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Just to inform all you guys to keep in mind the catch of this quarterly interest when you go for personal loan
When you add all your quarterly interest charges together they should amount to €651.36, not €530. That's how your interest is paid, gradually - not in one big lump.
Does €277.14 monthly not include all costs?
They setup a new account for this loan in my eBanking. A direct debit every month from my personal account of €277.14 is setup to be credited to this loan account. Below is the summary of this loan account, Figures upto Mar08 are real & I have interpolated the values after Mar 08. This quarterly interest (shown bold) is debited from this loan account every three months
Month Cre/Debit Balance
Sep-07 €277.14 " €5,520.78 "
Oct-07 €277.14 " €5,243.64 "
Nov-07 €277.14 " €4,966.50 "
Dec-07 -€135.39 " €5,101.89 " 2.7%
Dec-07 €277.14 " €4,824.75 "
Jan-08 €277.14 " €4,547.61 "
Feb-08 €277.14 " €4,270.47 "
Mar-08 -€117.92 " €4,388.39 " 2.7%
Mar-08 €277.14 " €4,111.25 "
Apr-08 €277.14 " €3,834.11 "
May-08 €277.14 " €3,556.97 "
Jun-08 -€96.04 " €3,653.01 " 2.7%
Jun-08 €277.14 " €3,375.87 "
Jul-08 €277.14 " €3,098.73 "
Aug-08 €277.14 " €2,821.59 "
Sep-08 -€76.18 " €2,897.77 " 2.7%
Sep-08 €277.14 " €2,620.63 "
Oct-08 €277.14 " €2,343.49 "
Nov-08 €277.14 " €2,066.35 "
Dec-08 -€55.79 " €2,122.14 " 2.7%
Dec-08 €277.14 " €1,845.00 "
Jan-09 €277.14 " €1,567.86 "
Feb-09 €277.14 " €1,290.72 "
Mar-09 -€34.85 " €1,325.57 " 2.7%
Mar-09 €277.14 " €1,048.43 "
Apr-09 €277.14 €771.29
May-09 €277.14 €494.15
Jun-09 -€13.34 €507.49 2.7%
Jun-09 €277.14 €230.35
Jul-09 €230.35 €0.00
Dewdrop, Can you understand whats this?
They're not charging you twice, this is just how the interest is added. The "Balance" would have started out at €6000, not €6651.36 (I'm guessing there are some payments missing at the start (2?), as you said you borrowed €6000)
It might be clearer if they showed each month which portion of the €277.14 was interest and which portion was repayment of the principal and just show the Balance field diminishing by the principal repayment. When you add up all the interest debits over the 2 years, it should come to the €651.36 - I think you're missing a couple of payments at the start and an interest debit and the last payment will be €277.14
ATB,
A
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