during progressive any excess payment will not reduce principal, only goes into advance payment
but you can go to bank to submit lump sum to reduce principal
Loan: paying principal during progressive interest
Loan: paying principal during progressive interest
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Jun 5 2023, 11:57 AM
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132 posts Joined: Nov 2022 |
during progressive any excess payment will not reduce principal, only goes into advance payment
but you can go to bank to submit lump sum to reduce principal |
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Jun 24 2024, 09:09 AM
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132 posts Joined: Nov 2022 |
QUOTE(Aldo-Kirosu @ Oct 10 2023, 01:12 PM) Is it all bank is the same? because i ever hear some bank will classify the advance payment store at flexi loan account as a their *advance payment for next month payment, so its not ready reduct the principle. Is it this rumor right? you should minimize monthly payment because monthly payment = principal + interest. with minimal monthly payment your interest also min to a certain extend.meanwhile save a sum of money externally and pay lump sum to the bank to knock off the principal to reduce the interest. raising your monthly payment = more principal + more interest is not wise |
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