Query: Discrepancy in HDFC Insta Jumbo Loan EMI Billing

[sai99488]

Last month, I applied for a 1.5L Insta Jumbo loan on my HDFC credit card with a tenure of 36 months. During the application process, the monthly EMI displayed was Rs. 5120, with processing charges of Rs. 999. However, when my first month's EMI bill was generated yesterday, it amounted to Rs. 6820. This raised concerns as the total should have been Rs. 6120 (monthly EMI of Rs. 5120 plus processing fee of Rs. 999).

Upon reviewing the loan statement, I observed the breakdown of the Rs. 6820 bill as follows:

- Principal amount: Rs. 3380
- Interest: Rs. 2262
- Integrated Goods and Services Tax (IGST): Rs. 180
- Processing fee: Rs. 999

Even after factoring in the IGST of Rs. 180, there seems to be an additional Rs. 520, which is unclear why it has been added. Is this discrepancy normal for HDFC loans?

 

[sai99488]

Last month, I applied for a 1.5L Insta Jumbo loan on my HDFC credit card with a tenure of 36 months. During the application process, the monthly EMI displayed was Rs. 5120, with processing charges of Rs. 999. However, when my first month's EMI bill was generated yesterday, it amounted to Rs. 6820. This raised concerns as the total should have been Rs. 6120 (monthly EMI of Rs. 5120 plus processing fee of Rs. 999).

Upon reviewing the loan statement, I observed the breakdown of the Rs. 6820 bill as follows:

- Principal amount: Rs. 3380
- Interest: Rs. 2262
- Integrated Goods and Services Tax (IGST): Rs. 180
- Processing fee: Rs. 999

Even after factoring in the IGST of Rs. 180, there seems to be an additional Rs. 520, which is unclear why it has been added. Is this discrepancy normal for HDFC loans?.

 

[VISHESH_BANSAL]

Last month, I applied for a 1.5L Insta Jumbo loan on my HDFC credit card with a tenure of 36 months. During the application process, the monthly EMI displayed was Rs. 5120, with processing charges of Rs. 999. However, when my first month's EMI bill was generated yesterday, it amounted to Rs. 6820. This raised concerns as the total should have been Rs. 6120 (monthly EMI of Rs. 5120 plus processing fee of Rs. 999).

Upon reviewing the loan statement, I observed the breakdown of the Rs. 6820 bill as follows:

- Principal amount: Rs. 3380
- Interest: Rs. 2262
- Integrated Goods and Services Tax (IGST): Rs. 180
- Processing fee: Rs. 999

Even after factoring in the IGST of Rs. 180, there seems to be an additional Rs. 520, which is unclear why it has been added. Is this discrepancy normal for HDFC loans?.

Except first EMI , rest EMI will be of 5120(Excluding GST) because for First EMI, in Case of HDFC, Interest is calculated from Loan Booking date to Statement due Date in which it was Billed. In your case this period shall be excceding 30 days and hence for Days over and above 30 days additional interest was charged which is 520.

Put the required Values at Below link and you will find the Exact schedule with detailed calculations.

Credit Card EMI Calculator by HDFC Bank

HDFC Bank, India's leading private sector bank, offers Online NetBanking Services & Personal Banking Services like Accounts & Deposits, Cards, Loans, Investment & Insurance products to meet all your banking needs.

v.hdfcbank.com

 

[NShah]

Except first EMI , rest EMI will be of 5120(Excluding GST) because for First EMI, in Case of HDFC, Interest is calculated from Loan Booking date to Statement due Date in which it is Billed. In your case this period shall be excceding 30 days and hence for Days over and above 30 days additional interest was charged which is 520.

Put the required Values at Below link and you will find the Exact schedule with detailed calculations.

Credit Card EMI Calculator by HDFC Bank

HDFC Bank, India's leading private sector bank, offers Online NetBanking Services & Personal Banking Services like Accounts & Deposits, Cards, Loans, Investment & Insurance products to meet all your banking needs.

v.hdfcbank.com

mark this as the solution 😅

@ashwink @vaibhav111

 

[Tejo]

Last month, I applied for a 1.5L Insta Jumbo loan on my HDFC credit card with a tenure of 36 months. During the application process, the monthly EMI displayed was Rs. 5120, with processing charges of Rs. 999. However, when my first month's EMI bill was generated yesterday, it amounted to Rs. 6820. This raised concerns as the total should have been Rs. 6120 (monthly EMI of Rs. 5120 plus processing fee of Rs. 999).

Upon reviewing the loan statement, I observed the breakdown of the Rs. 6820 bill as follows:

- Principal amount: Rs. 3380
- Interest: Rs. 2262
- Integrated Goods and Services Tax (IGST): Rs. 180
- Processing fee: Rs. 999

Even after factoring in the IGST of Rs. 180, there seems to be an additional Rs. 520, which is unclear why it has been added. Is this discrepancy normal for HDFC loans?

HDFC is the largest credit provider in india, i dont think its discrepancy.

actually, emi generation and due date will be same as your credit card.

might due to periodic cycle, they might add up amount.

provide keyfact statement and date you have received funds. so someone can help you

 

[Tejo]

Query: Discrepancy in HDFC Insta Jumbo Loan EMI Billing

Last month, I applied for a 1.5L Insta Jumbo loan on my HDFC credit card with a tenure of 36 months. During the application process, the monthly EMI displayed was Rs. 5120, with processing charges of Rs. 999. However, when my first month's EMI bill was generated yesterday, it amounted to Rs...

www.technofino.in

merge thes posts @vaibhav111

 

[turingmachine]

Probably it's the initial interest amount from the loan booking date till the bill generation date.