How to repay loans fast 💰💸

Namaskar / Hello to all hive users, who will reach this post. I hope you are doing great and having fun in your life and enjoying it with your loved ones.

I am sure we all(most of us ) do need loans at some point in life. The loans can be short-term and some for a long time like 20 to 25 years. Yes, that seems to be a long time for sure, the long terms loans are really hard to replay not all can afford to do that. Long-term loans do need good planning else the rest of life will go to repay the amount.
If you have read my past posts then, you do know that I do have to pay a huge amount, and I am searching for ways to repay the loan amount faster as much I can but I don't have that much money to repay my loans faster but there are sure ways to do that indeed.

I was calculating that for online calculator and my father has planned for that too, who don't want to repay the loans fast. No one wants to waste money in paying the interest for sure.
This is the way how banks do earn indeed, I have seen many real-life examples of people who didn't repay their loans and in the end, the banks do sell the house to recover there money. The policy is clear and everyone who took the loans do know about that very well. Everyone wants to play safe for sure, Banks are in the business of loans for years and that is where their real income comes from.

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Let's say the amount principal amount is 40 lakh INR, the table would be a great way to explain all the shits I guess.😐

Principal amount	rate of interest (P.a)	loan tenure	Monthly EMI	Total interest
40,00,000 INR	8%	27 Years	30,171 INR	57,75,467 INR

The amount you have to 97,75,764 INR which is around 1 crore and this is a really huge amount for sure.
wow look at the interest rate that is really insane right, you know what the price can go higher the interest rates will increase for sure and that can sure make the amount huge. If you will take the exact time that the bank wants you to repay the loans then that is the best way for banks to earn a really good profit from you. This is the real trap of loan systems and the thing is we can't do anything about that we have to pay the amount we have signed in the agreement at the start when we do take the loan.

Is there any way to repay the loan fast:

yes, indeed there are many ways to do that, If you are a businessman then sure there is a chance that you can repay all the amount after a year but still you have to around 2 lakh INR for that, the bank will earn from you and that is obvious why they will give you a loan for free. But you can just follow a few steps to reduce your principal amount and repay your loan fast.
So here are a few very useful tips:

• Try to reduce the principal amount as fast as you can:
  yes, this is the first way to indeed, try to reduce the principal amount, and as time passes you will see you have to pay less interest, and your principle amount is increasing fast.

• Hike the EMI by 5 % each year:
  yes, you heard that right, even though you can't edit the monthly EMI try to do that manually or ask the bank to set that for you.

• Deposit a big amount at the end of each year:
  Yes, if you have a loan that doesn't mean you don't have a source of income, maybe your other investment did get matured and now what to do with that amount investing that amount to repay the loan is really a good idea or else you have to pay a huge amount for years.

If you do follow the simple rules then sure you can repay your loan fast and without any headache for sure. I am going to bookmark this post and will look over those posts after 10 or 15 years. If I will be here by that time 🙃
let's see how these tips going to help me and others.
what do you think? do you have any other ideas to repay the loan fast feel free to share your thoughts I will be happy to read/learn that?

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@bhattg
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