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Emi on rs. 47,000 loan @ 8.99%

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Querist : Anonymous

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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/-
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CA Suraj Lakhotia

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CA Suraj Lakhotia (Expert)
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%
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
17 July 2013 Yes I agree with the expert
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