Credila not adjusting interest rates

[User_e724ac48]

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User_e724ac48
PARTICIPANT
March 10, 2025 at 9:59 am

Hi, I am a working individual with an outstanding education loan with hdfc credila. I had been paying 10.95% interest rate for the past 3 months and now, the repo rates were cut by 25 basis points which should technically lead to reduction in my interest rates as well, but credila and hdfc(separate now) decline to answer on this issue, and give the standard customer service answer, i.e, you will be contacted through mail if any changes. Their grievance redressal sytem also doesnt seem to function. I want to know if there are any other people facing the same issue and if there’s any legal steps I can take regarding this issue.

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[Niharikarider869]

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Niharikarider869
PARTICIPANT
March 10, 2025 at 10:12 am

Is it a floating rate loan benchmarked to repo rate?

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[User_641f997e]

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User_641f997e
PARTICIPANT
April 2, 2025 at 10:57 pm

If I am not wrong, credila being a NBFC has no obligation to follow REPO rate and they have they own Credila Benchmark Lending Rate.

What I did is contact the support and pay a fee to lower the interest rate. They do this, but you have to be patient and keep following them up.

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[User_0e86aaf0]

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User_0e86aaf0
PARTICIPANT
March 13, 2025 at 3:26 pm

Yes, I have been facing the same issues. Credila has been troubling me in ways innumerable. First they increase interest rates every quarter without any reasoning and now they are not even resetting interest rates based on RBI repo rate cuts.

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[User_b1d1c87f]

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User_b1d1c87f
PARTICIPANT
March 20, 2025 at 2:13 pm

I’m in the same boat.

First they did not respond to my email. After sending multiple emails they finally responded with “We would like to confirm that the current rate remains unchanged, as per our Credila Benchmarking Lending Rate.”
Is anyone aware of any government/consumer protection agency where we can file a complaint against them?

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[User_72f43c8b]

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User_72f43c8b
PARTICIPANT
April 2, 2025 at 7:16 am

We wanted to follow up on the message we sent on 15/03/2025. We haven’t heard back from you and just wanted to ensure you received it. If you need any additional information or assistance, please don’t hesitate to reach out.

Regards

Credila Financial Services Limited

(Formerly known as HDFC Credila Financial Services Limited)

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[User_e724ac48]

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User_e724ac48
OP
April 2, 2025 at 12:19 pm

Why don’t you answer the question instead of these auto generated replies. All your customer care have the same template answer thst you’re giving here, we will oet you know when we have more information, or don’t hesitate to reach out, but you guys gaslight with redundant information when asked questions, next stop is X, I’m sure I’ll be able to find hundreds of more people facimg same issues at your behest

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