Your loan, explained.
What Myra found for you
From your documents · each figure opens its findingSix questions, answered
Tap an answer for the detail01Product identity
- ProductPersonal loan
- ProviderNirmal Bank Ltd
- Document date15 Oct 2026
- Reference••••8204
- DocumentsKFS · Sanction · Agreement · Welcome letter · Schedule · Statement · Quote
02What this product is
A ₹8.00 L personal loan repaid in 60 monthly EMIs of ₹17,998. The interest rate is fixed at 12.50% for the full term, so your EMI won't change. You've paid 14 of 60 EMIs and asked the lender to close it early.
03Key financial numbers
Closing or disputing04Important findings
Most important first · shown only where the documents support them14 EMIs paid, ₹6,55,135 still outstanding
From your statement dated 6 Oct 2026. Of what you've paid so far, about ₹1,07,112 was interest, so the principal fell by ₹1,44,865. About ₹1,72,793 of interest is still to come over 46 EMIs. Interest is front-loaded, which is why early prepayment saves the most.
₹950 in charges match your schedule of charges
Bounce charge (Mar 2026) ₹590, Penal charge (Mar 2026) ₹360 — each is a charge your lender disclosed. Myra can't see from the statement whether a late payment was reported to a credit bureau.
₹6,94,841 to close by 31 Oct 2026
Principal ₹6,55,135 + interest ₹5,833 + Foreclosure charge (4% + GST) ₹30,922 + Documentation charges ₹2,950. The lines add up to the total.
Closing avoids about ₹1,66,960 of future interest
That's the interest still scheduled over the remaining 46 EMIs, less the interest in the quote. After the ₹30,922 foreclosure charge, the net saving is about ₹1,36,038. Whether to close is your call; this is the arithmetic.
The ₹30,922 foreclosure charge matches your agreement
4% of ₹6,55,135 outstanding principal plus 18% GST, as the agreement sets out.
Interest to 31 Oct 2026 of ₹5,833 is correct
26 days at 12.50% on ₹6,55,135 since your 5 Oct 2026 EMI. If you pay after 31 Oct 2026, it grows by about ₹224 a day.
08What Myra could not verify
109Suggested questions
05What you're committing to
- 60 EMIs of ₹17,998 on the 5th of each month
- Keep enough balance in your account before each due date
- Tell the lender about changes in address, employment or income
06What can change
- Interest rateFixed at 12.50% for the full term
- ChargesOnly those disclosed in the KFS, unless you agree to new ones
- InsurancePremium paid upfront; any refund on closure depends on the policy
- OutstandingFalls with each EMI you pay
07Exit and closure
- Look-up periodExpired · was 3 days after disbursement
- Part-prepaymentAfter 12 EMIs · up to 25% a year · 2% + GST
- ForeclosureAfter 12 EMIs · 4% of outstanding + GST
- Closure documentsNo-dues certificate and NOC after full payment