I am planning for a loan from SBI upto 30L under max gain scheme,
The person concerned at the site informed me that EMI payment shall start after 18 months, before which I shall have to pay only interest (pre emi Interest) on the demand cleared by the bank.
if 5L is the amount cleared by SBI as per demand, will I pay only 4150/- month as interest ? and after 18 months actual EMI 28951 (Principle + Interest)
Is this understanding correct ?
Wont I end up paying extra interest for 18 months than I would have actually paid if EMI’s had started ?
Also he explained me the benefit of MAX Gain of parking of surplus amount, now shall I park surplus amount as soon as the 1st demand is cleared and I have to pay the 1st interest ??, If yes ? Kindly tell how will this benefit ?
OR I can only park surplus amount once actual EMI start after 18 months.