On November 26, 2020, I had sent a query to xxx Bank to understand how much amount I can pre-pay in one go.
I have been paying Rs 26,000 as my monthly EMI (Easy Monthly Instalment). I wanted to pre-pay Rs 10,000 in December.
The bank replied on November 30 explaining that the pre-pay amount should be three times the monthly EMI.
It means, if I have to pre-pay my principal amount then I have to give a cheque of minimum Rs 72,000 to bank.
They also told that you should visit in person to pre-pay the amount. It means there is no online method to pre-pay the amount.
One Question: Why bank cannot give an option to pre-pay the loan online?
I know the answer and will share. Can you guess and comment?
Zero Battey Zero 