interest Rate: Compared to credit cards, personal loans offer better interest rates and are cheaper.

Who Qualifies for Shopping Loans?

Understanding the eligibility criteria is essential to know if you qualify for shopping loans. So, to help you answer “who qualifies for shopping loans”, here is a list of criteria you should follow:

The individual has to be an Indian citizen.
Be a full-time employee in the government or private sector.
Have a minimum of 6 months overall work experience and 3 months of experience in the current organisation.
The individual should receive a salary in a proper bank account.
Your monthly salary needs to be at least over 30,000 (this will vary from one lender to another).

What are the Best Ways to Use Personal Loans for Shopping?

Let’s take a look at how you may use a personal loan for shopping without risking overspending:

Shop Only for Essentials

The best way to stay in control is to have an actionable budget plan to help you understand how much you can safely spend on extra indulgences.

Spend Only What you Have Borrowed

It is wise to spend only the borrowed amount to prevent blown budget plans. So, no matter how tempting items you come across while shopping, be financially responsible and avoid splurging on unnecessary items.

Get the Best Deals

If you are shopping during the holidays or festive season, you will find plenty of festive and holiday deals. You will spend less, pay a lower interest rate, and repay your loan sooner.

Get Yourself a Personal Loan Contingency Plan

A personal loan contingency plan is one of the best ways to use a shopping loan. It will keep your finances in check and ensure you don’t get an extra bill once the repayment date arrives.

Conclusion

Shopping loans can be a great way of financing expensive items. Before you look for the perfect and convenient gaming console or gift for your children, planning and acquiring a cash loan online with low-interest rates that suit your requirements is best. While carrying out your financial preparation, you can shop without any stress. Go debt-free during holiday seasons by getting a low-interest loan to shop from mPokket. They even provide excellent loan options for individuals with low salaries. However, you must use the money wisely and avoid frivolous shopping. Thoughtful planning and diligent budgeting will promote good financial health.

A Comprehensive Guide to Shopping Loans for Smart Purchases

A personal loan is an invaluable resource everyone needs at some point in their lives. It can be for an emergency, a medical purpose, a wedding, a home repair loan, a necessary purchase, or a family vacation. If managed wisely and smartly, an emergency loan online can be the best way to avoid financial stress and ensure that all financial goals are simultaneously met. In the guide, we will share detailed insights on personal loans and every aspect of it.

What is a Personal Loan, and When Should You Consider It?

Before understanding effective ways of handling a personal loan, it is essential to understand “what is a personal loan and when should you consider it?”.

Personal loans do not require security or collateral and can be obtained with minimal documentation. The funds from these loans can be used for any significant financial need. They can help finance big purchases like buying or repairing a home or managing wedding expenditures. You can also consider taking a personal loan to eliminate high-interest credit card debt.

Here are some of the circumstances when you should consider a personal loan:

You are not qualified for a low-interest credit card.
When you are looking for the least expensive borrowing option.
When credit limits on credit cards do not meet your current borrowing needs
You have no collateral to offer.
When you require borrowing for a shorter period.

How can you Determine the Right Amount to Borrow?

Now that you have a basic idea of a personal loan and when to consider it, the second step will be understanding “How can you determine the right amount to borrow?” Knowing the exact amount you will need to borrow before you apply for a personal loan is crucial to managing your loan effectively. Once determined, you must calculate how much you can repay each month. Understanding that will help you stay on the right track and avoid any kind of financial strain.

Taking a loan out over a long time may reduce your EMIs, but you may be required to pay a higher interest over the entire loan term. On the other hand, if the loan tenure is too short, your EMIs can be too high, thus making you unable to make payments over time.

Why is it Essential to Have a Repayment Plan?

Several repayment plans are available so that borrowers can choose to make their payments more accessible. But before choosing the right repayment plan, we also need to know why is it important to have a repayment plan.

A repayment plan is essential for effectively managing debt and avoiding any kind of financial strain. Here are the following reasons why it is crucial:

Effective Budgeting: It helps you outline the monthly amount you must pay. This will allow you to allocate the required funds to repay without compromising essential expenses.

Reduce Stress About Paying Debt: Knowing that you have a proper plan for repaying your debts reduces your anxiety and stress levels.

Avoid Default: An appropriate repayment plan can help you stay on track with your payments, thus reducing the risk of defaulting on your loans.

Improve your Credit Score: Consistently following a repayment plan shows your financial responsibility and thus enhances your credit score over time. A higher credit score will lead you to more opportunities.

Save Money: With the right repayment plan, you can strategise to pay off the high-interest debts. This will help you save money on interest payments over time. It will help you become debt-free sooner and help you save on the costs of overall repayment.

Conclusion

Personal loans give you an upper hand in many urgent financial situations. But you must ensure a proper plan for repaying them on time. So, it is necessary to do adequate research when choosing a loan and pick the most appropriate one for your financial situation. Repaying your quick cash loans promptly will help you get a good credit score and help you maintain a credit history. If you want an easy cash loan option, mPokket can be your tested partner. It comes with competitive interest rates and thus can help you fulfil your financial goals conveniently and quickly.