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KRISHAN   03 November 2017

Car loan

Dear sir,
 I take a car loan of 350000/- by best capital services in jaipur. When the application time they ask me interest rate of 11% and after taking the vehicle I received a EMI plan which charged about 200000/- as interest for 4 years it was more then of their commitment. I asked for it they told me that in last your amount will weved off. I paid more then 400000/- but now they call me pay full amount. I was in problem to pay by bank so I request them to collect personally. now they charged 1500/- per EMI for non paying by bank ECS. Sir in last days they seized my car and give the ultimatum to pay all outstanding in 30 days otherwise they sold my car to other person. I paid all outstanding and they relies the car. but after 3 months they force me to refinance the car with my rest outstanding for next 4 years with regular high interest rate they want to charge. kindly suggest me..thanks Krishan         



Learning

 1 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     03 November 2017

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments. Calculate yourself and bring the legal notice to the financial manager in writing. 

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