New Delhi: At a time when clearing educational loans often becomes a long-term goal for individuals, a woman cleared her Rs 30 lakh loan in just two years. Now, the woman has shared details on social media on how she was able to repay such a huge amount of loan in such a short period of time.
Taking to Instagram, Avani Rathore, a graduate of IIM Calcutta, said she repaid her loan taken for the Master of Business Administration (MBA) within two years. Explaining the strategy used by her, the woman explained that her’s was not a single breakthrough moment but a series of consistent steps taken over time.
Woman shares message on social media
“I paid off my IIM Calcutta MBA loan in 2 years, using 4 sources of income – First is Pre-MBA Savings: Before my MBA, I worked for two years. I didn’t touch my investments (mutual funds, PPF, etc.) but used my liquid savings for my fee expenses,” she wrote.
Rathore noted that the early step helped her reduce reliance on borrowed funds. She also ensured that her financial base continued to grow by keeping intact her long-term investments. Her second income stream came when Rathore was still pursuing her degree. “Internship Stipend: During my MBA, I did a summer internship that paid well.” Internships often serve as short-term opportunities, but in this case, the earnings directly supported her larger financial goal,” she added further.
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The woman further added, “Part-time job: Since I received a PPO, I started working part-time during my second year, earning extra income to put towards my fee.” She added that after completing her MBA, he focus was on closing the loan at the earliest. She added, “Post-MBA Salary: Fortunately, I don’t have dependents, so I could dedicate a significant portion of my salary towards loan repayment after graduation.”
‘Did not want headache of loan’
“A lot of people might find this not oo be a very good financial decision because you get a collateral-free loan at a very good interest rate. So it makes sense for people to continue paying the minimum amount and then investing their money to get better returns in other areas. For me personally, I did not want the headache of a loan because I was going to leave my job, and I wanted to start something new. So I just wanted to be better positioned to be able to take further risks in my life,” she explained further.