Software Engineer

Hey there,  We're the team behind BiteLoan, and we're on a aim to transform the way you manage your loans.  We are building a product that can help you prepay loans easily. Please help us with our ...

Hey there,

We're the team behind BiteLoan, and we're on a aim to transform the way you manage your loans.

We are building a product that can help you prepay loans easily. Please help us with our research and solve the problem.

For the initial stage we have build a interest saving calculator, Below is the link kindly check it out

Enter your loan details and let us reveal how much earlier you can finish your loan and the whopping amount you save in interest!

Thanks for your support

Home loans Prepayment Terms are harsh!

Founder

Home loans Prepayment Terms are harsh!- Grapevine

Welcome to Indian Startups's Private Community

Pre-Payment Solution for Loans

Are you prepaying home loan?

Welcome to Personal Finance's Private Community

Hey there,

We're the team behind BiteLoan, and we're on a aim to transform the way you manage your loans.

We are building a product that can help you prepay loans easily. Please help us with our research and solve the problem.

For the initial stage we have build a interest saving calculator, Below is the link kindly check it out

 https://bit.ly/interest-saving-calculator

Enter your loan details and let us reveal how much earlier you can finish your loan and the whopping amount you save in interest!


Thanks for your support

Trying to Solve Per-Payment Terms on 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.

When part prepaying home loan… - Grapevine.in

Do Not Prepay Home Loans!

Investment Manager

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!

Getting a loan soon, anxious about it

Hey all, 
I have noticed that there are a lot of cash backs and rewards platform which make us spend on other products rather than being useself to clear of my loan or just receive it back in my bank. 

I’m solving this. 

We help reduce the number of Emis you have to pay with help of rewards earned from any of your daily shopping. Yes, even the kirana next to your house. 

We convert all these reward points and coupons  collected via any online brand to cash to pay off your emi. 

We are at https://www.emiswift.com

Reduce loan EMI duration

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.

Should i go for home loan

Data Analyst

Hi There, I have a homeloan, instead of investing in stocks I am trying to foreclose my home loan.
Me and my wife both comes under 30% tax slab.
Is this good idea?

I’m trying to close my homeloan

Network Administrator

Welcome to Fintech India's Private Community

We run a platform that works with SME'S , MSME's (can't disclose more on what kind, but like any transaction have buyers and sellers), have active 3 lakh users. 

The amount transacted is above 150+ crore every month.

We realised that these SME'S and the sellers have a lending cycle with the seller every 7-14 days. 

Got some queries for lending (Because these businesses run of cash flow), after in-depth research, we just realised the immense potential we have if we start lending to them (both the buyers & sellers - by lending + invoice discounting).

We already have all the data points since these users have been with us for a very long time.

What does the fintech community think, should we add the fintech-lending to our business? 

(P.s.:  Initial Projections show we start making 12-15 Crore net profit, after launch at 50% utilisation)

Fintech - Lending players -Share your expertise

Project Manager

I recently came across one of the videos on YouTube that talked about Loans against mutual funds.- https://www.youtube.com/watch?v=lK7KuMzRm8U&t=3s 

Overall this product looks very convincing & it is so true that people sell their mutual funds when they require funds to make a downpayment on a House/Car.

The ROI is so low & this is an Overdraft, so no foreclosure fees for this loan & the best part? The process is super smooth of few platforms like Volt Money.

I am convinced that it's a good product & want to avail for some personal reason.

Want to check if anyone has used this & they are also positive about loans against mutual funds?

Has anyone availed Loans against mutual funds?

Category Manager

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

Tech Lead

Me and my spouse in total are earning 6 Lakh a month pre-tax, but inspite of that there is too much pressure on finances. I am just amazed with the cost of living. Rents, School fees, EMIs, Taxes are just eating away all the income. I am barely left with 1 lakh at end of month. 

This saving is not enough for any emergency. Recently my family faced with medical emergency and I am still recovering with the debt it created. Company covered health insurance denied the claim on certain grounds and we were f**c***.

It looks so pretty from outside, but honestly I am frustrated even with this package in hand. Is anyone else feeling the pressure, or I am just bad at managing finances?

High costs of Living. Anyone feeling the pressure?

Product Manager

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.

60 Lacs Home Loan

Product Owner

Hey Grapeviners,

I need help from all the experienced folks out there.

I and my father have 2 loans:

1. Educational Loan EMI - ₹6500/month for 15 years (₹ 7 lakh loan)
2. Home Loan EMI - ₹22500/month for 9 years (₹ 17.5 lakhs loan)

I am 22 and started my full-time career this month and wanted to understand how to repay 2 loans along with my father quickly with less financial burden. (I am the only child)

My expenses -

1. Paying Home Loan EMI - ₹ 22500/month
2. Investments - ₹ 30000/month
3. Petrol - ₹ 5000/month
4. Miscellaneous - ₹ 5000/month
5. Left with - ₹ 20500/month (lumpsum)

Should I create an emergency fund for myself first with the remaining amount or what else should I do, totally blank in this case?

My father looks after the household expenses, education loan, and his own investments. Not sure, how much he is left with at the end of the month as I am not aware of his income. (He has a private job)

P.S. - 

1. I spend consciously and don't have a bad spending habits. I love to drive (bought a car myself in Dec 2022) and climb mountains, so I manage to do treks every 3 months.

2. I am rigid about my investment amount, so may not compromise on that part.  

Would be forever grateful, if I get some helpful suggestions.

Home loans Prepayment Terms are harsh!

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