POSTED BY May 21, 2013 5:17 pm COMMENTS (4)
ONI 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
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Dear Divya, yes the term is indeed 35 months.
Thanks
Ashal
Thank you Ashal..
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
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??