EMI more than calculated

POSTED BY divya ON May 21, 2013 5:17 pm COMMENTS (4)

I have taken a car loan, and there’s some difference in the EMI amount when calculated with bank.

Details of my loan

Loan Amount: 4,90,000

Interest Rate: 10.9%

Tenure: 36 months

Bank: SBM (state bank of mysore)

as per emi calculators, I have to pay a monthly EMI of 16,019 (rounded off), but, in the copy of bank’s loan document, the monthly EMI mentioned is 16,439 don’t know why..

 

When I’ve contacted bank people, they told that, “our system calculates like that, we don’t know how it will calculate..”

Who is correct here? I don’t want to pay them around 15k unnecessarily

4 replies on this article “EMI more than calculated”

  1. Dear Divya, yes the term is indeed 35 months.

    Thanks

    Ashal

    1. divya says:

      Thank you Ashal..

  2. Nagarajan Santhan says:

    Hi Divya,

    If you are paying Rs. 16,439 as EMI, your tenure come only 35 months
    If you are paying Rs. 16,019 as EMI, your tenure come only 36 months

    Please check your final loan amount, if any insurance kind of stuff added with your loan, then your EMI got increasing .

    Anyhow please refer the below data as per your details, cross check with your statement.

    Rs. 16,439 as EMI
    —————————
    Mn Princ.Out ROI Int Part EMI Prin.Part Princ.Outstanding
    1 490000 10.90% 4450.83 16,439 11,988 478,012
    2 478,012 10.90% 4341.94 16,439 12,097 465,915
    3 465,915 10.90% 4232.06 16,439 12,207 453,708
    4 453,708 10.90% 4121.18 16,439 12,318 441,390
    5 441,390 10.90% 4009.29 16,439 12,430 428,960
    6 428,960 10.90% 3896.39 16,439 12,543 416,418
    7 416,418 10.90% 3782.46 16,439 12,657 403,761
    8 403,761 10.90% 3667.5 16,439 12,772 390,990
    9 390,990 10.90% 3551.49 16,439 12,888 378,102
    10 378,102 10.90% 3434.43 16,439 13,005 365,098
    11 365,098 10.90% 3316.3 16,439 13,123 351,975
    12 351,975 10.90% 3197.11 16,439 13,242 338,733
    13 338,733 10.90% 3076.82 16,439 13,362 325,371
    14 325,371 10.90% 2955.45 16,439 13,484 311,887
    15 311,887 10.90% 2832.98 16,439 13,606 298,281
    16 298,281 10.90% 2709.39 16,439 13,730 284,552
    17 284,552 10.90% 2584.68 16,439 13,854 270,697
    18 270,697 10.90% 2458.83 16,439 13,980 256,717
    19 256,717 10.90% 2331.85 16,439 14,107 242,610
    20 242,610 10.90% 2203.71 16,439 14,235 228,375
    21 228,375 10.90% 2074.4 16,439 14,365 214,010
    22 214,010 10.90% 1943.92 16,439 14,495 199,515
    23 199,515 10.90% 1812.26 16,439 14,627 184,888
    24 184,888 10.90% 1679.4 16,439 14,760 170,129
    25 170,129 10.90% 1545.34 16,439 14,894 155,235
    26 155,235 10.90% 1410.05 16,439 15,029 140,206
    27 140,206 10.90% 1273.54 16,439 15,165 125,041
    28 125,041 10.90% 1135.79 16,439 15,303 109,737
    29 109,737 10.90% 996.78 16,439 15,442 94,295
    30 94,295 10.90% 856.51 16,439 15,582 78,713
    31 78,713 10.90% 714.97 16,439 15,724 62,989
    32 62,989 10.90% 572.15 16,439 15,867 47,122
    33 47,122 10.90% 428.02 16,439 16,011 31,111
    34 31,111 10.90% 282.59 16,439 16,156 14,954
    35 14,954 10.90% 135.84 16,439 16,303 -1,349

    Rs. 16,019 as EMI
    —————————

    Mn Princ.Out ROI Int Part EMI Prin.Part Princ.Outstanding
    1 490000 10.90% 4450.83 16,019 11,568 478,432
    2 478,432 10.90% 4345.76 16,019 11,673 466,759
    3 466,759 10.90% 4239.72 16,019 11,779 454,979
    4 454,979 10.90% 4132.73 16,019 11,886 443,093
    5 443,093 10.90% 4024.76 16,019 11,994 431,099
    6 431,099 10.90% 3915.81 16,019 12,103 418,996
    7 418,996 10.90% 3805.88 16,019 12,213 406,782
    8 406,782 10.90% 3694.94 16,019 12,324 394,458
    9 394,458 10.90% 3583 16,019 12,436 382,022
    10 382,022 10.90% 3470.04 16,019 12,549 369,473
    11 369,473 10.90% 3356.05 16,019 12,663 356,811
    12 356,811 10.90% 3241.03 16,019 12,778 344,033
    13 344,033 10.90% 3124.96 16,019 12,894 331,139
    14 331,139 10.90% 3007.84 16,019 13,011 318,127
    15 318,127 10.90% 2889.66 16,019 13,129 304,998
    16 304,998 10.90% 2770.4 16,019 13,249 291,749
    17 291,749 10.90% 2650.06 16,019 13,369 278,380
    18 278,380 10.90% 2528.62 16,019 13,490 264,890
    19 264,890 10.90% 2406.08 16,019 13,613 251,277
    20 251,277 10.90% 2282.43 16,019 13,737 237,541
    21 237,541 10.90% 2157.66 16,019 13,861 223,679
    22 223,679 10.90% 2031.75 16,019 13,987 209,692
    23 209,692 10.90% 1904.7 16,019 14,114 195,578
    24 195,578 10.90% 1776.5 16,019 14,243 181,335
    25 181,335 10.90% 1647.13 16,019 14,372 166,963
    26 166,963 10.90% 1516.58 16,019 14,502 152,461
    27 152,461 10.90% 1384.85 16,019 14,634 137,827
    28 137,827 10.90% 1251.93 16,019 14,767 123,060
    29 123,060 10.90% 1117.79 16,019 14,901 108,158
    30 108,158 10.90% 982.44 16,019 15,037 93,122
    31 93,122 10.90% 845.86 16,019 15,173 77,949
    32 77,949 10.90% 708.03 16,019 15,311 62,638
    33 62,638 10.90% 568.96 16,019 15,450 47,188
    34 47,188 10.90% 428.62 16,019 15,590 31,597
    35 31,597 10.90% 287.01 16,019 15,732 15,865
    36 15,865 10.90% 144.11 16,019 15,875 -9

    1. divya says:

      Thank you for the input Nagarajan, just now, I’ve verified the loan sanction sheet, in that, two things are mentioned like..

      Term 0036
      Rem Repayment 0035

      Does that mean the repayment tenure to be 35 months??

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