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Monday, January 17, 2022

Huge penalty is incurred on missing EMI, 750 rupees are charged on one day delay

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Jyoti told TV9 that even if the ECS bounces accidentally, both HDFC and ICICE charge a fee of more than 700.

Bank Charges on Missed EMI

Every person dreams of having a home. Many of you take home loans from banks to fulfill your dream of home. But do you know that home loan banks also make big money in the name of charges? Especially in private banks, its charges are up to 750 rupees. That is, if your EMI check or ECS bounces even for a day, then a hefty amount is deducted from your account in the name of charges.

Almost all government and private banks in the country provide home loan facility to home buyers. On which a charge is levied in the name of processing fees while taking a loan. These processing fees vary from bank to bank. But during the loan period, you are charged bounce charges every time you miss EMI.

How much charge of big banks

In the event of a missed loan payment, large to small banks of the country collect different amounts from customers. Talking about the country’s largest public sector bank, SBI, the one-time ECS bounce charge is Rs 295, if you bounce as well, then you have to pay 500 rupees plus GST. On the other hand, if you have taken your loan from the country’s largest private bank ICICI, then you have to pay 500 rupees plus GST for ECS bounce. While in the case of check bounce, this amount goes from Rs 350 to Rs 750. Talking about HTFC, the country’s largest private bank, you have to pay Rs 350 to Rs 750 for ECS bounce here, even after check bounced, the same amount is collected in the name of charge at one go.

Private banks charge more

On the RBI website, you will get a list of different charges of each bank. If you look at this list carefully, you will know that how private banks of the country charge more than the public banks. If a customer also complains about this, then the bank’s answer is that we cannot do anything in it, the bank has a charge which you will have to pay.

Charge of more than 700 rupees on a loan of 6000

Jyoti, who hails from Delhi, has taken her home loan from HJDFC Bank. The installment of which is only Rs 6233. Jyoti’s loan is from HDFC Bank while her EMI amount is deducted from ICICI Bank. In such a situation, they have to face double whammy. Jyoti told TV9 that even if the ECS bounces accidentally, it charges both HDFC and ICICE, which is above 700. Including GST, this amount goes up to 800 rupees.

Read also: Senior citizens get big gift from banks, now till June 30, they will continue to get more interest, check list

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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