We all heard or some of us seen some bankers, who speaks without giving a space for their lungs to breathe. many of us believe in what they say at first meet, some don’t agree with them for them they spend some of the days to abide with their loan. progress.
we can clearly see two faces of faces of the employers. we can say it as before loan guy and after loan guy.
a simple logic "before loan he will speak too much"but "after loan we should speak too much"to make excuses.
EDUCATIONAL LOAN: once I took a survey with my friends about educational loan their replies:(5 persons replies)
if we take we should pay for a long time
the bank cheats
we should surrender our degree certificate if we cant pay
big trouble for family due to excess amount
we cant go abroad without closing it, it may cause big trouble
all the above statements are right on their aspects which creates a fear in us thus educational loan makes us suffer.
ya definitely it makes us to suffer if we did not completely know clearly about loan process.
MY LIFE TIME EXPERIENCE: one of my friend took a loan in a bank(i don’t want to clearly mention the name of the bank) for 200000 rs. his yearly fees is 50000.rs and the interest is 500 for 50000.rs so assume that if he does not pay any month interest it will be 6000/yr at the end if he did not pay till four year it will be 28000/4 yr. so the total amount will be 228000.rs, but the banks logic is different. see the calculation below I have shoved.
loan amount: 200000
first year pay : 50000 plus interest:500, totally 6000/yr
end of first year: 56000+second year pay=106000
interest for
second year:1060/mon, 12072/year
at the end of
second year:106000+12072=118072.rs
third year pay :50000+118072=168072.rs
interest:1680/mon., 20160/yr
at the end of
third year: 168072+20160= 188232.rs
fourth year pay :238232.rs plus interest:2382/mon, 28584/yr
at the end of final year :238232+28584=266816.rs
hence he had to pay 266816.rs
principle: 200000
interest
for 4 yr :66816
so totally 266816.rs he must pay. if he pay the whole amount in one pay every thing will be ok if not for each month+2668.rs will be added to the principle and it will be going on till he completely pay.
this is what my friend suffer every day now his principle crossed 3 lack he is a middle class person how could he complete this now they are asking to surrender the degree certificate. if he do how could he search for a job?
WAY TO GET RID OF IT: the mistake he did was he paid the interest shown to him every month, but it is the wrong way, it increases the banks profit. the interest will be put for the present amount(266816). not for the(200000) so we must finish the interest fully and say to close the account and start from first, it means if we pay 66816.rs and ask them to close the account and start from first that means now no interest is remaining, now the actual amount was 200000.rs. so from now the interest will be 2000/Mon. after this we should not pay for interest we should reduce the principle amount, it means if u have currently 100000, and Ur going to pay, they say your balance is 202000, don’t agree with it. u ask them to keep the interest separate and make the 2 lack to be reduced to 1 lack. now the principle will be 102000. and say to close the account and start from first, now Ur principle is 100000 and the remaining interest will be 2000, from now the interest will be put for 1 lack that is 1000 rs. then do this when u have money but don’t pay the interest. ask them to keep aside u only pay the principle amount after getting totally complete the principle amount the interest will be too less 5000 or 6000 u can pay and is they put interest for that 5000 it will be 50.rs so we wont be in trouble,
now I am tacking care of my friends account and I am dealing with when I took that process I came to know all these stuffs.
so don’t lose a single penny uselessly, don’t be last go straight to the bank and do the process if net banking they reduce the amount but u don’t know what they gonna do with Ur account,
be well do well never ever lose anything.