Need A Financial Product Forums Loans Difficulty in understanding SBI max gain home loan account statement

This topic contains 1 reply, has 2 voices, and was last updated by  Sarla Jadhav 2 years, 7 months ago.

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    Sarla Jadhav
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    For the first time, I have borrowed home loan from SBI maxgain. I am encountering difficulty in understanding loan statement. I have compared my last 2 statements, drawing power has declined and I am not getting when the interest is calculated. What happens when I deposit funds in OD account?

    #48007

    This being an overdraft account, interest on outstanding amount is charged on last day of month. The amount by which the drawing power has declined specifies the repaid amount. Amount deposited in OD account reduces your interest outgo to the bank and the excess interest is credited to your account.

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