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Message: <blockquote data-quote="imhotep" data-source="post: 25532023" data-attributes="member: 562115">Friend.. The first thing when you take a loan is to read the "fine print". They always have clauses that can be flexed to their benefit.It's certainly not funny. You borrowed Rs 500,000 at 16% pa. Lets say you intended to repay in 5 years. Then you need to pay monthly slightly more than Rs 12,000. In 5 years you would have paid the bank a total of Rs 730,000.  Initially major component of your installment will go towards the servicing of the interest with the capital moving down slowly.  That's the reason why even though you paid 30% of the loan, the capital only lowered by 12%. You cannot do anything about it, that's the way any bank loan will work.But sure you can talk with them and settle the loan immediately with a negotiated penalty. Many financial institutions allow it and also the conditions might be already in your loan contract with them. They must have had in the fine print that the rate you were initially granted was subject to your salary being deposited there - and thus t's a special rate. When you quit that they have the right to move the rate upwards.  At least it will be their argument.I am not an employee of NTB or any bank.  Just trying to point out where things stand.</blockquote>

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