POSTED BY February 17, 2012 6:38 pm COMMENTS (3)ON
Looking for an honest advice as I am in a consfused state to continue / pay the loan .
I have a car loan of 2Lacs started in Oct 2011.The outstanding is 180,000 approx.The interest rate is 11.25% floating.Tenure is 3 yrs.
I now have 140,000 available to me and its automatically got into a FB through Sweep in feature fetching me 9.25% for a year.
Other liquid savings include around 35,ooo in other bank accounts.My monthly take home is around 50,000 with monthly expenses of approx 30,000-35,000. I am married and have my wife, and parents as dependents .
Should I continue this loan or do a part payment with my savings? Please advice.