POSTED BY February 14, 2014 3:33 pm COMMENTS (3)ON
I took Encash offer from a bank for Rs. 81000 @ 20.05% for 36 months. After payment of 12 EMI I want to pre pay, I should be charged interest @ 20.05% for one year only. Bank is not agreeing and saying that the effective interest rate is 33.67% p.a. on reducing rate, indirectly forcing to avail full tenure. Can I object the way of calculation of interest, even though it was mentioned in the repayment schedule attached to the agreement. Is there any scope of waiver of prepayment charges too?