Be honest with your bank, and inform them about your situation. For example, banks might be willing to change your fixed interest rate into a floating one for some fee. This will end up saving you a significant amount of money as the interest rates have plummeted over the past few years.

In case of an education loan or a housing loan, your loan might not have the facility of early repayment in full. You could approach your bank about this and include this provision in your repayment plan.

"I received a healthy year-end bonus from my company and wanted to use the amount to settle the remainder of my education loan," says Amit Shukla, sales manager at Britannia.

"Though my loan did not provide for this in the agreement, the bank manager was accommodating enough to alter the loan clauses at a nominal charge." Banks are also looking at incremental business from customers and are going the extra mile to make life easy for borrowers.