Interest on bank loan
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 May 2014
I want to ask if interest on any loan is calculated at what balance the interest should be deducted opening balance or closing balance ,as in month repayment is made of some amount? please help
26 May 2014
int on loan is calculated closing bal only........
27 May 2014
it is calculated on daily closing balance..for eg if the repayment is made lets say on 15th of the month. Then till 14th the interest will be calculated on the opening balance and thereafter on the reduced balance (opening balance less repayment)
27 May 2014
it is depend on agreement with the lender.
normally it is calculate on daily balance.
normally it is calculate on daily balance.
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