What is meaning of “debit interest” entry in SBI Max Gain Loan Account ?

POSTED BY investor3981 ON December 5, 2013 9:42 pm COMMENTS (7)

Would like to understand what does “debit interest” entry means.

I have taken loan for 36,70,000. 1st Disbursement from bank of  9,35,579 on 25th Oct 13. Then there is an entry of Debit interest for amount 1868 on 31st Oct 13. Unable to understand what is this “debit interest” entry for? Kindly help.

Thanks!

7 replies on this article “What is meaning of “debit interest” entry in SBI Max Gain Loan Account ?”

  1. Arun Gupta says:

    Hi Friends,

    This is my First month of Max gain account and i deposited 2 lacs on 27th March and my loan started on 16th March.
    My Available balance is 183000 but i think it has to be 2 lacs, my DEBIT Interest on 31st Mar is 17000.
    Can i withdraw/transfer 2 lacs or 1.83 lacs ? why Available balance is showing less and adjusted with DEBIT Interest ??

    Request you to please help Friends
    Regards,
    Arg

    1. Hi Arun Gupta

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

      1. Arun Gupta says:

        Thanks Manish !

        Actually surplus money of 2 lac i transferred to SBI max gain account, so that i can use this later on if required but i see EMI interest is also debited from that.

        I suspect that this available balance would be corrected once my EMI is deducted on 10th April. Lets see on 10th April

        thanks again
        arun

        1. I am not very sure on the exact rule on that !

  2. Gajendra says:

    I have a savings bank account in SBI. It shows that I have debit and credit interest of same amount on same date. What is this? Can anyone explain!!

    1. Hi Gajendra

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

  3. Credexpert says:

    Dear Investor 3981,

    The debit entries are meant for interest towards the disbursed loan amount of Rs. 9.35 lacs. For EMI debit, please contact your loan serving branch.

    Regards,
    Credexpert
    http://www.credexpert.in

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