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Question about a loan.

dabuddha

dabuddha

Lifer
I have a question about a student loan.
My wife took a student loan out for the amount of 400,000 rupees in june 2002. The interest rate she got with the bank was 12% ( she wasn't my wife at the time of course :/ )
So we've been paying $250 a month (11,000 rupees) since July of 2004. We've paid around $3400 (1.00 dollar = 43.5160 Rupees) total so far. Now the bank is telling us that the remaining balance on the loan is around 279,250 rupees and that the interest is 149,546 rupees resulting in a total of 428,796 rupees.

I'm not getting why the amount of interest owed is so high. Are they trying to screw us over (indian banks :roll😉 or if someone understands it, could you please explain it to me.

 
Can you convert everything to dollar amount?

I would also need the payment schedule of the loan ( how long is the loan for? and how often does your wife make payment to the bank?)

 
Something doesn't add up. $250/month for 24 months is not $3400. Thus, check your numbers.

If you did pay $250 a month for 24 months, a final balance of 279,250 rupees is right in line. And 149,546 rupees paid is right in line. But you've already paid that 149,546 number (plus an additional 121,750 rupees to bring the balance down to 279,250).
 
Originally posted by: iversonyin
Can you convert everything to dollar amount?

I would also need the payment schedule of the loan ( how long is the loan for? and how often does your wife make payment to the bank?)
Click to expand...

Good idea. I'll do that right now. As for the details of the loan, I can give you an idea tonight.
 
Originally posted by: Dacalo
Why don't you ask the bank themselves to explain their calculation?
Click to expand...

Easier said than done unfortunately. The bank is located in India and their customer support is not that great.
 
Originally posted by: dullard
Something doesn't add up. $250/month for 24 months is not $3400. Thus, check your numbers.

If you did pay $250 a month for 24 months, a final balance of 279,250 rupees is right in line. And 149,546 rupees paid is right in line. But you've already paid that 149,546 number (plus an additional 121,750 rupees to bring the balance down to 279,250).
Click to expand...

AH!!!!!!! typo. I meant we started paying the loan in 2004, not 2003. But the total we have paid so far is $3400.00
 
Originally posted by: dabuddha
Originally posted by: Dacalo
Why don't you ask the bank themselves to explain their calculation?
Click to expand...

Easier said than done unfortunately. The bank is located in India and their customer support is not that great.
Click to expand...

they should outsource it to the states


edit: Where DO Indian companies outsource to to save money? Africa? China?
 
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