Hi,
I recently bought a car worth 5.65 lakh. I took bank loan for 3.10 lakh at interest rate of 17.5 for a period of 4 years. After furnishing all the required details, i got my car and the car papers transferred to my name.
Even after paying the first EMI (Rs. 9, 528), i had still not received the welcome kit or the papers regarding the loan from the Bank. I called up my Agent and he always gave me reason that he was either busy or lost the document. I called up customer care and got a copy of my payment schedule.
The document says that the total amount financed is 3.26 lakh at interest rate of 18.58. When i called up the agent he said that Credit Facility Originating Charges (CFOC) of Rs. 4, 890.00 has been applied to the interest which increases the interest rate from 17.5 to 18.58, which made a little sense. When i ask about the discrepancy in amount financed he said that Total amount financed = 3.10 lakh first month EMI (9, 528) loan insurance premium charges (927) additional charges, which is totally ridiculous.
I went to the main branch took the details manager who cleared this loan and had a tele-conf with him and the agent. The agent repeated the same thing and the manager just nodded that everything is correct and all numbers make sense.
Can someone explain me in details as to how this amount increased from 3.10 lack to 3.26 lakh?
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