Chandigarh

DF-I

CC/169/2021

Varinder Sharma - Complainant(s)

Versus

Home Credit Pvt. Ltd. - Opp.Party(s)

Deepanshu Mehta

19 Apr 2024

ORDER

DISTRICT CONSUMER DISPUTES REDRESSAL COMMISSION-I,

U.T. CHANDIGARH

 

                    

Consumer Complaint No.	:	CC/169/2021
Date of Institution	:	16/03/2021
Date of Decision	:	19/04/2024

 

Varinder Sharma S/o Ratti Ram, Thie Colony, Lalru, Tehsil Derabassi, SAS Nagar (Mohali) Punjab.

… Complainant

V E R S U S

Home Credit Pvt. Ltd., having its office at 3019, Dakshin Marg, Sector 22-D, Chandigarh-160022 through its Manager.

… Opposite Party

CORAM :	PAWANJIT SINGH	PRESIDENT
	SURJEET KAUR	MEMBER
	SURESH KUMAR SARDANA	MEMBER

 

                                                

ARGUED BY	:	Sh.Deepanshu Mehta, Advocate for Complainant alongwith complainant in person.
	:	Sh.Saurabh Gulia, Advocate for OP.

 

Per Suresh Kumar Sardana, Member

1.      Averments are that the complainant had availed a loan from OP for an amount of Rs.2 lacs on 27.05.2018 (Annexure C-1). The loan amount had been depicted to be with a highly excessive interest rate of 24.86% p.a. The said interest is not just highly excessive but is also against the assurance provided by the company that the interest shall be less that the bank interest rates. The complainant had already paid an amount of Rs.1,75,250/- to the OP, thereafter a lockdown was imposed nationwide and complainant was already in deep financial constraint suffering from economical setbacks and financial hardships. He was unable to pay the remaining installments, thereafter he had requested to the OP numerous times but they started adopting illegal methods of extorting money. The complainant sent a legal notice to the OP (Annexure C-4). Hence, is the present consumer complaint.
2.     OP contested the consumer complaint, filed its written reply and stated that in the present case, the complainant took moratorium for a period of 6 months i.e., from March, 2020 to August 2020. As the complainant availed the moratorium for 6 months, the EMI tenure was increased by 16 months in total and only simple interest was charged on the outstanding amount as per the RBI guidelines and resultantly the total EMIs tenure was increased to 64. As per the loan settlement, currently the complainant is liable to pay a balance of 7 EMIs towards his loan repayment Annexure R-4. The RBI had never stated that the moratorium would be a waiver of EMIs payable by the customer or shall be interest free. Denying all other allegations made in the complaint a prayer for dismissal of the complaint has been made.
3.     Despite grant of numerous opportunities, no rejoinder was filed by the complainant to rebut the stand of the OP, hence, opportunity to file rejoinder was closed vide order dated 03.05.2023.
4.     Parties led evidence by way of affidavits and documents.
5.     We have heard the learned counsel for the parties and gone through the record of the case.
6.     The main allegation of the complainant is that the OP has charged him with higher loan EMI and higher interest rate.
7.     On perusal of the complaint (Annexure C-1), it is observed that the complainant has availed a loan amount of Rs.2,00,000/- at a flat interest rate of 24.86% per annum with EMI of Rs.8,310/-.
8.     It is an admitted fact of the OP that it has charged interest @ 24.86% p.a. on the availed loan. The OP has not adduced any guidelines of the RBI that they can charge such a high rate of interest. We are of the view that the interest rate charged from the complainant i.e., rate of interest charged 24.86% per annum is very high. To our mind, the reasonable rate of interest would have been @ 14% per annum. By charging exorbitant rate of interest @ 24.86% p.a. the OP has indulged in unfair trade practice & is deficient in providing service to the complainant.
9.     In view of the above discussion, the OP is directed to work out the fresh loan account statement within 30 days by treating the rate of interest @ 14% per annum and account for all the amounts already paid by the complainant properly. After receipt of loan account statement, the complainant is directed to pay the amount due as per new EMI calculated. The complaint is disposed of with above direction.
10.     Pending miscellaneous application, if any, also stands disposed of.
11.     Certified copies of this order be sent to the parties free of charge. The file be consigned.

			Sd/-
19/04/2024			[Pawanjit Singh]
Ls			President
			Sd/-
			[Surjeet Kaur]
			Member
			Sd/-
			[Suresh Kumar Sardana]
			Member