EMI or Tenure deduction?

Рет қаралды 101,219

Күн бұрын

Let’s settle this today!
EMI or Tenure reduction which should you opt for? 🤔
Prepayment helps to reduce the loan faster 💨
But while one is making the prepayment, bank will ask the borrower, shall the prepayment be utilised to reduce EMI or tenure? What one must do? Which option is better?
🚨 Reducing the EMI will give you a better breathing space to manage your other debts. However, it will increase the overall interest burden on your loan. You will end up paying a huge interest amount on your loan amount.
✅ Meanwhile, reducing your tenure will allow you to pay off the loan earlier than originally planned.
There is no doubt that prepayment amount used for ‘tenure reduction’ is more profitable in terms of time and interest saved
EMI’s are like an expense set on auto-mode. Hence, its long term psychological effect on the payee (a common man) is not positive.
🙌🏻 If you can afford to pay the same EMI for a shorter period now it will be on your positive side.
Let’s take an example
Mr. A has a loan of 30,00,000 at 8% interest for 20 years (EMI - 25093)
At the end of 5th year (or 60 months) Mr. A decides to make a prepayment of 5,00,0000
🔹 If Mr. A opts for EMI reduction
New EMI - 20,300
Savings in interest cost - 3,60,000
Savings in time - 0 months/years
🔹 If Mr. A opts for Tenure Reduction
New EMI - Remains the same
Savings in interest - 8,75,000
Saving in time - 54 months or 5.5 years
➡️ Conclusion
If you want to save more on interest cost always go for time reduction
FREE TOOL for you guys!
Check out the link in my bio to get yourself a free prepayment calculator. It personally designed to check your savings in interest cost and time when you make a prepayment. Can be used towards any kind of loan

Пікірлер: 30

@crazycom9807 4 ай бұрын

Where is the link??

@ajaykadam2974 5 ай бұрын

If we pay some amount of prepayment on home loan. Will it diduct from principal amount only. Or principal and intresa both.

@DSV360degree 3 ай бұрын

Ok in personal which one is better

@sandhyarawat1267 7 ай бұрын

where is the link?

@SN-cl2ct Жыл бұрын

Where is the app??? Not in comment section or description !!!!!!!

@motivateme3147 7 ай бұрын

Sir mai bhi part prepayment kr raha hu but bank prepayment per interest charge krne k liye bol rahe h Please guide me sir

@shwetasingh5545 11 ай бұрын

Hello sir what if emi is increased but tenure is not reduced, how can we reduce tenure

@debarghyachattopadhyay2614 10 ай бұрын

Either take lab for smallest amount of time or strech it so inflammation eats it away

@WannaCat Жыл бұрын

Where is the tool lol

@nizamuddinsiddiqui8884 10 ай бұрын

But if we are not paying till the whole tenure than . .like we want to wind up in less than 5 years rather tha 15 years

@Thesatyasourava 9 ай бұрын

Please share the calculator link in comment

@InvestWithGirish Жыл бұрын

Bhai apke liye Video editing krke dikhau?

@chetangaikar7786 11 ай бұрын

Tool kaha hai bhai??

@swastikjha73 Жыл бұрын

चाहे तो हिंदी बोल दे चाहे तो इंग्लिश बोल दे खिचड़ी मत पड़ोस

@vikramprajapati354 6 ай бұрын

@akshupatil1812 8 ай бұрын

Where is the calculator

@x2musiclofi Жыл бұрын

hlo bro aap personal loan app mpocket par ek video banwo 'kya laon repyament nahi karne par kya hoga😢

@pappusitara8900 8 ай бұрын

Bhai Mera TENURE 240 emi tha and ROI 11% KA IDFC BANK ME BUT HE IS MY TENURE 540 EMI AND ROI 15% SO BRO WHAT CAN I DO😮

@harshalchitnis 11 ай бұрын

Where is tool or calculator link?

@rajeshbatra8897 10 ай бұрын

pls share shar tool or calculater link ASAP

@amanmadaan7105 9 ай бұрын

Everyone say always take tenure reduction. But is it actually better than EMI... If I take emi reduction and save extra money due to reduced emi every month and then use that money to pay more lumpsum to close the loan wouldn't that have more benefit?

@quirkdelass2414 7 ай бұрын

Longer the loan stays more interest you pay.

@amanmadaan7105 7 ай бұрын

@@quirkdelass2414 but it won't be a long loan...The EMI will reduce but the extra amount that is saved due to reduce EMI can be used to pay as a lumpsum which will reduce the principal and eventually loan would finish faster

@ujjwalmishra928 4 ай бұрын

@@amanmadaan7105Yes and what if the amount which we have saved by reducing the emi amount will be invested in mf and then again prepay the loan ?

@amanmadaan7105 4 ай бұрын

@@ujjwalmishra928 that will work too