Interest moratorium Refunds from GOI - Credit cards and loans
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Interest moratorium Refunds from GOI – Credit cards and loans.
I have received the above for my personal loan and credit cards (SBI/HDFC/AXIS).
I have following Queries:
1)Has any one received the above refunds for credit cards of Citi and StanChart?
2)I am able to calculate the interest on interest for personal loan and it matches with the refund received.
How ever, unable to calculate for credit cards and loan on credit cards. Has any one arrived at any formula for the same?
How did you check that
EMI component has principal + interest
I have calculated the interest on Interest component with the same rate.
Ex:EMI = X+Y at the rate 12%
Refund for 6 months moratorium= Y x 12/100 x (5+4+3+2+1)
I tried to calculate for the same for credit card due as on 29feb20.
Refund = Total payment due x 3% interest x 3% interest x (5+4+3+2+1)
But it is not matching with the refund received.
Got in HFDC credit card
As Education loans, Housing loans, Consumer Durable loans, Credit card dues, Auto Loans, Personal loans and Consumption loans are loans that are in the form of a Term Loan / Demand Loan and not a Cash Credit or an Overdraft facility, the outstanding in the account as at the end of 29.2.2020 will be the reference amount for Term Loans on which the interest (simple as well as compound) will be calculated.
i do not have any loan on my cc nor did i avail moratorium but i received rs 250 and 150 in my 2 hdfc cc.
how are they giving me refund for a thing that i never paid to them in the first place?
ditto
Can anyone explain which credit card holders are eligible to get this ?
1) Those who have taken loans on credit card ?
2) Those who have loan on emi in credit card ?
3) Normal credit card holders who have been paying their dues on time ?
My friend who has SBI home loan and paying EMI regularly has got some 1500 , so I am wondering how calculation works out for folks who have paid without taking any benefit of moratorium?
All credit cards are supposed to be eligible for the bill amount due as on 29feb20. Subsequent purchases (purchases after 01mar20) on CCs are supposed to be ineligible.
I have not yet received for Citi and SC cards.
All above three points (1,2 and 3) are supposed to be eligible.
We will come to know tomorrow as today is the last date for refund as per the RBI guide lines.
Any one received for Bajaj finance loan?
Got 279. My loan amount is 100 rs in overdraft
how much is refund amount?
Got 112rs in HDFC card
is it showing under unbilled?
Did anyone got notification/ SMS from banks reg refund on credit cards.
yup..received from sbi ..14.7 as refund 
Anyone got in amex/icici
I got 51 rs on my icici apay card
Another 0.3 rs on a spare icici card
Anyone got in lichfl?
I don’t think they are crediting anything
I paid everything before due date
Got nothing both in hdfc cc and loan account
It is not that, you must have outstanding balance in your card on 29th Feb & on this amount you will get the cashback/relief as per formula given by @Abhinav_Pune in above posted image.
Just got 90+130+65+86+112+56 in 6 SBI cc accounts.
It’s very much less how is compumd interest- simple interest coming so less..
For an outstanding amount of 130000 on 29th feb in your card you will get around Rs.279 for a period of 6 months. See the attached pic posted on previous page. Btw are all these 6 CCs in your relatives’ name.
Got nothing from hdfc cc/loan
Got sms from SBI
Dear Customer, Credited Covid19 Relief Ex-gratia of Rs XXX on 04/11/20 to your loan a/c no XXXXX. Stay safe. Take care. SBI.
Received below amounts
366(Icici amazon)550(FK axis)251(hdfc reg)+33(Amex)
I closed my Icici credit card last week. I checked at end of Feb 2020, that card had outstanding of ~ 70k.
So how and where , I will get cashback for that ? I dont have any icici bank account.
If you have any replacement card issued by icici then it should come to that card acc else you will need to take it up with icici & follow a long procedure to get it credited to your another card/bank acc.
Received for Citi CC too. Still waiting for Stanchart CC.
Dear Customer,
We have credited an amount of Rs. 73.00 to your Card Account XXXX1442 on 05-Nov-20
got msg from icici.. not able to find my account/credit card with above number 
got in more card 6421 /- 
Recieved amount for my homeloan with icici. However nothing in any other cc. Generally i pay all the CC dues before 28th of every month. Seems like u r penalized for paying early or my understanding is wrong.
I have 2 amex cards and I rcd ex-gratia in only one of them. It had 4koutstanding in Sept 2020 for 2-3 day , which I paid in full and had also got the finance charges with GST reversed. I think the ex-gratia was for that.
NO ex-gratia on SC credit cards (I pay a day or 2 before the due date)
Rcd – Ex-gratia on my HDFC Home loan. Accordingly they have reduced the emi for the month of Nov 2020.
I also have a question. I have a friend who had taken the moratorium on business loan from BFL and was charged almost 2k additional interest (the interest on interest part) in April, may and June. We finally got him to repay the entire loan and close the loan account in July 2020.
His ex-gratia is only 404/-
Shouldn’t he get back the entire amount of interest on interest (Amounts to almost 6k)
Some of these wicked 👿 lenders call the additional interest as ‘processing fees’ or loan extension fees or some s#@t like that. So technically it is not interest in interest. This may be the case with you
GOT IT FROM ICICI
I got one email today as follows…
But I am not seeing any account with the last 4 digits mentioned in the email (i have changed number below). I don’t have any loan with ICICI. I don’t even see any money credited anywhere.
Credit of Card Account XXXX12345 in accordance with Govt. of India’s grant of ex-gratia payment of difference between compound and simple interest
Dear Customer,
We have credited an amount of Rs. 14449.00 to your Card Account XXXXX12345 on 05-Nov-20 in accordance with Govt. of India’s grant of ex-gratia payment of difference between compound and simple interest for 6 months. To know more, visit https://www.icicibank.com/managed-assets/docs/p...
Many ppl getting similar emails from icici, seems like a major system error in icici email system.
got 65 paisa in icici
Wowowowow
Got 29.32 in citibank cc , 44.1 in sbi cc.
HDFC cc still not showing anything.
public ko bevakoof bana ney ka fundaaaaaaaaaaaaaaa
taareekh Pai taareekh – aur faaydaa keetnaa?
I paid 3,000 on hdfc cc on 27th feb and had spent 103,000 by 28th feb which I paid on 28th march. Both were total statement amounts due. So how do they treat it? Do they say on 29th feb I had 103,000 outstanding or nil outstanding? Haven’t got anything from hdfc
Then total outstanding is 103000 on 29th feb & you should get around 220 as credit.
Got in home loan and HDFC credit card.
Not able to calculate anything.. happy nonetheless…
Do you know for which months then I can check