MagicalSushi

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

10mo ago

FluffyCupcake

Amazon10mo

Let’s go to fundamentals and understand.

It’s a personal loan, I am assuming rate of interest would be > 9%

If your investments can make returns > personal loan interest, yes you should. If not, no point dragging the loan and keep an extra liability.

At the same time, you should check on pre-closure charges.

MagicalSushi

Walmart10mo

Yes the rate of interest is around 11%

Thank you for your advice

JumpyMuffin

Slice10mo

I personally hate having loans so would opt for closing the loan. However, excel/financial sense might or might not siggest otherwise

BubblyBurrito

Stealth10mo

Hey @TeraBaap this msg is irrelevant to the current conversation. I wanted to ask you that as you are working at Slice. Could you please be able to refer me for any entry level Data Analytics role, if they might be hiring?

JumpyMuffin

Slice10mo

I’d prefer finding you a better job but if you want, DM

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