ilmscore | How To Pay Off Your Loans FAST? | Leave the EMI TRAP Forever! | Ankur Warikoo Hindi

How To Pay Off Your Loans FAST? | Leave the EMI TRAP Forever! | Ankur Warikoo Hindi

Published: 2025-04-05
Status: Analyzed

Predictions from this Video

Total: 4
Correct: 3
Incorrect: 0
Pending: 1
Prediction
Topic
Status
Increasing EMI by 10% annually and paying one extra EMI per year can repay a 25-year home loan in 10 years, saving 60% on interest.
"If you have a 10% step up and you pay one additional EMI every year. Your 25-year loan will be repaid in just 10 years. You will save 60% on your interest that you will pay to the bank."
Home Loan Repayment Strategy
Correct
Consolidating high-interest credit card debt (35-50%) into a lower-interest personal loan (14-15%) is recommended.
"Try consolidating your higher interest rate loans, which are mostly credit card loans, and take a lower interest rate loan. For example, your interest on credit card is 35%, 40% and sometimes even 50%. Personal loan comes at only 14 or 15%. So take a personal loan to pay off all your credit card debt or everything in one go."
Loan Consolidation
Correct
Consolidating a personal loan (14-15%) into a loan against property (8-10%) can significantly reduce interest costs.
"Suppose a personal loan is running at 14-15%. But you have a home. You can take loan against property at home. Which will come to 89-10%. Whereas personal loan is 1415%. So that will make a huge difference."
Loan Consolidation
Correct
When receiving unexpected money (e.g., annual bonus), at least 50% (ideally 70%) should be allocated to loan repayment.
"At least 50 and ideally 70% of that should go towards the loan repayment. Spend the remaining 30% guilt free."
Windfall Fund Allocation
Pending