[Resolved]  Home Credit India Finance — Loan summary changed without my consent

Address:

[email protected]

Dear sir/madam

It been more than 40 days and after so many calls and email still my issue is not solved yet
Every time they say I have forwarded your concern to the management but didn't get any response from them.

My name is rishil patel

Home credit contract ID - [protected]

As per RBI guideline for NBFC is applicable NBFC shall give notice to the borrower in the vernacular language or a language as understood by the borrower of ANY CHANGES IN THE TERMS AND CONDITIONS INCLUDING DISBURSEMENT SCHEDULE, INTEREST RATES, SERVICE CHARGES ETC

As per rbi circular of 27 march 2020
RBI/2019-20/186
DOR.No.BP.BC.47/21.04.048/2019-20

In respect of working capital facilities sanctioned in the form of cash credit/overdraft (“CC/OD”), lending institutions are permitted to defer the recovery of interest applied in respect of all such facilities during the period from March 1, 2020 upto May 31, 2020 (“deferment”). The accumulated accrued interest shall be recovered immediately after the completion of this period.

Complaint in details

My loan summary before loan restructuring

Loan amount - 98000
Fixed Interest rate - 36.50%
Emi - 5703
Tenure - 36 months
Total amount payable to home credit - 205, 308

My loan summary after I used 4 months moratorium

Loan amount - 98000
Fixed interest rate - 36.50%
Emi - 5703
Tenure - 52 months
Total amount payable - 296556

I had used 4 months moratorium I have to pay extra rs91, 248

According to moratorium policy calculation I have to pay approx -RS 23, 478
Not more than this according to rbi

Then why to i have to pay 91, 248 instead of 23, 248

I have spoken which home credit customer service executive they told me the interest amount has been transferred to outstanding principal amount, hence to maintain my emi constant and so they have increased the loan tenure.

According to moratorium circular
The accumulated accrued interest shall be recovered immediately after the completion of this period
And home credit has to inform me about the changes in loan summary as per RBI guideline
If they call me I would have paid the total amount but they have transferred my accumulated accrued interest into outstanding principal amount

Because they didn't call me nor any email I have to pay extra rs 91248

It is violating the rbi guideline for not informing the customer about changes in Loan summary.

I told the same things to Rakesh gupta (customer service executive) he told me home credit doesn't have time to call each and every one that why we have made the changes without your concern this is totally unethical.

And the other agent told by seeing your increasing financial burden they have increased tenure so the emi amount will be constant. I asked them how do they know that I have financial issue he told me
We have ASSUME.

That proved it's clearly home credit
Fault because they have assume my financial condition
And increase the tenure from 36 to 52

If they had call me to pay the amount I would have paid it

I am ready to pay the accumulated accrued interest.

I hope my problem will be solved as soon as posible and I have been facing stress due to home credit and their customer service agents.

Thanks regards
Rishil patel