Adopting to refinance may sound an easy way out to many home loan borrowers when RBI announces a rate cut, and banks do not offer the new rates to its existing loan borrowers. But should you refinance your car loan, home loan and personal loan? Let’s take a sneak peek to know the answers – Should You Pay-Off your loan? Prepaying a personal loan or car loan or even a debt of credit card could benefit your financial portfolio; however […]
Should I refinance my loan?
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Did you know
If you are 25 yrs today and save just Rs 10000p.a for the next 35yrs till age 60yrs, your savings would have grown to Rs 10133456 when you are 60yrs of age and if you had delayed the start of savings by just 5 yrs (that is started saving Rs 10000p.a from age 30yrs till age 60yrs), your savings would have grown to Rs 4999569 by the time you are 60yrs. Half of what you would have earned by staring 5yrs earlier! A delay of just five years has reduced the power of compounding on your investments by 5000000!