Emi on rs. 47,000 loan @ 8.99%

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2013 I took a vehicle loan. Rs. 47000 @ 8.99% for 1 yr.

THe loan provider is chrging 4269 as EMI & Total Int payout as 4228/-

but any loan EMI calcultor i try it shows 4110 as EMI & total int 2220/-

CA Suraj Lakhotia

CA Suraj Lakhotia (Expert)
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15 March 2013 Ask your loan provider for the variation in interest.

He has done the following calculation -

Interest = 47,000*8.99% = 4225.3 (@8.995%, it is 4228)

Total of Principal and Interest = 51,225

MOnthly Instalment = 51,225/12= 4268.75.

The rate of interest charged by your lender is approximately 16.2% and not 8.99%