Life is Doomed, POV - Loans
Mine + Father Salary = 1L per month.
We don't have any home or generational wealth. We have debt of around 6L (24% per annum interest).
We are paying emis of 70k including all.
Now shall we go ahead & take 6L personal loan (12% per annum interest) may be 12k per month emi.
Is it a good idea to take another loan.
I'm having 4.5 yoe in IT industry. I'm planning for switch, however i don't know, how much time it will takes.
I'm facing constant pressure due to higher interest debts.🙂
24% is extremely high. 6L is not a very big loan. At any cost you need to close that high interest loan and take a low interest one.
Pledge whatever ( gold, home or vehicle) and take a low interest loan.
If that loan is not from Bank or a company and your father took it cash from someone. Then dont pay the interest too. Give him shock that we don't have money and cant repay. Then he will seek for only his principal amount to be recovered. Pay tha slowly. He will be fine.
24% interest itself is such a sin people are doing to you. You can play with them.
Or you can take advance from company to pay that loan with no interest and use that repay time to learn and upgrade your skills. You will come out strong within 6 months.
You should be ashamed to give that idea, being educated. The money lender didn't force him to take that loan and pay him interest. It was his father who wanted the money and promised him that he will be paying this much interest monthly/yearly. If you/he had felt its high, then they shouldn't have taken it. But taking the loan with false promises and then saying we won't pay, do as you like is unethical and immoral and playing with his emotions and giving him unnecessary tensions. He could request the lender for decreasing the interest and see but what you are suggesting is blackmailing. Shame on you
Get 10L loan at low IRR and long tenure
Close 6L loan with charges waived off (negotiate l)
Have 4L in hand as emergency cushion
Switch job and ask for joining bonus
Pay less EMI and save
Part pay the 10L loan to reduce emi burden further
Thank you for all and sharing your valuable advices.
I've decided not to take any loan, my ultimate short term goal is to get 100% hike by switching to another company in next 6 months.
Peace & Health >>> money.
In worst case, it might take 1 year to switch. There would be loss of 70k money through interest.
If my father's+ mine salary becomes 1.5 Lakh, things might go in a smooth way from one year itself.
Final decision: Switch company with 100% hike is the only option I have.
Happy to see you made correct decision buddy. 👍
Calculate all your pending loans... Go to bank and take a PL
Assuming all your current loan principal is 7.5 Lakh
Then if you keep your loan tenure for
3 years then EMI would be ~24.5k 4 years the 19k 5 years 16 k approx
All this at 11%
Since you mentioned your income is around 1 lakh i would suggest going for a 4 years or 5 years tenure so that you can save some amount every month for your emergency...
High EMI becomes a burden when you don't have savings , if something comes up very urgent you will again end up taking more loans..
I would suggest to take a personal loan from a bank and pay off this 6L as the bank interest will be around 10-12% as compared to what you are paying currently which is 24%.
Hello sir could you please refer me to?
Take loan.. only to invest in yourself. Nothing else.
Don’t take loan
