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Excess interest charging even after principal amount payment

Complain ID : CCN024993   42   Complaint's Reply

Credit Card Complaint Complaint Date: December 19, 2016
Credit card Balance payment is shown as 16664.08 even after clearing all the amount. I have made principal payment (rs 457989) on 30th nov-2016. You should consider interest payment only from 22-11-16 to 30-11-16 on outstanding principal ( 8/48th instalment) of 7602.70. Kindly revise the interest payment and update.

Axis bank replied as following.
Please note that as the EMI was debited on 22/11/2016, but the internet payment was received on 30/11/2016 we are unable to calculate the charges only from 22/11/2016 to 30/11/2016, as per the bank's norms the complete amount needs to be paid, hence you have been charged with the same. Suppose if the EMI was foreclosed before the billing of EMI, we could have deducted the principal/interest charges and generated the bill, but as the payment was made after the EMI billing we are unable to revise it.

My query is, What are the banks norms and where are they mentioned.

I request you to consider my case symphathetically as I was told 17.5% is to be charged but actually you charged more than 21% for the loan taken by me. My mistake was I did n't question you in the beginning regarding this. I am working for MSNlabs, Hyd which is having more than 5000 accounts with you. Considering this I request you to consider my case and help me out.

Axis bank replied as following.
Complaint Against / To: Axis bank

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    Credit card Balance payment is shown as 16664.08 even after clearing all the amount. I have made principal payment (rs 457989) on 30th nov-2016. You should consider interest payment only from 22-11-16 to 30-11-16 on outstanding principal ( 8/48th instalment) of 7602.70. Kindly revise the interest payment and update.

    Axis bank replied as following.
    Please note that as the EMI was debited on 22/11/2016, but the internet payment was received on 30/11/2016 we are unable to calculate the charges only from 22/11/2016 to 30/11/2016, as per the bank's norms the complete amount needs to be paid, hence you have been charged with the same. Suppose if the EMI was foreclosed before the billing of EMI, we could have deducted the principal/interest charges and generated the bill, but as the payment was made after the EMI billing we are unable to revise it.

    My query is, What are the banks norms and where are they mentioned.

    I request you to consider my case symphathetically as I was told 17.5% is to be charged but actually you charged more than 21% for the loan taken by me. My mistake was I did n't question you in the beginning regarding this. I am working for MSNlabs, Hyd which is having more than 5000 accounts with you. Considering this I request you to consider my case and help me out.

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