How to pay off loans quickly

Instead of paying once a month when the bill is due, I break it into two payments and pay twice a month. This way, I can start chipping away at that balance.
Tags: loan
Auf 10-07-2008 14:29 gepostet | 3  Kommentare | 0 als Favorit gewählt | 0 Zeiten wurden als unpassend markiert


#1     This is a good way to save some amount paid as interest... I guess, this is the reason why, many of the loan providers don't accept weekly or bi-weekly payments...
Auf 03-12-2008 10:15 gepostet
#2     If your lender doesn't allow you to make weekly/fortnightly payments you could always put the money in a high interest deposit account until you can make the repayment. It won't be quite the same but at least you get back some of the interest.
Auf 01-02-2009 15:03 gepostet
#3     hi, most of the loans are structured in such a way lion's share of first 30% of installments go towards interest only. So, logically, if you are at fag end of your EMI tenure, it is advisable to not to pre-pay EMIs.
This makes sense as you have anyway paid interest on these loans and current installments are predominantly towards principal. Further, rate of interest on a loan is always much higher than that of a fixed deposit/ savings bank account.
Auf 17-10-2009 20:51 gepostet

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