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