How did I manage my loan to get rid of the debt?
By: Mg Dumasia
Tags: Banking, Money, Loans, Saving, Debt

saving the money is the best remedy to get from the debt out.

Click here for Hindi

If you read the word ‘loan’ in reverse, It means ‘nalo.’ The meaning of this word in Hindi is don’t take.

Once, I asked my aged but rich relative about the loan, and what the gentleman replied me?

“Son, speak the word ‘loan’, again and again, your question will be answered automatically.

So I started cramming,

“Loan ….. loan … lo … nalo … nalo …nalo.”

And I released that gentleman’s advice is that you should not take any loan or any debt, and do such planning without any debt is better.

Though it was too late for me because I had been already trapped in the swamp of the loan, so I had gone to see him with the hope of financial help but couldn’t muster the courage to say anything after hearing his advice upon the loan, and returned home just like that.

Well, in a few years, I took great care and got rid of debt. To get rid of debt, I took the following steps.

What did I do to repay the loan?

I kept an advance deposit in the bank equal to one installment to miss no installment. If you miss a single installment of the loan, your condition will be like a fly caught in a spider web. The bank will charge the Late fee, surcharge, service charge (God knows what service they provide with such heavy service charge) of the bank, and finally GST like the hit of an ax from the Government. It will be such a mess that when the time comes to pay the second installment, you will find that some payment is left even after paying everything, no matter how modest it will be. Still, it will be deducted first, and then your regular installment amount will be declared as pending because you have deposited the amount only equal to the installment amount. Therefore, it is good to keep an amount equal to one installment or a little more (one and a half times would be appropriate). This practice is for is a defense.

The second thing was that I tried to increase my income. I looked for part-time work, and if not found, I started work at home. For this, I increased my skill. Took the tailoring and sewed the customer’s clothes at home.

I rented a part of my house.

My wife learned embroidery and weaving work and started to earn.

Boys and girls were studying, but they also used to sell some food items on holidays.

In addition to the loan installment, we started depositing some more amount in the bank by creating a recurring account.

I Increased the deduction of my provident fund from my salary.

Though there was a lot of trouble due to low income, my family members and I managed with a decreased income with though we suffered so much difficulty. We reduced the expenses of festivals, weddings, etc. We stopped thinking about what people would say.



I had availed the loan from a finance company which I transferred to a nationalized bank . Due to this, I benefited from the deduction of interest.

We left the shame and borrowed some amount from friends and relatives, which was an interest-free amount.

In a few years (in about five years), after depositing a lot of amounts, he paid the loan in full by settling with the bank, in which the bank gave a good discount.

Gradually, all friends and relatives also paid their debt. I started selling clothes and finished dresses along with sewing work, and soon we became financially capable.

I will always remember my honorable aged relative’s advice that ‘loan’ means ‘nalo.’



I intend to increase my skill, and my family members started some work, tried to save money, and be encouraged by the biggest thing, then it is not impossible to get rid of debt.