Minimum Payment Trap
Banks love it when you pay just the "Minimum Amount Due" (usually 5%). See how paying just a bit more can save you decades of debt and massive interest.
Typically 36% to 45%.
Usually 5% by default.
Better Strategy
Instead of 5%, pay this fixed amount every month until debt is cleared.
Savings by paying fixed
₹1,70,233
and clears debt 13 Yrs 3 Mos faster!
Paying Only Minimum
Total Interest Paid
₹1,95,499
Initial debt was ₹1,00,000
Time to Payoff
14 Yrs 4 Mos
Paying Fixed ₹10,000/mo
Total Interest Paid
₹25,265
Massive drop in bank's profit
Time to Payoff
1 Yrs 1 Mos