Is it fair idea to pre close?
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.
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.
I need some insight into what are the factors that one thinks about when deciding it. I have an ongoing personal loan with around 10.4% interest rate, 14 pending EMIs. EMI is ≈15% of my income.
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 all...
How to get out of the debt trap? Should I continue with debt? How to manage my investments?
Age: 23 Yoe: 1.5 TC: 26 lpa
Monthly Expenses: Mutual Funds: 20k (Through Dezerv app) Crypto: 2k (Bloomberg galaxy index) Flat Emi: 25k Car Emi:...
Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings.