Is there any penalty on payment of interest on SBI loan (pre-emi) directly to loan amount for 2 months together ?

POSTED BY chala_murari_hero_banne ON August 27, 2014 1:13 pm COMMENTS (2)

Hi,

I have taken a loan on  pre EMI from sbi (max gain) and disbursement is being done on installments. The interest on the first disbursement is not deducted and I was asked to transfer it online from sbi savings account to loan account. is there any fine if I pay two months interest together?

2 replies on this article “Is there any penalty on payment of interest on SBI loan (pre-emi) directly to loan amount for 2 months together ?”

  1. chala_murari_hero_banne says:

    I have taken sbi max gain pre emi house loan. The 1st disbursement of loan installment to the builder is done. The interest for the first month is showing in the online od account and it has also been charged from the OD account .However the interest has not been deducted from my savings account. I will illustrate with an example to provide better clarity.

    Maxgain OD Account Limit : Rs 10,00,000.00
    Disbursed to Builder: Rs 2,00,000.00
    Pre EMI Interest : Rs 10,000.00
    Balance in OD Account : Rs 7,90,000.00

    My queries are below:
    1. Is it necessary to transfer money from my savings account to OD account every month . Do I pay any interest or any other charges if I do not pay monthy pre emi interest.
    2. I am assuming that my OD limit decreases even for the pre emi interest hence , I would have to pay to the builder directly towards my last installments or I would have to transfer to OD account from my savings account. Is my assumption correct.

    My plan is if it is not necessery then I will not pay pre emi interest and would prefer paying towards last installment to the builder.

    Would need your suggestion on the same.

  2. Credexpert says:

    Dear Sir,

    No, there will not be any charges/fine for paying 2 pre-EMI installments.

    Regards,
    Credexpert

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