Pros and cons of taking several loans at once

The ability to fully borrow depends on their ability to repay. Similarly, if you already have a loan, the recording of the second loan depends on your current income and ability to repay. Therefore, it is a little important to decide whether or not you can go for many loans. Pros and cons of taking several loans at once

Another important point to consider – not all loans are good loans. Therefore, to go into any case you should first think about how it will affect you and your finances. Let’s say that you go for a home loan, this is usually a long term loan, but in the end, there will be a property in your name. The same is that with car loans, you need to pay the EMI but in the end, you have the car. On the other hand, there are loans with a high interest rate and at the end of the term you do not have anything, you pay the amount with interest. So, it is worth to go for such a loan yourself. It is understood that there is also some emergency situation when there is no alternative except for going to such a loan, it is acceptable in any way. But taking a loan for just one luxury is not worth it.

Let’s better understand the pros and cons of many loans with the help of an example-

Harish, 35, who lives in Bangalore, has a monthly salary of INR 80,000. First of all, he took a home loan for which he is paying a monthly payment of US $ 30,000 as an EMI. After a few years, they took a car loan, for which they are paying monthly INR. In the form of 10,000 EMI After a year or two, he again went for personal loan until he got a salary increase and now his salary is $ 9, 000. So, for personal loan, he is paying 10,000 as the EMI.

Now calculate – Total payable amount as 30,000 10,000 10,000 = 50,000 EMI.

Total pay = 95 0000

Monthly Total EMI = 50,000

Balance = 95,000-50,000 = 45,000

Pros and cons of taking several loans at once

Pros and cons of taking several loans at once

Therefore, the remaining 45,000 is less than half of this salary and in it they have to take care of the monthly expenses of their family and for the last 5 years SIP and LIC are doing. Monthly expenses of Harish are 40,000, so due to the many loans now he has left only 5,000 hands and he has to pay the premium for both LIC and SIP. It is not possible to do these two with some savings for an emergency. Therefore, he needs to stop investing in both of them.

Many borrowing professionals at one go

You Provide Flexibility! When you have easy access to money, you can use it as you want and where you want it. You do not have to worry about all the time.
Buying many loans and getting on time with its EMI can improve your credit history and therefore the credit score.

You can fulfill many desires at the same time. As with the help of many loans, you can do home, car, vacation and more at the same time.

Opposition to borrow several loans at one go

You have to pay EMI in relation to all the loans at the same time. This can affect your financial goals. When you pay more on the EMI, you do not leave money for investment and in some cases even for savings.
Many loans at one time always cause mental stress and stress for the borrower because the borrower is always worried about repayment.

Related : Insurance in Rural India

If you have many debts, you are paying more on interest than you borrow.
In the event of a lot of debt at the same time, it is likely that you can delay any kind of EMI, either because of the urgent need of money or for any other reason. This can negatively impact your credit score. This will directly affect your future credibility.

Therefore, whenever you want to go for a loan, first analyze whether it is worth or not. Only go for those loans that can give you better returns in future or who can help you generate more money in the future. Remember it feels like a fun and makes you happy when you get loan easily, but the picture starts when you start paying it. Repayment time is long and can adversely affect your finances! Therefore, think twice before sorrow!





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11 COMMENTS

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    In December of 2017, Donald Trump made history by recognizing Jerusalem as the capital of Israel. Why is this big news? Because by this the Jewish people of Israel are now able to press forward in bringing about the Third Temple prophesied in the Bible.

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    “He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.”

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. This Mark couldn’t be spiritual because the word references two different physical locations. If it was spiritual it would just say in the forehead. RFID microchip implant technology will be the future of a one world cashless society containing digital currency. It will be implanted in the right-hand or the forehead, and we cannot buy or sell without it. Revelation 13:11-18 tells us that a false prophet will arise on the world scene doing miracles before men, deceiving them to receive this Mark. Do not be deceived! We must grow strong in Jesus. AT ALL COSTS, DO NOT TAKE IT!

    “Then a third angel followed them, saying with a loud voice, “If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name” (Revelation 14:9-11).

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    “EITHER HUMAN INTELLIGENCE ULTIMATELY OWES ITS ORIGIN TO MINDLESS MATTER OR THERE IS A CREATOR…” – JOHN LENNOX

    We all know God exists. Why? Because without Him, we couldn’t prove anything at all. Do we live our lives as if we cannot know anything? No. So why is God necessary? In order to know anything for certain, you would have to know everything, or have revelation from somebody who does. Who is capable of knowing everything? God. So to know anything, you would have to be God, or know God.

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    It has been calculated by Roger Penrose that the odds of the initial conditions for the big bang to produce the universe that we see to be a number so big, that we could put a zero on every particle in the universe, and even that would not be enough to use every zero. What are the odds that God created the universe? Odds are no such thing. Who of you would gamble your life on one coin flip?

    Is there evidence that the Bible is the truth? Yes. Did you know that the creation accounts listed in the book of Genesis are not only all correct, but are also in the correct chronological order? That the Bible doesn’t say the Earth was formed in six 24-hour days but rather six long but finite periods of time? That the Bible makes 10 times more creation claims than all major “holy” books combined with no contradictions, while these other books have errors in them? The Bible stood alone by concurring with the big bang saying, “In the beginning God created the heaven and the earth” (Genesis 1:1); and says our universe is expanding, thousands of years before scientists discovered these things. Watch a potential life-changing video on the front page of http://WWW.BIBLEFREEDOM.COM with Astronomer(PhD) Hugh Ross explaining all these facts based on published scientific data. He has authored many books, backed even by atheist scientists.

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    God so loved the world that He gave us His only begotten son, so that whoever believes in Him, through faith, shall not perish, but have everlasting life. Jesus says if we wish to enter into life to keep the commands! The two greatest commands are to love God with all your heart, soul, strength, and mind; and your neighbor as yourself. All the law hang on these commands. We must be born of and lead by the Holy Spirit, to be called children of God, to inherit the kingdom. If we are willing to humble ourselves in prayer to Jesus, to confess and forsake our sins, He is willing to give the Holy Spirit to those who keep asking of Him; giving us a new heart, leading us into all truth!

    Jesus came to free us from the bondage of sin. The everlasting fire was prepared for the devil and his angels due to disobedience to God’s law. If we do the same, what makes us any different than the devil? Jesus says unless we repent, we shall perish. For sin is the transgression of the law. We must walk in the Spirit so we may not fulfill the lusts of the flesh, being hatred, fornication, drunkenness and the like. Whoever practices such things will not inherit the kingdom (Galatians 5:16-26). If we sin, we may come before Jesus to ask for forgiveness (1 John 2:1-2). Evil thoughts are not sins, but rather temptations. It is not until these thoughts conceive and give birth by our own desires that they become sin (James 1:12-15). When we sin, we become in the likeness of the devil’s image, for he who sins is of the devil (1 John 3:8); but if we obey Jesus, in the image of God. For without holiness, we shall not see the Lord (Hebrews 12:14).

    The oldest religion in the world is holiness through faith (James 1:27). What religion did Adam and Eve follow before the fall? Jesus, Who became the last Adam, what religion does He follow? Is He not holy? He never told us to follow the rituals and traditions of man but to take up our cross and follow Him (Luke 9:23). There are many false doctrines being taught leading people astray. This is why we need the Holy Spirit for discernment. Unlike religion, holiness cannot be created. It is given to us from above by the baptism of the Spirit. Jesus is more than a religion; He is about having a personal relationship with the Father. Start by reading the Gospel of Matthew, to hear the words of God, to know His character and commandments. Follow and obey Jesus, for He is the way, the truth, and the life!

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