Homecredit — HomeCredit Moratorium Interest - 36 EMI to 66

Homecredit loan of Rs 50000.
Monthly EMI - 2675

With no information, i was paying EMI for months after moratorium and see the mails i got after asking for foreclosure amount.

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The Moratorium period’s interest amount of Rs.2, 015.82/-* 5 months has been added to the outstanding principal amount and then your EMIs are re-calculated as per your loan interest rate is 30.87% P.A.

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We would like to inform you that as observed from our records your loan account is having a total of 66 installments out of which you have paid 20 installments and availed the EMI Moratorium for 05 months (Apr to Aug). Hence, the tenure has increased on your loan account and you have 46 pending installments.

The Moratorium period’s interest amount has been added to the outstanding principal amount and then your EMIs are re-calculated as per your loan interest rate. Basis the revised principal amount and to ensure there is no increase in your EMI amount, the total EMI count has increased from 36 to 66 EMIs.

Additionally, the moratorium is not a waiver but deferment of your EMI payment, it accrues interest. Hence, the applicable interest amount is charged for the moratorium period and is payable in the subsequent installment(s).

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This company is pretty fraud with their dealings, on contacting their customer care they are pretty dumb useless themselves. they just insist and threaten with credit score and legal actions on questioning them.

im filing a writtern complaint to RBI about it.

for 2015rs of interest, i have to pay 30 x 2675 rs extra over 36 months emi? i told them id pay their interest and avoid the repayment tenure of 66 months. no, they wont do that. id stop paying at 36, id go to court if i have to. i cant give them free 180000rs for 50000rs loan. STAY AWAY FROM THIS COMPANY, CHEAPER THAN SCAMMERS.