Surrender of personal loan?

[Aansh]

I work in a leading insurance company. In Jauanary'2010, I have applied for Personal loan and got it in the same month. Now I feel that the interest rate for the personal loan in quite high, so I want to surrender it. Can I surrender it now within three months of taking a loan?

[Master]

It’s called a prepayment of loan. There are prepayment charges/penalty on foreclosure of a loan. For more details please read the terms and conditions in the loan agreement.

[Aansh]

Thanks Master! Can I invest the money received from personal loan into shares?

[vinks]

Thanks Master! Can I invest the money received from personal loan into shares?

You cannot invest money received from personal loan in speculative business. So if you are looking for trading in shares than clear 'no'.

[Master]

Intraday and future trading is termed as speculative, but one can invest in MFs and shares for long term.