Are your Loan EMIs taking away your savings?
This is how you can recover your Loan EMI through SIP.
Lets say, you have a loan.
Loan amount: ₹50,00,000/-,
Rate of interest: 8%,
Tenure: 20 years.
Principle Repayment: ₹50,00,000
Interest repayment: ₹50,37,281
Total repayment: ₹1,00,37,281
Your Monthly EMI will be ₹41,822
Monthly SIP Required @ 12.00 % interest: ₹10,912
i.e.If you do an SIP for ₹10,912/month,(26.09 % of the EMI amount), you will recover the full amount of EMI paid by you.
