Am I paying anything extra on my SBI maxgain loan

[samkapoor77]

I have borrowed home loan from SBI maxgain and have also taken insurance from Maxgain Suraksha with a limit of Rs. 27,000 and outstanding amount of Rs. 11,788. Rate of interest is 10.5%. Every month deductions are being made from my account. I want to know the reason for these deductions. How I can close this insurance account?

[samkapoor77]

Interest is charged on the premium amount for the policy that has been disbursed. In order to close this account, you can park surplus amount equal to premium account.

[Mayur]

Hi Pravin,

From your above post, by “surplus amount equal to premium account” did you mean to say that one should have to place the outstanding amount of Rs 11,788/- in that Suraksha a/c.
In my case let say outstanding amount is showing as 194/- and Limit as 84,000/-. I tried to transfer 194/- from my Saving a/c to Suraksha a/c via fund transfer but transaction got failed. Might be Suraksha account is not operational. But the bank guys told me to place a standing instruction, so again i put standing instruction of Rs 194/- in that a/c to be paid for next 2 months on the 5th of date.

Thanks
Mayur

[Author]

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