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Can i preclose personal loan early? 19 emi s pending with emi amount 36k

Is it fair idea to pre close?

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WebbedVelvet

HERE Technologies

2 months ago

Usually personal loan have fixed interest rate and they having penalty for early payment as well.. You will end up paying more than you should have.. better invest is somewhere safe and keep paying your emi as it is.. PS: This is all assumption based, I don’t have any information about your personal loan terms.
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Dekisugi

Salesforce

2 months ago

I use this to decide. Close the loan if what you are earning is less than interest being paid. Ofcourse, some exceptions depending on your financial status.
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by Green_goblin

Optum

Should i go for home loan

I have saved 15L in the past 2.5 years, and i am planning to buy a home worth 50 L in tier 3 city. I want to take a Loan of the remaining amount and i am the only earner in my family. Considering the current situation of Layoffs/Downsizing etc etc in IT,is it okay to take a loan and solely depend on my income for loan repayment. Im 25 rn and we don't have our own house. So need one. What are the other ways in which i can buy a home.

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Personal Finance on

by Anyvineapp

Walmart

What would you be doing ?

I am a salaried and I have a personal loan emi of 23000 and the loan is pending for 2 more years. I have an option to close this by paying the complete amount now which would be around 5.5 lakh. Should I try and close loan first or allow the emi to continue and invest the remaining investable money from the salary ? Or any other suggestions

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Personal Finance on

by jacksparrow

Startup

Getting a loan soon, anxious about it

Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings. 1. Any tips on managing the loan? 2. I have a good credit score so I can get it through a national bank like HDFC, SBI, etc. 3. Shall I pay it off in one instant in future or keep paying EMIs? I say one time payment because we plan to sell some property in future to get liquidity. 4. Anything else I should take care of? I have savings of around 5L and I have a stable job for next 6-12 months (it's a startup so things are lil shaky right now). I plan to find freelance projects and increase my income. But this is the first time I will be taking a formal loan so it seems like a big and long commitment. Thanks!

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Personal Finance on

by Animefreak

American Express

60 Lacs Home Loan

I'm planning to take a loan for 60Lacs. which is the best bank to take from to get the lowest interest rate. what should be the duration of loan 5 or 10 years - based on getting Tax exemptions.

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Personal Finance on

by FarawayHire6

Perfios software

Cred - Credit score assessment

Cred has a section called on-time payments in their credit report section If you purchase a product worth Rs 100000 using no cost emi for a period of 6 months. Would this affect your credit score? If you pay each of the no cost emi bills before the due date, would it still be considered as an on-time payment?

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Personal Finance on

by majboormajdoor

Stealth

Do Not Prepay Home Loans!

Hi all, This is in response to a survey I found on the app, where people voted mostly on reducing Tenure by prepaying their home loans. As someone who works in lending myself, and in the light of the funding winter extending a few more Quarters, I would urge people to shore up their finances and keep control of your liquidity. Be very careful when prepaying Home loans: 1. Loan is a service for which interest is a cost. The deciding numbers to prepay are the differential interest outgo (Loan rate-Debt fund rate) / 12 as a proportion of your monthly expense. It comes to around my monthly 1700 Rs for 10L of outstanding. 2. DO NOT look at the total interest outgo. That is a misleading figure. Prepaying loan to save total interest over 10y is like selling your car 10y earlier to save parking costs or selling your TV to save Netflix charges. 3. Prepaying is irreversible. If you run into cash crunch later, most probably, your financial standing and ability to get loans would decrease. Better to not prepay and enjoy the flexibility. Posting the parent link below.

Is it better to

https://share.gvine.app/fSZ7kA2J5C7VQ9RVA

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Personal Finance on

by MessyTattler

ZS Associates

Home loan calculator based on emi

I have recently purchased home for which I have already paid some ammount and rest we will be doing loan now our first draw of from loan ammount is 1600000 rs and total loan passed is 1.25 cr at interest rate of 8.5% for 15 years our emi is 1.23 lakh so I tried to calculate the interest ammount for this 16 lakh so that I can figure out how much ammount out of 1.23 lakh will go towards interest and how much towards principal ( ps we have just passed that ammount for the safer side we won't be taking that much ) also I will be adding another 1 lakh to principal as prepayment each month can anyone help figure this out thanks in advance