[Resolved] Sbi Card Encash Loan — Offered 10.55% PA, But Charged 23% PA | |||
Hi, I got the message from SBI Credit card: "Congrats!! You have been selected for an encash o[censored]pto Rs 93000 at 10.55% PA. Call 39020202. T& C apply - SBI card". I plan to take this offer, and applied Online sbicard.com for Rs 50,000. I Received the Cheque and deposited. There is a shock after seeing the statment. They have kept lot of charges: 01/10/2012 ENCASH FEE (EXCL GST 123.60) 1000.00 Dr. 01/10/2012 TOTAL INTEREST ON EN OF RS 50000.00 10550.00 Dr. 15/10/2012 ANNUAL FEE CHARGED (EXCL GST 61.80) 500.00 Dr. 15/10/2012 TOTAL GST DEBIT FOR CURRENT STMT 283.78 Dr. 15/10/2012 2522.92 EN EMI 01/24(EXCL GST 98.38) 2522.92 Its ridiculous. I paid that month due payment. On next month. 15/11/2012 TOTAL GST DEBIT FOR CURRENT STMT 94.98 Dr. 15/11/2012 2522.92 EN EMI 02/24(EXCL GST 94.98) 2522.92 Tot: 2617.35 which is 23% PA Are they cheating customers. Very worst experience with this SBI encash facility. Please be aware I didn't see any bank charge GST debit every month, but SBI doing. Thanks thangamariappan Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 10 Comments | |||
Comments
SBI Card Credit card encash issue.
Reply
Hi thanga,
I am also facing this issue, they called me. You are getting good offer on you credit card that is called encash. we are offering only 12% on the encash amount so I took 83k for 3 years.
They told me that also you can compared with personal loan also, we are given special offer...
But when i got the statement there was shown different type of taxes. i shocked and called them on this.
Monthly i paid 3290 amount
tax GST 183.29 some thing like that
They saying that we are following RBI rules, and i asked them reaming banks are not taking this type taxes why you are taking.
They did replayed on this.
Very very worst experience on Encash loan in SBI
and worst experience in my SBI credit card also. All banks are given good offer but SBI charges different type taxes
So i am saying that all of them don't take encash loan in SBI..
Thanks
Venkat
Kesanapalli
I am also facing this issue, they called me. You are getting good offer on you credit card that is called encash. we are offering only 12% on the encash amount so I took 83k for 3 years.
They told me that also you can compared with personal loan also, we are given special offer...
But when i got the statement there was shown different type of taxes. i shocked and called them on this.
Monthly i paid 3290 amount
tax GST 183.29 some thing like that
They saying that we are following RBI rules, and i asked them reaming banks are not taking this type taxes why you are taking.
They did replayed on this.
Very very worst experience on Encash loan in SBI
and worst experience in my SBI credit card also. All banks are given good offer but SBI charges different type taxes
So i am saying that all of them don't take encash loan in SBI..
Thanks
Venkat
Kesanapalli
Guys,
I also fall in this trap and now I want to do foreclosure.
Tried call customer care number[protected],[protected]/[protected], but they don't have option to talk to executive.
Emailed to [protected]@sbicard.com, no response since last 10 days. Tried reminders too.
Can you detailed out steps to foreclose this ?
Really wanted to get out of this.
![]()
I also fall in this trap and now I want to do foreclosure.
Tried call customer care number[protected],[protected]/[protected], but they don't have option to talk to executive.
Emailed to [protected]@sbicard.com, no response since last 10 days. Tried reminders too.
Can you detailed out steps to foreclose this ?
Really wanted to get out of this.
added personal photo. delete immediately.
I have prepaid added into card.
But will they deduct as EMI or full settlement ?
But will they deduct as EMI or full settlement ?
see this url
http://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/consumer-court-sla...⇄
http://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/consumer-court-sla...⇄
To talk SBI Card Customer Care Executive follow the below process
1. Dial no :[protected]add current city STD code) from your register mobile
2. Select option 1(one )
3. Again select option 3(three)
4. Enter your card no followed by year of birth( like 1984)
5. Call will be transfer to executive directly.
1. Dial no :[protected]add current city STD code) from your register mobile
2. Select option 1(one )
3. Again select option 3(three)
4. Enter your card no followed by year of birth( like 1984)
5. Call will be transfer to executive directly.
Sbi Card Encash Loan : What is it ? I explain as : It is a personal loan on fixed rate of interest viz. 7.50 % simple flat interest p.a means 13.70% p.a. on reducing rate .Suppose, u take 400000 @7.50% pa INtt=36monthsx400000x7.5/1200=90000 total amount to be paid is 490000 in 36 months i.e.490000/36=13, 611.12 as EMI for 36 months but u will also have to pay GOVT.SERVICE TAX @12.36 on processing charges of Rs3000/-+ on interest of Rs2500 pm @7.50% processing charges is One time Levy but GST is per month of Rs309 so yr EMI will be Rs13612 + Rs3089=Rs16701 pm i.e.601236
I[censored] invest it in RD u will get more than7lacs @13.70% pa and i[censored] invest 400000 in stdr @10% pa u will get much more So no benefit but YOU RESOLVE YOUR CURRENT FINANCIAL PROBLEMS at once which mean for a needy person
IF ANY EXTRA CHARGES R LEVIED, U MAY CLARIFY from help team ---however, no such charges are seen in my loan account
omprakash
[protected]
[protected]@yahoo.com
I[censored] invest it in RD u will get more than7lacs @13.70% pa and i[censored] invest 400000 in stdr @10% pa u will get much more So no benefit but YOU RESOLVE YOUR CURRENT FINANCIAL PROBLEMS at once which mean for a needy person
IF ANY EXTRA CHARGES R LEVIED, U MAY CLARIFY from help team ---however, no such charges are seen in my loan account
omprakash
[protected]
[protected]@yahoo.com
Hi
I had booked sbi encash on the sbi credit card. Unfortunately, I haven't received the loan amount yet into my account but the statement has been generated with an emi of 15534.25 along with INR 3000 for encash processing fee INR 1134 GST interest fee of INR 3300.
![]()
I had booked sbi encash on the sbi credit card. Unfortunately, I haven't received the loan amount yet into my account but the statement has been generated with an emi of 15534.25 along with INR 3000 for encash processing fee INR 1134 GST interest fee of INR 3300.
gody12's reply, Jul 6, 2022
Encash is not a normal personal loan. Credit card loans come at a higher overall cost compared to bank personal loans even if the interest rate on both the loans remains the same. Along with processing fees and pre-closure charges, credit card loans come with an additional cost of goods and services tax on interest . SO emi will be principle + interest + gst on interest . So go for encash, if you need money in emergency cases .
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