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PENALTY ON LATE PAYMENT CHARGES


14-Mar-2023 (In Recovery Law)
My credit card payment was due on 12th February 2023. I took the grace period and made the payment in arrears. On 15th February my pending payment was of Rs.24000 from total 150000. Bank has put the interest on the whole payment. Is there any way that the payment be only on 24000? I read out the supreme court law and it states penalty to be applied only on outstanding amount not whole amount
Answers (1)

Answer #1
774 votes
Hi, more often than not these terms and conditions are agreed to before the credit card is issued to you so it would be unlikely that the court/RBI will intervene unless you can show a deviation from the terms and conditions on the bank’s part. If you seek leniency and have genuine reasons for late payments it may be best to put that into a written representation to the bank seeking such leniency. Hope this helps.
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