Complete and transparent breakdown for Balay, Ratnadip & Souvik
A total loan of ₹85,000 has been taken via the Navi personal loan platform under Souvik’s name. Although the money is shared among three people, the loan is legally registered in Souvik’s account.
Because of this, Navi will always recover the EMI directly from Souvik, regardless of how the loan amount is internally divided. This makes it important to clearly document how the loan is shared and repaid.
The loan amount is used by all three participants in the following manner:
This section shows the fair and equal calculation assuming all three pay the same interest rate of 27.73%. This is used as a baseline to understand how the loan would look if everyone were treated equally.
| Person | Principal (₹) | Interest (₹) | Processing Fee (₹) | Total Payable (₹) |
|---|---|---|---|---|
| Balay | 42,000 | 6,860 | 1,976 | 50,836 |
| Ratnadip | 42,000 | 6,860 | 1,976 | 50,836 |
| Souvik | 1,000 | 160 | 48 | 1,208 |
| Person | Amount Received (₹) |
|---|---|
| Balay | 39,999 |
| Ratnadip | 39,999 |
| Souvik | 1,002 |
This section explains Ratnadip’s loan calculation in the same way a normal personal loan is explained, showing the EMI and total repayment over the full tenure.
The calculation is based on the loan amount used, the agreed interest rate, and the 12-month tenure.
| Detail | Value |
|---|---|
| Loan Amount | ₹42,000 |
| Interest Rate | 34.79% (reducing balance) |
| Tenure | 12 months |
| Monthly EMI | ₹4,170 |
| Total EMI Paid (12 months) | ₹50,040 |
| Processing Fee | ₹1,976 |
| Total Amount to be Paid | ₹52,016 |
If the EMI is paid on time every month, the above total amount will be the complete cost of the loan with no additional charges.
Hi Ratnadip, Sharing your loan details below for clarity: Loan amount: ₹42,000 Interest rate: 34.79% (reducing balance) Tenure: 12 months Monthly EMI: ₹4,170 Total EMI over 12 months: ₹50,040 Processing fee: ₹1,976 Total amount payable for the full loan period: ₹52,016 Please let me know if everything looks okay.