This author must be the dumbest financial adviser to be born. Even if one pays 5% on the loan outstanding it still beats paying 8-10% interest continuously over a period of 15-20 years. Also, PSU banks do not charge a single paisa for pre closure of loan as long as the loan is not being taken over by another bank. Rediff please do not post such articles. There are many people out there who do not know how to handle their own money.
Re: closure of loan
by SK AGGARWAL on Dec 14, 2010 10:04 AM
an excellent review. Money management is done by everybody but wise management is not everybody`s cup of tea. That is how/why the need arises for engaging some investment consultants like me.
Dear author, This is very misguiding article. Closing the loan is far better than paying the monthly EMIs. The penalty in most banks is 2.5% of the outstanding and not 5% as you quoted.
Re: Seriously dumb article.
by Mukesh Danani on Dec 09, 2010 11:55 AM
Yes I agree seriously dumb article. the article prepared with sole intention of Promoting the use of Credit card.
