# 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?

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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

How did you check that

Got in HFDC credit card

ashish0193 wrote:

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.

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.

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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.

Where did you check the refund received. In loan stmt?

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?

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?

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ashish0193 wrote:

Where did you check the refund received. In loan stmt?

I have received the SMS for loan account. It is not yet updated in the loan statement, but expecting the reduction in next EMI to the extent of the same refund amount.

For CCs, received the SMSs and they appeared in the unbilled transactions section.

mobileyog wrote:

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.

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All credit cards are supposed to be eligible for the bill amount due as on 29feb20.
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.

Great !

Any one received for Bajaj finance loan?

how much is refund amount?

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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.

Thats what

GolMaal hai bhai sab GolMaal hai

tank_u_m8 wrote:

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

tank_u_m8 wrote:

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?

You must have some outstanding on your card on 29th feb even if you paid that amount in later bill. Basically this amount is cashback from govt for paying your bill on time & for those who didn’t pay their bill this is relief. This is done to make it fair to all else those who paid bills on time would have been discriminated against for their good behaviour.
@caks2006407

Got 112rs in HDFC card

itzdreaming wrote:

Got 112rs in HDFC card

is it showing under unbilled?

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Cody wrote:

is it showing under unbilled?

Yes

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Cody wrote:

is it showing under unbilled?

Yes credited on 3rd Nov

Did anyone got notification/ SMS from banks reg refund on credit cards.

uuv wrote:

Did anyone got notification/ SMS from banks reg refund on credit cards.

yup..received from sbi ..14.7 as refund

Dileep_kumar wrote:

Any one received for Bajaj finance loan?

Got 279. My loan amount is 100 rs in overdraft

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guest_999 wrote:

You must have some outstanding on your card on 29th feb even if you paid that amount in later bill. Basically this amount is cashback from govt for paying your bill on time & for those who didn’t pay their bill this is relief. This is done to make it fair to all else those who paid bills on time would have been discriminated against for their good behaviour.
@caks2006407

Anyone got in amex/icici

Abhinav_Pune wrote:

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