Hi,
I have taken a home loan from ICICI bank. The loan disbursement date is 31st Dec 2013.
Now, they are asking me
When should EMI date be schedule
1st or 5th or 10th?
These are options.
A) If EMI is of 1st of every month then only for 1 day interest applicable you have to pay.
1st EMI will get debited from your a/c on 1st Feb.2014.
B) If EMI is of 5th of every month then only for 6 days interest applicable you have to pay.
1st EMI will get debited from your a/c on 5th Feb.2014.
C) If EMI is of 10th of every month then only for 10 days interest applicable you have to pay.
1st EMI will get debited from your a/c on 10th Feb.2014. ”
I wish to know what does “1 day/6 days/10 days interest applicable” mean. Why isnt first emi scheduled on 31 Jan 2014 instead of Feb? Is there something fishy?
Please let me know. Thank you.