Hi All,
I wanted to know how Pre Payment option on a Car Loan works out.
For Ex. I took a loan of 3.43 Lakhs for 7 years and my monthly EMI is 5694 (10% P.A reducing Balance)
Now suppose I plan to choose the Pre Payment option after 3 years, then what is the total amount I have to pay.
Do I have to pay only Rs. 343000- 204984(5694*36) =138016 Or something extra, assuming there is 1% Penalty charges on it.
PLease help me out in this query.
Vaibhav
2006-08-01
01:34:47
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2 answers
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asked by
Vaibhav Bansal
1