HDFC Bank — extra interest charged on no cost emi on credit card.

Ra_Av_an

from Shamli, Uttar Pradesh

Address:

Grey Orange India, Orient Bestech Business Tower, Block A, Sector 34, NH-8, 122004

I bought One Plus 7T on[protected], using my HDFC Bank Credit Card with the option of No Cost EMI.
The actual price of the product was INR 39999.0 and i made payment using credit card with No Cost EMI option. During payment i checked the bill breakdown as : INR 38998.36 (price of product) + INR 1000.64 (discount offered by merhcant ---- Excluding 18% GST)
And it was mentioned there that INR 1000.64 will be charged as Interest rate for No Cost EMI later.

So, i made a payment of INR 38998.36, later a loan was sanctioned on my card for a duration of 3 months.
The sum of principle amount for 3 months was equal to : INR 38998.36
But the sum of interest rate for 3 months was equal to : INR 1115.5 (Excluding 18 % GST)

Thus the total sum now equals to : - INR 40113.86 (Excluding GST).

Now the difference in both sum:: total amount in loan table of Credit Card -Amount for No Cost EMI on oneplus.in
= INR 40113.86 - INR 39999.0
= INR 114.86 (Excluding GST)

The query here is:- Why i am being charged more interest rate than the amount shown me on OnePlus website?
This is fraud.

Either you should have informed me earlier. This is not the official way.

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HDFC Bank customer support has been notified about the posted complaint.

Dec 05, 2019

Updated by Ra_Av_an Complaint Status
[Dec 01, 2019]
HDFC Bank customer support has been notified about the posted complaint.[protected] Then why there is no response here?

Verified Support

Dec 06, 2019

HDFC Bank Customer Care's response Dear Customer,

We would like to clarify that, No Cost EMI offer which has been provided by the merchant and not the Bank. We would like to clarify that, for all No Cost EMI transactions, there is a discount given by merchant at the time of transaction equivalent to the Interest charged by the bank. We confirm that the same has been communicated you at the time of transaction and we request you to contact Merchant for further clarification in this regard.

-Nadia

HDFC Bank Customer Assistance

Dec 06, 2019

Updated by Ra_Av_an The discount provided by the merchant was INR 1000.64 but the interest rate charged is INR 1115.5 (Excluding GST).
How will you justify this?

Dec 19, 2019

Updated by Ra_Av_an Please update.