HI,
I had taken a loan of 37L in 2010 and curently besides EMI and money I have parked, it totals to Available Balance of 28L. I have couple of questions
1. I have an ECS for EMI deduction from salaried account for 5-6(dont remember) years of 40K pm
2. Once Available balance reaches 37L I beleive interest debited will be zero but what do I do for ECS as it will still keep deducting EMI (although I know I can still spend it from loan account) but is there a way to stop this?
3. In this case when available balance is 37L, do I need to declare to bank or they will automatically take away this amount and will close the loan?
4. Is it advisable to close or should I just continue because I am not paying interest but at the same time if I have some contingency need I can take out the money at the cost of ineterst that will again start
Appreciate if you can advise?
-Abhishek