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Given the Indian aversion to debt, it is hardly surprising that many loan owners are eager to prepay their loans as and when their finances look up. However, this is not always the most economical option and one should consider various factors before deciding on this course.
When a borrower pays off his/her loan entirely or in part before the defined due date, it is termed as prepayment.
When considering prepayment, borrowers need to ensure that they factor in the following aspects:
Prepayment penalties vary from one financial institution to another, and often, even from loan to loan. These penalties are either charged at a flat rate, or at a certain number of months’ interest. Even if the loan contract does stipulate a prepayment fee or penalty, a loan owner must first compare this amount against the overall interest he/she will save in terms of interest. Also, in some instances, the prepayment is made possible after a minimum stipulated period of loan ownership. To make sure they are able to capitalise on these provisions, borrowers must first carefully read their contract or talk to their borrower at length.
Loan owners often presume that because they have already paid a substantial number of EMIs, the interest component is much lower, and it hence makes little sense for them to prepay the loan amount. The truth, however, is that the borrower pays the same interest for the unpaid principal amount, since the interest is calculated using the reducing balance method. When considering prepayment, borrowers should hence consider the prevailing interest rate, rather than the loan tenure.
Whether or not to prepay your loan depends on many factors such as the stage of loan payment you are at, the interest rate, and the prepayment charges. An analysis of these elements is a must before you decide to take action
They say, “All that glitters is not gold.” While this may be true in most cases, when Indian festivals come around, you can be sure that the glittering yellow metal hanging off people’s necks and hands is indeed, gold
A new year always coincides with the launches of new models and variants by auto manufacturers, making it the ideal time to buy that new car or bike that you were thinking about. But before you take the plunge, here are some tips to keep in mind:
If you have been dreaming of a vacation since a long time, don’t let the trip costs hold you back.
Weddings come once-in-a-lifetime. And you want it to be perfect in every way. A personal loan makes your dream wedding possible. Get complete peace of mind about finances for your big day with a marriage loan.
A personal loan is one that is provided by a bank to fund a financial need or immediate cash requirement, be it for business, family wedding, studies or foreign trips. The bank will not question you about the end use when you are applying for a personal loan
Personal loans are loans that do not require collateral or security and is offered with minimal documentation. You can use it for any legitimate personal need. Like any other loan, you must repay it according to agreed terms with the Bank usually over a few months to a few years in easy equated mont
When you have a clean credit history and a track record of financial discipline, you may become eligible for a personal loan pre-approval.
Whether you want funds for a family wedding, a foreign holiday, child’s education, home renovation or medical emergency —a personal loan is the ideal solution for your urgent financial needs.
A personal loan is useful to fund a range of financial needs, including home renovation, children’s education, medical emergency, family wedding or a dream vacation.
Emergencies may happen rarely, but they are always unexpected. And when you are faced with a tough situation, you may need funds quickly.
Ask yourself these questions before you decide to apply. From how to apply for a personal loan to personal loan requirements, we have the answers to key questions that you may have.
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You might be eager to pay off your loan. But is prepayment always the smartest option? Find out.
EMI is one of the most important aspects of any loan that you take. EMI stands of equated monthly instalments. It is the amount you will have to pay every month till the end of your loan tenure
Two questions that most people have when they take a personal loan are: How much loan can I get? How much will I have to pay out every month?
Be it a wedding, children’s education, a medical emergency or foreign travel, a personal loan is a great way to raise funds for a wide range of personal needs. You can get the funds quickly, with minimal documentation. You can repay the loan over many months or years in easy monthly instalments.
At times you need to borrow funds to finance large purchases, consolidate existing debts or even seek short term help. HDFC Bank offers a wide range of financial products that can be borrowed to suit your financial requirements
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