Moneycontrol

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  • Adhil Shetty

    11 Oct - 10:00hrs

    How to borrow smart?

    Adhil Shetty CEO, Bankbazaar

Posted By: guest:

Hello sir, Without any information, my name is wrongly being consideredmarked as a Guarantor to somebodys loan, although no documents(id proofs,residence proofs, photo, signs) have been givenprovided by me on the loan being taken by anonymous person. how would i avoid such kind of situation now? Is there a way possible to intimate that im not involved anywhere in this??

Posted By: Adhil Shetty

: Please approach the lending institution with your case along with any relevant documents. Allow them the time they need to remove you from this arrangement. If you`re unhappy with their response, you can escalate the matter with the grievance redressal officer or the ombudsman.

Posted By: guest:

Hi SirMadam, I have recently took home loan of rs 24 lac for 30 years emi is 20000. I wanted to pay prepayment on every 15 months of rs 1,50,000.00 along with continuation of emi. Would you please advise me after how much time my entire loan will be paid off if i continuing do this transaction. Also, please share with the formula to calculate this one as if needed i can calculate this by my own.

Posted By: Adhil Shetty

: You haven`t mentioned your interest rate, but given the EMI, I`m assuming the rate is around 9.3-9.4%. Pre-payment is certainly a good idea for saving interest costs. As per your current loan play, if you pre-pay Rs. 1.5 lakh every 15th month, you would settle your loan in 135 months, that is a little more than 11 years instead of the original 30 years. However, it seems you`re also paying an interest rate well above prevalent rates. Some of the best rates on offer today are in the 8.25-8.40% range, which is a full percentage lower than what you`re paying. You can consider making a loan transfer to a lower interest rate. Then, your prepayment would have even more impact and bring your tenure further down. You can use various EMI online calculators such as this to make the calculation. https://www.bankbazaar.com/home-loan-emi-calculator.html You can also approach your loan manager to help you with the calculations.

Posted By: guest:

Being an NRI its a tendency to take a loan, while the exchange rates are high and put FD or invest in India. While keeping in mind the current low FD rates, is it wise to follow this kind of borrowing?

Posted By: Adhil Shetty

: Borrowing while speculating on exchange rates will certainly have its risks. It`s for the risk taker to assess his returns. Speaking of fixed deposits, the recent returns rates have lowered in comparison to where they were about 2-3 years ago. If you have a 7% FD and if you pay 30% tax, then your post-tax returns are just 4.9%, which is not appetising. You may be putting your money in FDs for either short-term liquidity needs or for long-term savings. Depending on the objective you can choose from a mix of liquid mutual funds, short-term debt funds, 8% GOI Bond, corporate deposits, PPF (if you`ve already registered an account before leaving India), and FDs with smaller banks which may provide you up to 1% higher returns. Most of these can be purchased online as of today through aggregators, banks, AMCs, or trading accounts.

Posted By: guest:

Sir PSU bank borrowing is good or nbfc good for short term of 3 yes.pls compare for business loan of 10 lacs

Posted By: Adhil Shetty

: Interest rates across banks and NBFCs have come down. Please go online to compare your options across various lenders, including both NBFCs and banks. For a personal loan, you can now also apply paperlessly online.

Posted By: guest:

Sir, I have taken the home loan amount of Rs. 32 Lacs at the rate of interest 8.60. The loan was disburdes on dated 25.2.2017. But due to some unforseen circumstances i have to return itcancel the issuing cheques. Again the loan was redisburdes on dated 31.3.2017 at rate of interest 8.60. But that time the rate of interst was decreased 8.60 to 8.50 of HDFC Ltd. Please tell me at what rate of interest will imposed on my loan amount

Posted By: Adhil Shetty

: I`m assuming the loan taken was also from HDFC. As such, the terms of interest rate resets would be mentioned in your loan document, which you need to refer.

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