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: Available | Analyzed

Predictions from this Video

Total: 5
Correct: 3
Incorrect: 0
Pending: 2
Unrated: 0
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
The speaker successfully repaid all loans by age 40, a process that took 16 years starting from age 24. Starting earlier would have provided more confidence in eventual repayment.
"All my loans were cleared at the age of 40. But I was able to do that. It was an incredibly big amount. If I had looked at the loan repayment process when I started at the age of 24, there would have been no question that I would ever have been able to say with confidence that this loan would be repaid. But it took 16 years. It took 16 years to repay all the loans."
Loan Repayment for Early Adulthood
Pending