Want to know the reason of difference in EMI calculation

[Sameer Kapoor]

I have taken home loan from Bank of Baroda. While applying for the loan, the lending officer calculated my EMI to be Rs. 57,000 for 20 years. But after disbursing the loan he is saying that as per calculation, EMI stands at Rs. 62,000. I checked with the EMI calculator on their website, it also shows Rs. 57,000. What will you suggest me to do?

[samkapoor77]

There must be some error on manager’s part to calculate the EMI. Ask him to give you the full calculation sheet. Also check with the bank, if they have added insurance premium to your EMI.

[Author]

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