Hi,
my current principal amount is -6.74 lakhs
current interest rate is – 14%
total term left is -4 years and 4 months
emi amount is- 17154 rs/month
bank-standard chartered
loan type is -floating.
Current state is i can make any amount as pre payment without being levied any charges.
I have raised a complaint and the bank had given me an option of reducing my interest rate to 10.5 % for a period of 2 years by paying an amount of 3000 rs to the bank.
terms & conditions are – i can make a prepayment of only 25% of the outstanding amount in one calender year.
My question is how good this option is?
i am pretty weak at calculations.Could anybody please help?