Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more

Warwithwheels · 5th November 2020, 10:32

Quote:

Originally Posted by speedmiester

Just received a SMS from SBI with the following message with a credit of Covid-19 ex-gratia relief.....

Same here. Got the moratorium relief credited across all my loan accounts/ credits cards. The amount is very insignificant but happy that the banks credited it as promised.

vinu_h · 20th November 2020, 15:05

I've moved onto another lender now, but, was with Sundaram Home Loans during the entire lockdown time. I am yet to receive the ex-gratia money. Lender says they've raised a query and only after RBI clarifies will they credit it to me.

Do you know of any other lenders that have put on hold for this or any other reason ? What's the way forward ?

Surely RBI/SC must've provided a grievance redressal system along with the order to issue ex-gratia.

suhasark · 8th February 2021, 16:57

Quote:

Originally Posted by fordday

....

Then I went to RACPC Koramangala. Their the guy listened to me, accepted the letter and informed that this problem is happening for all maxgain accounts and they will be settling it this month.

Have to wait and see how this plays out.

@fordday - Did you get any response from SBI ? I am in the same boat as you and have been shuttling between RACPC (Mangalore) and the branch. No one understands the problem or acknowledge that there is a problem !!!

fordday · 8th February 2021, 19:22

Quote:

Originally Posted by suhasark

@fordday - Did you get any response from SBI ? I am in the same boat as you and have been shuttling between RACPC (Mangalore) and the branch. No one understands the problem or acknowledge that there is a problem !!!

I went for a second visit to RACPC. There a senior guy under the cover of mask bluffed his way that all this is correct.
I lodged a complaint in the SBI CRM website. Then got a call from branch manager. He tried to explain that there is a problem and they will sort it out. He replied in the CRM ticket that as per orders from RBI this was done for all maxgain accounts and it will be sorted out soon. As expected nothing happened.

But my DP has been decreasing as expected from Nov onwards.

I think SBI will simply let it pass off because there are so few of us who complained. I know some maxgain holders who didn't even know what happened.

Problem is SBI did something from the backend and now they don't know what they did and why they did and how to undo it now.

Absolute

There is a small twitter group discussing this, let me know if you want to be added to it.

condor · 8th February 2021, 19:31

Quote:

Originally Posted by fordday

I didn't opt for moratorium in the first place.

HDFC had said explicit Opt-out or Opt-in. Did you have the same with SBI ?

fordday · 9th February 2021, 00:09

Quote:

Originally Posted by condor

HDFC had said explicit Opt-out or Opt-in. Did you have the same with SBI ?

SBI in their website mentioned as by default no moratorium. If anyone is in need, he had to fill in the form and submit as a consent. I and others like me with Maxgain accounts didn't do anything but they applied moratorium.

Absolutely unprofessional, unapologetic and on top of that clueless.

suhasark · 9th February 2021, 14:03

Quote:

Originally Posted by fordday

There is a small twitter group discussing this, let me know if you want to be added to it.

Please add me to the group or provide a link to the thread so that I can join the discussion.

Thank you for the information

. Very similar experience with SBI and no answers. Took them weeks and someone at the AGM level to see the issue , but as you said really useless folks who don't understand their own product !!!

bhushan08 · 9th February 2021, 17:14

Quote:

Originally Posted by suhasark

Please add me to the group or provide a link to the thread so that I can join the discussion.

Thank you for the information

. Very similar experience with SBI and no answers. Took them weeks and someone at the AGM level to see the issue , but as you said really useless folks who don't understand their own product !!!

Pls add me as well. Same issue. No clarity. SBI is just bluffing away.

bhushan08 · 1st April 2021, 12:26

Quote:

Originally Posted by bhushan08

Pls add me as well. Same issue. No clarity. SBI is just bluffing away.

Friends, any updates on this? have you seen your OD account now reflecting the right balance? Mine is still in that odd state where Limit is more than the loan taken after two years of payments.

bhushan08 · 1st August 2021, 19:24

Quote:

Originally Posted by fordday

SBI in their website mentioned as by default no moratorium. If anyone is in need, he had to fill in the form and submit as a consent. I and others like me with Maxgain accounts didn't do anything but they applied moratorium.

Absolutely unprofessional, unapologetic and on top of that clueless.

Fordday, were you able to resolve this?

vinodh_eee · 1st August 2021, 20:42

I was able to get this resolved. I hold a MaxGain loan. In July, I noticed that the drawing power was too high. I went to RACPC Banaswadi. Talked to an officer there. She asked me to given a written letter to opt out of RBI moratorium and allow to adjust the balance from the drawing power. That same evening she emailed me that the issue is fixed from their end. I think it is a standard process, at least in Bangalore.

20th November 2020, 15:05	#122
vinu_h BHPian Join Date: Dec 2009 Location: Bengaluru Posts: 521 Thanked: 825 Times	Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more I've moved onto another lender now, but, was with Sundaram Home Loans during the entire lockdown time. I am yet to receive the ex-gratia money. Lender says they've raised a query and only after RBI clarifies will they credit it to me. Do you know of any other lenders that have put on hold for this or any other reason ? What's the way forward ? Surely RBI/SC must've provided a grievance redressal system along with the order to issue ex-gratia.
	() Thanks

1st August 2021, 20:42	#131
vinodh_eee BHPian Join Date: Mar 2016 Location: Bangalore Posts: 97 Thanked: 76 Times	Re: Covid-19: RBI allows 3 month EMI holiday, lowers interest rates & more I was able to get this resolved. I hold a MaxGain loan. In July, I noticed that the drawing power was too high. I went to RACPC Banaswadi. Talked to an officer there. She asked me to given a written letter to opt out of RBI moratorium and allow to adjust the balance from the drawing power. That same evening she emailed me that the issue is fixed from their end. I think it is a standard process, at least in Bangalore.
	() Thanks