BANKBAZAAR TIP CENTRAL
How is your EMI calculated?!
At a constant interest rate, EMI is constant month on month. The change happens in the way the principal and interest is added every month! In the initial years of loan repayment principal is lesser than the interest component of the EMI. In the latter years the reverse is true!
Car loan lender joins hands with Western Union for cash transfers
Western Union, leading global payment service provider has tied up with the biggest car loan lender of the country, State Bank of India to offer international direct cash to bank account transfers. The service would be effective from next year. The statement said, Indians living abroad as well as all SBI account holders can transfer cash internationally from Western Union to SBI’s online assisted accounts.
The tie up will allow customers to remit money from any places from the 3,70,000 sites of Western Union in the online SBI accounts.
Kiran Shetty, Western Union India’s Regional VP said, “Providing a new way of transacting means consumers receiving the money will have 24×7 access to their money, whether that is through online banking and ATMs or bank branches during business hours”.
From the 110 million account holders of SBI worldwide, 4.16 million have online banking facility.
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