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loan as well as self payment

Last updated: March 28 2013
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  • loan as well as self payment

    i assume many of you know about sbi max gain loan scheme.
    i've a question on this -

    let's say if i take loan of 20 lacs. loan duration 10 years. and i start full emi from 1st month, which comes to say 30k per month.

    now if in between lets say i pay a demand letter (of 3 lacs) from my pocket and don't ask bank to pay builder, then what happens?

    how bank knows that actual loan amount will be disbursed now be 17 lacs only and not 20 lacs.

    also i am paying 30k full emi for loan of 20 lacs but actually loan amount is 17 lacs only now - so how it all gets adjusted?

    hope my question is clear.

    kindly guide.

    thanks.
  • #2

    #2

    Re : loan as well as self payment

    I dont know will it get settle but you could have taken other way round.

    Let the demand letter come and bank disburse the said amount and then you do a part-prepayment to the bank.

    Comment

    • #3

      #3

      Re : loan as well as self payment

      Originally posted by garibaadmi View Post
      i assume many of you know about sbi max gain loan scheme.
      i've a question on this -

      let's say if i take loan of 20 lacs. loan duration 10 years. and i start full emi from 1st month, which comes to say 30k per month.

      now if in between lets say i pay a demand letter (of 3 lacs) from my pocket and don't ask bank to pay builder, then what happens?

      how bank knows that actual loan amount will be disbursed now be 17 lacs only and not 20 lacs.

      also i am paying 30k full emi for loan of 20 lacs but actually loan amount is 17 lacs only now - so how it all gets adjusted?

      hope my question is clear.

      kindly guide.

      thanks.
      Why create confusion.Take lesser loan and save on interest payment.

      Comment

      • #4

        #4

        Re : loan as well as self payment

        Originally posted by garibaadmi View Post
        i assume many of you know about sbi max gain loan scheme.
        i've a question on this -

        let's say if i take loan of 20 lacs. loan duration 10 years. and i start full emi from 1st month, which comes to say 30k per month.

        now if in between lets say i pay a demand letter (of 3 lacs) from my pocket and don't ask bank to pay builder, then what happens?

        how bank knows that actual loan amount will be disbursed now be 17 lacs only and not 20 lacs.

        also i am paying 30k full emi for loan of 20 lacs but actually loan amount is 17 lacs only now - so how it all gets adjusted?

        hope my question is clear.

        kindly guide.

        thanks.
        For arriving at EMI for the loan, the EMI is calculated on the full loan. However it is charged only on disbursed amount. So if the bank has disbursed only 10L out of 20L, it will calculate interest and principal on that 10L and deduct that much from your 20k EMI. In the end, this will reduce the paying tenure.

        If you don't avail full 20L loan, and pay a few lakhs from your own packet, it is fine. You share of interest and principal from each EMI is automatically calculated for that much loan you have actually taken.

        Comment

        • #5

          #5

          Re : loan as well as self payment

          Originally posted by ani_meher View Post
          For arriving at EMI for the loan, the EMI is calculated on the full loan. However it is charged only on disbursed amount. So if the bank has disbursed only 10L out of 20L, it will calculate interest and principal on that 10L and deduct that much from your 20k EMI. In the end, this will reduce the paying tenure.

          If you don't avail full 20L loan, and pay a few lakhs from your own packet, it is fine. You share of interest and principal from each EMI is automatically calculated for that much loan you have actually taken.
          thanks everyone.
          this is big relief.

          so i can continue paying full emi. interest is charged only on amount that is actually disbursed.
          ultimately all demand letters will be finished.
          and lets say out of total loan amount which is 20 lacs, only 17 lacs were asked from bank (disbursed).
          as soon as i pay back 17 lacs and whatever interest charged on it, loan account will be closed...am i correct.


          thanks again.

          Comment

          • #6

            #6

            Re : loan as well as self payment

            Re: loan as well as self payment

            Originally posted by garibaadmi View Post
            thanks everyone.
            this is big relief.

            so i can continue paying full emi. interest is charged only on amount that is actually disbursed.
            ultimately all demand letters will be finished.
            and lets say out of total loan amount which is 20 lacs, only 17 lacs were asked from bank (disbursed).
            as soon as i pay back 17 lacs and whatever interest charged on it, loan account will be closed...am i correct.


            thanks again.
            Yes u are correct.
            Interest and principle is calculated only on the loan borrowed..so if you borrow less...your emi will be less...or u can choose to have more emi and less tenure.

            Sent from my GT-I9300 using Tapatalk 2

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