POSTED BY December 13, 2013 8:19 pm COMMENTS (9)ON
I have a max gain loan account with SBI since Feb 2013 where in i have an insurance account (namely MAXGAIN SURAKSHA) which shows the following details
Drawing Power: 18,033
Outstanding Amount: 23,577
Rate of Interest: 10.5
and then its followed by monthly deductions ranging from 80 Rs to 200 Rs. So what i want to know is what exactly is this? I assumed that 54000 insurance formed a part of OD loan and the interest should have been deducted during EMI deduction so why is this separate? am i paying anything extra? This month i got a message saying that 792 rs will be deducted on this account. What does it mean? Can i transfer surplus funds in this account as well and how much do i need to put it to close this monthly payments? moreover please clarify what is drawing power and outstanding amount?