[Resolved] Home Credit India Finance — taking 51% interest in personal loan (promise 30.54%)

indrakamal tiwari

from Indore, Madhya Pradesh

Address:	Indore, Madhya Pradesh, 452010
Website:	www.homecredit.co.in

I was taken personal lone from home credit india finance
13 month before. He promise me the interest rate 30.54% in personal lone.

My monthly emi date is 2nd of every month.

Lone amount was 1, 16, 000/- for 3 year.

Monthly emi amount is 6174/-

I paid 13 emi till now (6174*13=80262).

According to interest rate (30.54%) annual in interest should be 35427/-
And monthly interest should be 2952/-

If i will pay 36 emi than i need to pay interest[protected].54%) of principle amount of 116000/-
Total — 116000+106279= 222479/-

But
Now i want to close my lone i want to pay all amount.

According to interest rate i need to pay interest of 30.54% (13 month)
Which should be — 35426 (12 month) +2952 (One month) = 38378

My principle is 116000
Interest should be 38378

Total amount — 116000+38378=154378

In this amount i already pay[protected]*13) which is 13 emi

I should pay —[protected]=74116 (For close my balance)
They are saying for closing charge is 5% of remaining amount

I am ok with it

But problem is that

They are saying to pay the amount 95005/- to close my personal lone

I already pay 80262 they are saying to pay 95005 more

Total is about 95005+80262= 175267 (Which is much more than 30.54%)

I always listen and read about if i will close my emi before the time i will get benefit

But here i am not getting any benefit even thay are asking much more the 30.54% of interest

I should pay 38378/- interest of 13 month (Which is 30.54%)
They are saying to pay 59267/- interest of 13 month (Which is 51% near)\

If i am not getting any benefit that's ok but at least i should not pay the interest of (51%) which is very scary

When i called the customer care they 95005 is system generated amount
They are not explaining why 95005/-
Or they are saying to pay the emi on monthly basis (But i want to close my lone account interest rate is to high)

What i want mention below
1-
80267+95005 =175267 /- (51% they are asking to pay) of 13 month i don't want to pay this amount
2-

116000 (Principle) +38378 (Interest of 30.54%) +5% of closing charge= 154378 (I want to pay according to rule)

In this amount i already pay 80267 (Which i already mention above)
For more information please contact

Thank you

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Mar 27, 2018

Complaint marked as Resolved

Home Credit India Finance customer support has been notified about the posted complaint.

Verified Support

Feb 04, 2018

Home Credit India Finance Customer Care's response Dear Sir/Ma'am,

This is in reference to your concern registered with Home Credit India.

Kindly share your Loan number (Ten digit number, starts with 3) OR registered mobile number so that we can assist you with your concern. You can refer to your loan documents i.e. Loan Summary / Repayment Guidelines.

For any further help, please contact us.

Regards,
Customer Care Team
Home Credit India Finance Private Limited | Call –[protected]; Email – [protected]@homecredit.co.in | Business Hours – Monday to Sunday, 9 AM to 8 PM

Feb 05, 2018

Updated by indrakamal tiwari registered mobile number---[protected]

Feb 05, 2018

Updated by indrakamal tiwari Dear sir/madam
Please tell me the system .
if anyone is taking lone of 1, 16, 000/- and after 13 month he is paying total amount 1, 75, 267/- which is (59, 267) 51% (near) of principle amount.

now i can feel that--
this is the problem people didn't give you lone amount EMI they feel NPC(not picking call) is better than to pay your EMI and amount.

because those are paying with trust you want to recover all amount from that person.

now people know if they will not pay amount you can't do anything you can call many time form recovery department.
but you can't do anything .
and because of your type of company people do not pay the amount. and you alll will start showing loss in your result .

and finally when your will Declare the result you will get more NPA( Non-performing asset) more than last quarter or last year.

because of you are taking 59, 267(51%) interest of 1, 16, 000 of 13 month only.
when i called than you all are saying this is system generated amount.

now i know what you will do

you will try split the amount and you will show the amount what ever you are saying you are right that's why you are taking 10 days .

and i know that you guys can proof the 59, 267 is 30.54% of 1, 16, 000/- of 13 month
because you all think you only are genius.
one blind man can calculate 30.54% is not 59.267 of 13 month.

so please provide all the information in practical ways not is theory
before 15th of feb.
because i want to close your amount .
because after 15 days of EMI you people will start making new story

i was call near 29th January to customer care. one person make the story please pay the EMI of 2nd feb and after the EMI call us within 15 days .so you will get benefit because my system will generate the amount than you can pay within 24 hour online or offline.

so they are giving me benefit 51% direct 59267/-(only 13 month) interest of 116000
that is kind of joke is happening with me.
i try to calculate compound interest, simple interest, and according to your policy
but not get answer .

how 59, 267/- is 30.54% of 1, 16, 000/- time period or 13 month only.

thanks & regards
Indra kamal

Feb 16, 2018

Updated by indrakamal tiwari Reminder,

nothing is happen within 15 days(near)

same thing is happening what ever i told is all massage. they are trying to delay the date and after 15 days they will say that--- you can close after next EMI. and that time they will take 92k to 94k to close the amount.
everything they are doing according to planning
because

If i will pay in next month than they will get more profit that's why they are trying to delay so they get more amount in next month . according to the plan. they are doing

15 days happen to call in customer care or mail them. i got only slit amount and they are saying need more time

you can take your own time
but remember i need proper solution
i already told to close the lone after resolve the problem.
so that time don't say that you need to pay more interest

because i already told and complain about that

thanks & Regards
Indrakamal Tiwari
Lone number- [protected]

Feb 16, 2018

Verified Support

Feb 22, 2018

Home Credit India Finance Customer Care's response Dear Indra,

This is in reference to your concern registered with Home Credit India.

As discussed over the call dated 21/02/2018, attached is the loan summary letter. We request you to refer loan summary for better clarification on interest charged for the loan contract.

Further, we would like to inform you that as per the loan summary letter terms & condition below mention points should be fulfilled to foreclose the loan under Early Repayment option:

Minimum 6 installments to be paid to foreclose the loan under this option.
As per the loan summary letter terms & condition you need to make payment of the amount communicated by our customer care team on[protected].
NIL, foreclosure penalty charges will be applicable on the outstanding principal amount as per the loan summary letter terms & condition.
To raise a request for Early Repayment customer have to call us within 15 days from last due date without any delinquent amount.
Once the request is raised and activated with us customer is advised to make the payment within 48 hours to avail the benefit of Early Repayment option, which is as per the terms & condition of loan summary letter.
Further, I am pleased to inform you that your query has been resolved successfully. I hope you had a great experience with us.

For any further help, please contact us.

Regards,
Customer Care Team
Home Credit India Finance Private Limited | Call –[protected]; Email – [protected]@homecredit.co.in | Business Hours – Monday to Sunday, 9 AM to 8 PM

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indrakamal tiwari

from Indore, Madhya Pradesh

Registered mobile number [protected] and lone number--[protected]

Home Credit India Finance Customer Care's response, Feb 5, 2018

Verified Support

Dear Indra,

This is in reference to your concern registered with Home Credit India.

We wish to inform you that we have forwarded your query to the relevant team and we shall provide you with an update within the next 10 working days.

For any further help, please contact us.

Regards,
Customer Care Team
Home Credit India Finance Private Limited | Call – 1800 121 6660; Email – [email protected] | Business Hours – Monday to Sunday, 9 AM to 8 PM