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FloatingWalrus
FloatingWalrus
Accenture

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.🙂

8h ago
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JazzyRaccoon
JazzyRaccoon
Oracle7h

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.

FloatingWalrus
FloatingWalrus
Accenture7h

Thanks for the suggestion

GroovyBanana
GroovyBanana
British Telecom7h

Why another loan of 6 lakh... Bund Mein latth ghusane ka itna shauk???

FloatingWalrus
FloatingWalrus
Accenture7h

Want to take 12% loan inorder to clear higher interest loan of 24%.

DizzyUnicorn
DizzyUnicorn
Accenture7h

Wth 24% interest? I personally think you should take personal loan and close the previous loan asap, but do check their pre-closure clause

FloatingWalrus
FloatingWalrus
Accenture7h

This 6L debt having 24% interest given by Dad's friend. Not from bank or any.

DizzyMochi
DizzyMochi
Student4h

What emergency did you face that made you take a loan at 24%?

BubblyCupcake
BubblyCupcake
Stealth5h

My suggestion is plz don't take anyoyher loans.
Figure out other ways.

WigglyUnicorn
WigglyUnicorn
Stealth7h

Take loan.. only to invest in yourself. Nothing else.

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