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Posted On :- 25/06/2008
 
Question Asked :-  
 
Hi, I have taken a Car loan(3.5 Lakhs) from HDFC at 9.25% interest rate for 5 years in 2006. I have already paid 34 EMIs. Is it advisable to foreclose the car loan now going by the current inflation rate and the reducing bank interest rate? Or should I keep the loan? Pls advise.  
 
Answer :-  
 
If you have the funds then you should pay the loan. However you may want to consider the prepayment penalty that you will have to pay to prepay the loan.  
 

Car loan query listing
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Qid Question
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13929   if I close the car loan how much amount to be remitting,
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13845   is flat rate good or reducing balance good
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13120   I want to know rate of interest for car loan.
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