Hoam Loan EMI

POSTED BY edebasis ON February 6, 2012 10:04 am COMMENTS (4)

Dear Manish,
I have taken loan from a SBI in the year 2008 @ 9.5 and EMI calculated was 19500.00. And Bank is deducting the required EMI every month’s 10th day from my SBI saving a/c. And now the interest rate has been raised to 12.6 though I have not received any intimation on anything. And through online I am able see that the EMI also gone up to 21000. But still bank deducting the same 19500.00 old EMI from my a/c. When contacted bank wanted me to visit in person which is not possible since I am out side now.
I am very much confused and stressed, what will happen?Please suggest and advice me what to do?
Thanks in advance

4 replies on this article “Hoam Loan EMI”

  1. edebasis@gmail.com says:

    Thanks Ashal for the information.
    I have one querry .As I said earlier Bank is deducting the previous EMI every month’s 10th day from my SBI saving a/c. Now since the EMI amount has increased, I think I only have to transfer the increased amount(Current EMI- Calculated Previous EMI) through netbanking..right…

  2. Dear edebasis, as both accounts (loan & saving) are with SBI & I assume you are having netbanking facility for your SB account, the work is very easy for you. No need to contact anybody. Just use your netbanking & transfer amounts as per your wish from Sb to loan account. To first check the same, please transfer just 100 Rs. or so.



  3. edebasis@gmail.com says:

    Hi Ashal

    I am paying EMI from my SBI account through ECS.

  4. Dear edebasis, from which account the EMIs are you paying? Is it a SBI or any other bank? is it ECS or Post dated cheques?

    In case it’s ECs, you have to write just a plain application to your bank branch to increase the EMI amount to the new level of 21K. Even an e-mail at branch ‘ll do.

    In case, your EMIs are getting debited through PDCs, your physical presence is necessary to provide new PDCs in place of old ones.

    Please confirm the ECS & PD status to us.



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