I have a commercial loan secured with my home. Was told the early payoff penalty was calculated by rule of 78.?
The loan is for 7 years . I’m in Maine and the loan company is based in NY. I thought the rule of 78s was illegal for loans over 5 years? Does that not apply to business loans? Does it matter that the loan was secured with my home?
You are correct. Using the “Rule of 78s” formula was outlawed for any loan over 5 years in 1992. But the more important question is what kind of loan do you have? Is it a simple interest loan or a pre-computed loan? If it is the latter, as it sounds like, there is no point in paying off the loan early as you have to pay all the interest anyway. BTW, using the “Rule” is not allowed in New York State but I think that it is allowed in Maine.
can i have education loan of 20 lakh for commercial pilot without any property means without ny mortgage?
plz reply me wih different alternatives
Unfortunately no govt agency provides such a big loan without any mortgage
but there is a ray of hope with private financial agencies
but the rate of interest would be very high as compared to banks
try your luck , all the best
I want to become a commercial pilot and have good grades to manage, are there airlines that can finance me.?
I would like a pilot training programme that afford me good training and can deduct from ny earnings when I have started working for them what they would have loaned me to finance my training
There are ways to earn a commercial pilots license for you. It is just like going to college, so I included several links to get you started. The first is for a schol with single engine training. If you were going to be a pilot in the local area like a regional airport this would be for you. The second is for multi engine aircraft. That would be for the international pilot. The last one is for helicopters. That would open up the world of working with the police, news stations, and other transportation services. Hopes these help you get started.
Some companies will provide you a stipend. In the medical world if a hospital puts you through three years of school, then you have to work with them for three years after you are done. It may work in the airlines the same way but I would doubt it. If you have been watching the news recently you see how many people in the ailrine industry are losing their jobs.
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