SBI Max Gain, Debit Intereset after FULL EMI

POSTED BY Kariyan ON September 2, 2013 12:11 pm COMMENTS (6)

BBalance     -9,84,665.00
AV Balance     4,90,504.00
Limit     1    4,75,169.00
Unclr balance     0.00
Dwing Power     14,75,169.00
Currency     INR
Interest (% p.a.)     9.95%
Lien Amount     0.00

Last 10 Transactions
Date                       Narration             
31-Aug-2013               DEBIT INTEREST                8,299.00    (Dr)     
10-Aug-2013           DEPOSIT TRANSFER                19,782.00   (Cr)
31-Jul-2013           DEBIT INTEREST                  6,248.00    (Dr)     
24-Jul-2013             TRANSFER OD A/c              10,000.00   (Cr)
09-Jul-2013           TRANSFER TO BUILDER          10,00,000.00(Dr)
01-Jul-2013              TRANSFER OD A/c            100.00      (Cr)

My Total Loan is 15L.First part 10L disbursed on 09-Jul-2013. My FULL EMI Started on 10-Aug-2013.

There is a DEBIT INTEREST in July month before EMI Starts. But Why the DEBIT Interest in Aug Month also for Rs 8,299?

When I calacualted Rs 8,299 is interest for 10L for 30 Days at 9.95%.

Could you please analyse this?

6 replies on this article “SBI Max Gain, Debit Intereset after FULL EMI”

  1. Kariyan says:
    September 4, 2013 at 3:31 pm

    Thanks for ur answer, and also it is very quick.

    Reply
  2. Ashal Jauhari says:
    September 4, 2013 at 3:00 pm

    Dear Kariyan, yes is the answer.

    Thanks

    Ashal

    Reply
  3. Kariyan says:
    September 4, 2013 at 2:54 pm

    OK.Thanks..One more point to confirm. The DEBIT INTEREST part will be becoming a smaller and smaller as EMI numbers go up. I mean Part of the EMI goes for Principal part. Is it right?

    Reply
  4. Ashal Jauhari says:
    September 4, 2013 at 2:42 pm

    Dear Kariyan, the interest ‘ll be debited on last day of each month. So for Aug 2013 it was 31st Aug & for Sept 2013, it ‘ll be 30th Sept & like wise.

    Thanks

    Ashal

    Reply
  5. Kariyan says:
    September 4, 2013 at 12:48 pm

    Thanks, Will the DEBIT INTEREST happening will go off Next Month onwards?

    Reply
  6. Ashal Jauhari says:
    September 2, 2013 at 4:01 pm

    Dear Kariyan, please read my Max Gain article on the main JI site. In Max Gain home loan, interest is not adjusted on the EMI credit date. The interest is debited on the last day of the month.

    Thanks

    Ashal

    Reply

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