Need A Financial Product Forums Loans Am I paying anything extra on my SBI maxgain loan

This topic contains 2 replies, has 3 voices, and was last updated by  Mayur 1 year, 2 months ago.

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  • #48250

    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?

    #48251

    Pravin Salvi
    Member

    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.

    #100055

    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

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