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Pay off loan only if EMI is a drag on monthly cash flow or if fund is lying idle

DNMUM434999 | 4/16/2019 | Author : Jharna Agarwal | WC :649

While there is an impulse to pay off loans with unexpected bonuses, etc, it may not always be the best option
personal finance

Today, many are able to upgrade their lifestyles at a much faster pace. People become proud owners of their own homes and cars and manage to travel the world frequently. All this has been made possible with the easy availability of loans which enables them to afford these luxuries much sooner, compared to a couple of decades back. But once the joy of building asset or the period of consumption wears off, then one realises the extent of liability. Especially when EMI starts and reduces the monthly cash flow of the household.
At such point of time, when there is a spurt in cash flow by way of some unexpected business profits, bonuses and salary hikes, our first impulse is to pay off the loans and reduce the liability. But that may n
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