Moneytrackin' - Megtakarítási ötletek: How to pay off loans quickly

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.

Címkék: loan
10-07-2008 14:29 -nak postázva | 3 Hozzászólások | Kedvencnek jelölve 0 alkalommal | 0 alkalommal nem idevalónak minősítve

Hozzászólások

moneytrack..

#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...

03-12-2008 10:15 -nak postázva

moneytrack..

#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.

01-02-2009 15:03 -nak postázva

vnsriniwas

#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.

17-10-2009 20:51 -nak postázva

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