It is not always about investing money to achieving your financial goals. Sometimes just by managing our loans and deciding smartly on the closure of loans can also help us in achievement of our wealth targets. In today’s scenario, almost every second person has taken loan for one reason or another, but we have never checked early closure of loans will be addition in achievement of our financial goals. Consider a simple calculation of home loan fifty lakh of home loan at a rate of interest of 10% for a year of twenty years if closed within time a customer will end up paying more than one crore.
But with the help of SIP of only ten years of amounting Rs 5000 at an average return of 10% we can manage to close our loan in ten years and can save Rs 25 lac of interest.
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Udta Paisa is not a credit repair company. We do not provide credit repair services to repair or improve your credit profile or score. All information is provided for educational use only.