[Resolved]  State Bank Of India [SBI] — encash loan taken from sbi bank through my sbi credit card

Address:

411017

Hi team,

I took a loan (Scheme name encash) from sbi bank through my sbi credit card on 10 may 2016 for rs. 120000. It was at 15% for 3 years. Payment is made through cheque # 835083. Emi is 4833.33.

I am paying its emi till now. However, i checked its forecloser process, then i realized something wrong in interest calculation. As per emi schedule, total interest at the end of tenure is 54000.

Now may basic understanding with loan/principal/interest is

1. I have taken a loan of 120000 @ 15% for 3 years.
2. I am paying emi which includes interest and principal component.
3. Now, based on schedule, total interest is 54000 after end of tenure.

Now, interest can be = 54000 if i don’t pay any principal in every month emi and only pay interest, then interest comes to total of 54000 ~ every year 18000 @15% for 120000. So for 3 years it is 54000.

However, when i am paying part of principal every month, then how come interest still can be 54000? Interest can be 54000 only and only if i do not pay any principal every month and bank is only taking interest and keeping principal balance same as 120000 till the end of tenure i. E. 3 years.

I checked online amortization schedule by putting all these loan details total interest comes approx. 30000 (Excluding processing fee/tax etc).

I have already raised this concern to sbi 3 weeks back and instead of replying my concern, customer care executives/nodal officers are replying irrelevant stuff like 3-4 times sending schedule, telling me processing fees, foreclosure charges etc. I did not ask any of these things. However, instead of addressing my main concern, they are replying irrelevant details and dragging the issue. I have a feeling that they might be thinking like this i will get fed up and drop my concern. Hence, after exchanging mail 10-12 times, i am forced to approach you.

I am requesting to recheck my interest calculation and adjust it accordingly.

There is no option to attach documents. I wanted to attach emi schedule/exchanged mails etc.

Mail id with bank: [protected]@infosys.com

Thanks,
Shantanu