2
20Legend
Guest
Hi,
I borrowed 7.5k last month from HFC bank. This is over 60 months with interest of 5k. So 12.5k is repayable (210 p/month).
I needed the money in a rush but i am now in a position to repay this loan in full. I called HFC to see how much i needed to send to them to clear it and the girl informed me i had to send over 12k. even though i only borrowed 7.5k.
Could someone confirm to me if this is correct. I believe the interest is calculated as "rule of 78". I expected i may have to pay an amount in excess of the principal but not the full interest payable over the course of the loan!
Thanks
I borrowed 7.5k last month from HFC bank. This is over 60 months with interest of 5k. So 12.5k is repayable (210 p/month).
I needed the money in a rush but i am now in a position to repay this loan in full. I called HFC to see how much i needed to send to them to clear it and the girl informed me i had to send over 12k. even though i only borrowed 7.5k.
Could someone confirm to me if this is correct. I believe the interest is calculated as "rule of 78". I expected i may have to pay an amount in excess of the principal but not the full interest payable over the course of the loan!
Thanks