How to Manage Loan Repayment?
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Priorities Loan Repayment
Set aside funds specifically for loan repayment.
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Plan and Budget
Create a financial plan and budget that takes into account your loan repayment obligations.
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Negotiate with the Lender
Consider negotiating to restructure the loan or extend the repayment period.
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Utilise Moratorium Period
Use the moratorium period to defer loan repayment and stabilise your business.
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Make Timely Payments
Ensure that you make timely loan repayments to avoid late payment fees and penalties and build a good credit score.
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Refinance the Loan
Consider refinancing to lower interest rates or extend the repayment period, but carefully consider the terms and conditions of the new loan.
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