Need A Financial Product Forums Loans Will EMI reduce if I park funds in OD account

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    I have borrowed from SBI max gain. Since mine is an under construction property, loan has been partially disbursed to me. If I deposit equal amount of my outstanding loan amount in OD account, will EMI or tenure of loan be reduced?

    #47112

    Chirag Anand
    Member

    By parking additional funds, the interest amount payable to the bank that you will save now will be credited to your OD account. Your EMI, principal amount and tenure of loan will remain same. Since your loan is not completely disbursed, remember that SBI will not allow you to withdraw excess amount till the loan gets fully disbursed.

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