I have taken an ICICI Bank Car Loan. The schedule sent by the Bank does not mention the advcance emi given to the dealer. The schedule for a 5 year loan only mentions 59 installments and no advance emi.The Dealer says the first installment is never mentioned - just wanted to check if I am being gypped
2006-11-18 22:37:19 · 3 answers · asked by ranjanchou 1 in Business & Finance ➔ Personal Finance
Have no worries. Financial institutions usually deduct first EMI from the loan / finance provided to you. So if you check the agreed amount of loan and the cheque paid to dealer you would find your first EMI is being deducted there. This is a regular practice and fair one. No you are not being treated irregularly.
2006-11-21 02:04:45 · answer #1 · answered by akash_sky 2 · 0⤊ 0⤋
1
2016-09-26 11:04:59 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If the first instalment was given in the name of the dealer it would not reflect in the loan statement. If it is in the name of the bank, then it should.
2006-11-21 14:24:08 · answer #3 · answered by cvrk3 4 · 0⤊ 0⤋