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
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.
Yes the rate of interest is around 11%
Thank you for your advice
I personally hate having loans so would opt for closing the loan. However, excel/financial sense might or might not siggest otherwise
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