40.2% pa interest on Credit Card
This query is : Resolved
02 December 2020
SBI mentions that the finance charges are levied at up to 3.35% per month or minimum of Rs. 25/- per month (up to 40.2% per annum) plus applicable government service tax (18% GST), on the complete outstanding from the date of transaction, until the date of credit of payment on the card account. During lock down, Minimum payable amount -approx Rs.250 was not paid 2 years back- that financial charges gets accumulated by 40.20% pa.
Is there any legal way to stop this
Please guide.
Regards
Is there any legal way to stop this
Please guide.
Regards
CA R SEETHARAMAN
(Expert)
03 December 2020
No legal way you might have agreed for such charges while obtaining credit card. You can't go back now. All'the credit card companies levy such charges when timely payments not made.
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