http://mysmartmoneytips.com/2009/02/26/should-you-reduce-your-loan-repayments/ It isn't about how much you earn, but how much you can save Fri, 09 Jul 2010 11:40:20 +0000 http://wordpress.org/?v=2.8.5 hourly 1 http://mysmartmoneytips.com/2009/02/26/should-you-reduce-your-loan-repayments/comment-page-1/#comment-386 Ms Money Penny Fri, 27 Feb 2009 03:05:41 +0000 http://mysmartmoneytips.com/?p=395#comment-386 Hi Pablo - Thanks for that additional bit of information! :) Hi Pablo – Thanks for that additional bit of information!

]]> http://mysmartmoneytips.com/2009/02/26/should-you-reduce-your-loan-repayments/comment-page-1/#comment-378 pablopabla Thu, 26 Feb 2009 03:16:01 +0000 http://mysmartmoneytips.com/?p=395#comment-378 A little caveat is needed : If one continues to maintain the same amount of instalment, the loan tenure will only be shortened if and only if the interests on the loan is calculated on daily basis. This would be true for most loan packages introduced in the year 2003 and later. If the loan package is on fixed interest rate or calculated on monthly basis, the pre-payment does not work to the advantage of the borrower. A little caveat is needed : If one continues to maintain the same amount of instalment, the loan tenure will only be shortened if and only if the interests on the loan is calculated on daily basis. This would be true for most loan packages introduced in the year 2003 and later. If the loan package is on fixed interest rate or calculated on monthly basis, the pre-payment does not work to the advantage of the borrower.

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