Calculation | આ રીતે લોન વહેલી પુરી કરજો | Ek Vaat Kau

Описание: Calculation | આ રીતે લોન વહેલી પુરી કરજો | Ek Vaat Kau

In this episode of Ek Vaat Kau, Goonj Thakkar discusses strategies for paying off loans, specifically the Snowball and Avalanche methods.

Snowball Method: Focuses on paying off the smallest outstanding loan first, regardless of interest rate. This provides quick wins and reduces the number of EMIs, leading to increased motivation. An example with a car loan, personal loan, and home loan shows how paying off the car loan first can free up an EMI quickly.

Avalanche Method: Prioritizes paying off the loan with the highest interest rate first. This saves money on interest in the long run, but the process can be longer and feel less motivating initially, as the principal of high-interest loans tends to be larger. An example also shows paying off a personal loan first.

Calculations: The video provides example loan details for Home Loan, Personal Loan and Car Loan. It includes the loan amount, tenure, interest rate, EMI amount, and current outstanding balance for each. A table summarizes the total EMI and total loan outstanding for all loans.

Conclusion: The Snowball method offers quicker reduction in EMIs and increased motivation, while the Avalanche method focuses on saving interest, but can take longer to see changes.

#Loanpayoff #LoanCalculation #EMIreduction #homeloan #EkVaatKau

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