Himani Chowdhary Instagram – (Share this ✅) SAVE INTEREST ON LOANS
🔷 What if you increased your EMI by just 5%?
🔷 You could save a lot of money on interest and pay off your loan sooner!
🔷 Here’s an example:
• Loan amount: ₹50 lakhs
• Interest rate: 9%
• Original EMI: ₹46,607
• New EMI: ₹48,937
👉🏻 New loan completion time: 17 years 3 months
👉🏻 Interest saved: ₹11,17,763
👉🏻 As you can see, increasing your EMI by just 5% can reduce your loan completion time by 2 years 9 months and save you over 11 lakhs in interest.
🔷 If you’re thinking about increasing your EMI, be sure to talk to your lender to see if it’s right for you. And remember, even a small increase can make a big difference in the long run.
🔷 Other ways to quickly close the loan and save on interest are 👇
1️⃣Just pay an extra EMI every year
2️⃣ Prepay whenever you receive a bonus or extra cash. The prepayment will reduce the Principal portion of the Loan, so try to prepay in the initial years of the loan.
#emi #homeloan #personalloan #savemoney #interest #interestrates #bankloan #bank #indianbanks #loans #loan #india | Posted on 02/Oct/2023 13:32:25
