Need advice on the loan repayment
I have 15L in my account ,I am confused as to which loan should be closed. Home loan : O/s 46L (5L topup) EMI 45K Personal Loan : O/s 14.9L EMI 54K Car Loan : O/s 1.5L EMI 12K Gold loan : O/s 4L EMI 3K Loan on CC : O/s 3.6L EMI 9K
Please advice.Thank you in advance
Are these many loans normal? I felt uneasy and a bit horrified to even go through the list.
Personal loan is expensive. Close it if no foreclosure charges. If there are foreclosure charges , do 10L prepay and close CC. Except for last emi, prepay car loan 1.4L
Whichever has higher rate of interest
Check the interest rate of these loans, then focus on closing the one having highest interest rate
Close PL bcoz too high rate
Close the one with the highest interest rate first
you should calculate how you can reduce the interest payment in the long run by closing or reducing the o/s amount
I am considering closing my personal loan so I can save ₹54K per month, along with additional savings from my salary, which will help me close all other liabilities except the home loan by year-end.
