Loan servicing matters

[Sunset100]

Currently I have the following outstanding loans and I am thinking if there is a better way to pay off the loans other than maintaining current payments.

Study Loan
Total Amount - $13521
Total Paid - $5374
Balance as at Nov'20 - $8147
Monthly Payment - $197.16
Remaining number of payments - 41
Early redemption balance Dec'20 - $8211

Loan 1
Total Amount - $7093
Total Paid - $2010
Balance as at Nov'20 - $5083
Monthly Payment - $118.22
Remaining number of payments - 43
Early redemption balance Dec'20 - $3964

Loan 2
Total Amount - $6200
Total Paid - $2840
Balance as at Nov'20 - $3360
Monthly Payment - $258.21
Remaining number of payments - 13
Early redemption balance Dec'20 - $3026

 

[Trazora]

197.16×41 = 8083.56 < 8147, Negative interest?

redeem loan with highest interest first, Loan 1 then loan 2 then study loan.

 

[addict951]

I'm curious about loans#1&2 - why did chiu take them ar? esp. loan#2, is it cos you just left school then not much money so you tot maybe just take it anyway since interest is not high?

 

[yoongf]

U need to reveal the interest rates of each loan

 

[dork32]

U need to reveal the interest rates of each loan

interest rate can be calculated. eg for loan 2 =RATE(43,118.22,-3964,0)*12
interest =14.2%

Interest rate for loan 2 is 18.2%.

These are probably unsecured loans.

To me, i will at least look for promo loans to quickly pay up this two loans.

 

[dork32]

I'm curious about loans#1&2 - why did chiu take them ar? esp. loan#2, is it cos you just left school then not much money so you tot maybe just take it anyway since interest is not high?

it is people that just leave school that will take this type of loans.

i take two loans, i can have enough for downpayment to buy car. i shiok shiok drive my BMW to work while my loser classmates BusMrtWalk

and my comment is this. the interest rate is high and not as you have mentioned.

 

[dork32]

the following is an example of a loan that is better that the loans that you are taking.

go google for more.

https://www.citibank.com.sg/loans/quick-cash.htm?lid=SGENCBLRCCATLCitibankReadyCreditPayLiteRCRD

 

[BBCWatcher]

CIMB claims they offer the lowest EIR personal loans in Singapore at 6.60% EIR. I don’t see anything lower at the moment.

 

[dork32]

CIMB claims they offer the lowest EIR personal loans in Singapore at 6.60% EIR. I don’t see anything lower at the moment.

i really do not know what is best in the market. i dont take such loans. i am aware some of them offer rates that are low compared to what our young friend is taking