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YOUR QUERIES: LOANS: For car loan, go for a floating rate loan as interest rates are declining now
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By Chaitali Dutta
How is daily reducing balance in a car loan calculated? Should I opt for a fixed or floater loan for a car loan?By Bhupender Singh
In any daily reducing balance loan, the interest is applied on the day-end balance and aggregated for the whole month. Hence, the earlier you pay the EMI in the month, it will be slightly beneficial, by way of lower interest than as compared to paying the EMI towards the later part of the month. Interest component in a month of 31 days will be higher than, say, February, which has fewer days. Since currently we are in a declining rate period, it would be advisable to go for a floating rate loan.
For prepayment of a home loan, should I pay in bulk after accumulating for a few years or pay any
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