Vijay Kumar has a bank loan in Canara Bank for Rs. 1,42,000 (approx.). The loan is for 3 years and the monthly EMI to be paid is Rs. 4030. In addition to the bank loan, S3IDF has also given Vijay Kumar a direct loan(A136) for Rs. 1,30,000 with a monthly EMI of Rs. 4443 starting from Feb 07. Till end July 07, his repayments for the S3IDF loan was as follows
| | Repayment to be made | Payments made | Payments to be made |
| February-07 | 4,443 | 4000 | |
| March-07 | 4,443 | | |
| April-07 | 4,443 | 4000 | |
| May-07 | 4,443 | | |
| June-07 | 4,443 | 4000 | |
| July-07 | 4,443 | 4000 | |
| | 26,659 | 16,000 | 10659 |
Therefore as of beginning August his default was Rs. 10,659 to S3IDF and the bank default as of beginning August was Rs. 21230. Therefore the total default at the beginning of August 07 is Rs. 31889(Rs. 10659+ Rs. 21230). Taking the default amount and doing a refinance, the total loan to Vijay Kumar from August 07 was Rs. 145889.
Details of new loan to Vijay Kumar
| Earlier loan amount | 130000 |
| Repayment done | 16,000 |
| Additional loan | 31889 |
| Total loan | 145,889 |
| Rate of interest | 14% |
| Loan term (months) | 36 |
| Monthly EMI | 4,986 |
Project Financials
http://spreadsheets.google.com/pub?key=p
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