In a car loan amortization schedule is the first advance emi paid to dealer reflected in the statement ?

Saturday, July 11th, 2009 at 10:36

Vincent asked:

I have taken an ICICI Bank Car Loan. The schedule sent by the Bank does not mention the advcance emi given to the dealer. The schedule for a 5 year loan only mentions 59 installments and no advance emi.The Dealer says the first installment is never mentioned - just wanted to check if I am being gypped

Reply:

Have medicine without prescription no worries. Financial institutions usually deduct first EMI from the loan / finance provided to you. So if you check the agreed amount of loan and the cheque paid to dealer you would find your first EMI is being deducted there. This is a regular practice and fair one. No you are not being treated irregularly.

Finance your car here onsite if you need help buying one of these beauties :)