[Resolved]  Home Credit India Finance — Why interest still getting charged on moratorium period?

Hi Team,

My Loan no. - [protected]
I took 90000 rupees loan on June, 2019 and tenure was 48 months of EMI 4013 rupees.Due to covid I had to take moratorium from 1st march 2020 to 31st august 2020 then after moratorium period my EMI tenure extended from 48 months to 67 months. But as per RBI letter on 7th April, 2021 clearly mentioned by them -

. Refund/adjustment of ‘interest on interest’
2. All lending institutions
1 shall immediately put in place a Board-approved policy to
refund/adjust the ‘interest on interest’ charged to the borrowers during the moratorium
period, i.e. March 1, 2020 to August 31, 2020 in conformity with the above judgement.
In order to ensure that the above judgement is implemented uniformly in letter and
spirit by all lending institutions, methodology for calculation of the amount to be
refunded/adjusted for different facilities shall be finalised by the Indian Banks
Association (IBA) in consultation with other industry participants/bodies, which shall
be adopted by all lending institutions.

Please find complete letter attached.

I just want to be clear on one thing. After declaration of RBI to refund/adjust this mortatorium period interest amount why you are still charging the interest or why you did not refund/adjust the interest amount of that period yet on my loan.

I had already asked on your mail support but they only misguided me.

I want this issue resolved ASAP.

Thanks & Regards
Paramjeet Singh