Making prepayments reduces your principal faster, saving interest and shortening your loan tenure. Even small extra payments add up significantly over time.
your outstanding loan amount.
the interest rate and remaining tenure.
prepayment amount (lump sum or monthly).
interest saved and new payoff date.
prepaying early has biggest impact.
check Section 80C for deductions.
invest elsewhere if returns > loan rate.
most loans allow prepayment.
Making a prepayment on your loan is one of the most effective ways to reduce your financial burden and build equity faster. A prepayment is any payment you make that is over and above your regular Equated Monthly Installment (EMI). Because this extra amount goes directly towards reducing your outstanding principal, its impact on your loan is significant.
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