I have a quesiton on the way how the limit / Drawing power has been changing in my Maxgain A/C. It has been a while that I am observing my a/c and I am sure I have some un-answered questions.
I took loan in SBI quite a while back and I have been parking some (infact significant ) amount in my a/c always. Every month I see that the interest debited from my a/c is changing based on the amount I have as a balance and I felt happy about it. However, I realized that the Limit / Drawing power is not reducing accordingly.
Here is what I assumed as EMI will be adjusted
EMI = Interest + Principal Amount repaid
Or in other words.
Change in Limit / Drawing power = EMI – Interest amount.
Having a closer look at my a/c, I feel this is not being followed, and I have significant amount of money un-accounted 🙁
From the previous month stmt :
Book Balance : 3064240
Limt : 878994
Available Balance : 3943234
Drawing Power : 3943234
My EMI is 41843.
From the monthyl online statement, Interest debited is 29581
So, from all mean, the difference 41843 – 29581 = 11952 should have been adjusted for Available balance.
However, my current month snapshot of statement is
Book Balance : – 3302254
Limt : 635927 ( I deducted some money from OD a/c I am not worried about it )
Available Balance : 3938180
Drawing Power : 3938180
As you can see, the available balance reduced only by 5054 than 11952. I am not clear where the remaining 6898 has gone.
Unfortunaltely, I am away from the branch where I took loan and I am not getting enough support to answer the question. Any help greatly appreciated.