I have taken a personal loan of Rs.1,50,000/- from Home Credit India in March 2019 and my total EMI was 42 of Rs.7477/- per month. I have availed loan moratorium for the months if April 2020 to August 2020(total 05 months). Now they have increased my total EMI to 64 of Rs.7477/-, Is it legal should I pay the same, please suggest me.
You should not pay instalment of Rs.7477/- for 64 months . It is not legal.The revised instalments have been calculated on the amount of Rs.314034/-I.e. earlier amount payable by you- Rs.7477×42 =Rs.314034/-.which is not correct. Your revised instalments arev to be started from 18 months after availing loan. Hence only 18 months interest has to be added to your principal amount. It works to Rs.38000/- at interest rate of 17% approximately. It means that you have to Rs.188000/-(150000+38000) by 64 instalments of Rs.4487/-each at 17% interest rate which I feel.
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