MoneyLens / Personal borrowing
Your loan, explained.
Salary loan · Payroll-linked · Nirmal Bank Ltd · ••••8204
Illustrative
Outstanding principal
ContractKFS · Sanction · AgreementAccountStatement 6 Oct
₹6,55,135
After 14 of 60 EMIs · from your statement dated 6 Oct 2026
EMI 14 of 60 paid46 to go
Next EMI · 5 Nov 2026
₹17,998EMIs remaining
46Interest still to pay
₹1,72,793Closing early
Allowed · 4% + GST₹10.80 L
total EMIs
Where your repayments go
Principal you receive₹7,66,420
Fees & insurance deducted₹33,580
Interest₹2,79,909
Monthly reducing balance. Excludes penalties and future charges.
What Myra found for you
From your documents · each figure opens its findingYou could save
Your choice: options, not added together
Six questions, answered
Tap an answer for the detail01Product identity
- ProductSalary loan
- ProviderNirmal Bank Ltd
- Document date6 Oct 2026
- Reference••••8204
- DocumentsKFS · Sanction · Agreement · Welcome letter · Schedule · Statement
02What this product is
A ₹8.00 L salary-linked 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. The rate includes a 0.5% concession that depends on your salary continuing to be credited to Nirmal Bank.
03Key financial numbers
Existing loanOutstanding
₹6,55,135
Statement 6 Oct 2026
Next EMI
₹17,998
5 Nov 2026 · EMI 15
Principal repaid
₹1,44,865
18% of the loan
Interest paid
₹1,07,112
14 EMIs
Interest remaining
₹1,72,793
46 EMIs
04Important findings
Most important first · shown only where the documents support them01
Repayment progress
14 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.
Statement p.1
02
Charges levied
₹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.
Statement p.2 · KFS p.2, §B
10Next relevant milestone
5 Nov 2026
EMI 15 of 60 · ₹17,998
08What Myra could not verify
1!
Employer undertaking
Shows how deductions continue if payroll changes
09Suggested 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
- Keep your salary credited to your Nirmal Bank account
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
- Salary accountMoving it removes the 0.5% concession → 13.00%
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