do u have very low cibil or default in the past.. why so high interest rate? going rate is 8.25-8.5%.. best way to save.. move loan to a bank
so move. your loan... u will. save lots of interest
Even IIFL currently is offering almost 1% lower interest rates. Best would be to move the loan to a bank else talk with IIFL to reset the loan interest noting market rate is lower and they are also offering lower interest to new customers, for that they take some charge and reset to new rates.
Every year increase your emi by 10% ,that will bring down your tenure drastically.
To save Your Interest you should pay pre-payment (its have to greater then 2X of EMI). By paying that your principal amount will be reduces and tenure and interest will reduces accordingly.
Thats speculation,what if market isn't good in the 10 years...
there are many schemes which give you good return, even though in lower markets. As what you are saying, we have to track the conditions with help of fund managers...
So you end paying to the fund managers,here the client is trying to save and you are suggesting to pay more,isn't that ridiculous...
Assuming a person has 50lacs loan for a period of 20 yrs @ 9% and paying emi of 44986. If he increases his emi by 10% every year then his loan will be closed within 10 yrs,hence he will be saving an interest of almost 10 yrs....
yes exactly.....
good rate..8.4 also possible.. negotiate.. linked to repo
Correct
