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DancingRaccoon
DancingRaccoon
Stealth

How do you decide if you should pre close the loan or invest the bonus

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.

4mo ago
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ZoomyMuffin
ZoomyMuffin
Stealth4mo

10.4% is low interest rate. If you prepay now but need money later for anything, you will have to borrow personal loan at higher rates.

Plan accordingly.

DancingRaccoon
DancingRaccoon
Stealth4mo

I think I'll be able to get around the same rates given my credit history. I have pre-approved loan which have slightly higher interest than this one but I believe i can negotiate further with my RM.

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