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Originally Posted by nikunj_cal  Wow thx GTO ,  !!!
Just a point to add , SBI calculates its installemnts on the basis of Daily reducing Balnce and my guess is so does the Excel Sheet . ICICI and UTI have their own funny ways of doing it .IMO Daily Reducing Method is the best as you end up paying more towards the principal and less towards the Interest !!! |
Nikunj, could you throw more light on this.
For example let us say I take a loan for which the EMI is 20,000/month.
In one month I see that I have saved money, so I put in 25000 instead of 20000 towards the EMI. Does this mean that if I do this frequently my overall outflow(net) will go down?