I missed ECS but paid manually. Still,

[prem2311]

Hi all,
I missed my ECS for the Hdfc loan on the Hdfc account. My mistake. I thought it had sufficient balance, But it didn't.

But, Right away I paid manually through pay outstanding EMI and Charges in the loan section and it was right away shown in my loan section as paid and I don't see any overdue amount or overdue payment. While paying it asks me to pay two EMI and some 500rs as CBC charges. I paid all.

Actually, before knowing this option for manual payment, I called customer care and explained my situation and asked them to pay the option for manual payment, But they completely denied there was no option and that it was my mistake to maintain the balance one day before.
I fight with them like if you are arguing with norms then now I have balance and I have time till tonight and I need to mode to pay the due. But they keep on saying the same like bot.
They even didn't know there was a manual payment option present in net banking.

Then I went through all the options in net banking and found out this option and I paid two dues and CBC.
Then again I called customer service to verify the transaction and it was paid to the loan account. He verified and asked me why I paid manually it will automatically post ECS tomorrow.

Then I asked, if so it will report Cibil as one day late payment know. He replied still, it was reported to Cibil as a bounce.
I was shocked and asked him if I paid on the due date and had no due amount how you will report this as a bounce?
He replied that it would not report as overdue days or overdue amounts. It will reported as a bounce because u have missed the ECS. I asked again and replied the same. I hung up.

I wrote an email to Email us option and mentioned that I missed ECS but I paid due on time. So I don't want to report this as a bounce. It was raised and replied will get back in one working day.

So I just want to know how it will be reported as bounce? Because there is no bounce section in cibil!

 

[shashankrt]

Hi all,
I missed my ECS for the Hdfc loan on the Hdfc account. My mistake. I thought it had sufficient balance, But it didn't.

But, Right away I paid manually through pay outstanding EMI and Charges in the loan section and it was right away shown in my loan section as paid and I don't see any overdue amount or overdue payment. While paying it asks me to pay two EMI and some 500rs as CBC charges. I paid all.

Actually, before knowing this option for manual payment, I called customer care and explained my situation and asked them to pay the option for manual payment, But they completely denied there was no option and that it was my mistake to maintain the balance one day before.
I fight with them like if you are arguing with norms then now I have balance and I have time till tonight and I need to mode to pay the due. But they keep on saying the same like bot.
They even didn't know there was a manual payment option present in net banking.

Then I went through all the options in net banking and found out this option and I paid two dues and CBC.
Then again I called customer service to verify the transaction and it was paid to the loan account. He verified and asked me why I paid manually it will automatically post ECS tomorrow.

Then I asked, if so it will report Cibil as one day late payment know. He replied still, it was reported to Cibil as a bounce.
I was shocked and asked him if I paid on the due date and had no due amount how you will report this as a bounce?
He replied that it would not report as overdue days or overdue amounts. It will reported as a bounce because u have missed the ECS. I asked again and replied the same. I hung up.

I wrote an email to Email us option and mentioned that I missed ECS but I paid due on time. So I don't want to report this as a bounce. It was raised and replied will get back in one working day.

So I just want to know how it will be reported as bounce? Because there is no bounce section in cibil!

I dont understand why ppl are so scared of CIBIL. Its not police or a court which can put you in jail. Lets assume even if its reported a day late in CIBIL - So? Nothing happens. CIBIL is just a number and really does not impact anything unless its too low. Also these days all depends on your banking relationship - CIBIL and other scores are secondary !

 

[prem2311]

I dont understand why ppl are so scared of CIBIL. Its not police or a court which can put you in jail. Lets assume even if its reported a day late in CIBIL - So? Nothing happens. CIBIL is just a number and really does not impact anything unless its too low. Also these days all depends on your banking relationship - CIBIL and other scores are secondary !

Ya, I can understand. But, if we go for an auto loan or home loan and try for the lowest interest rate, They take this remark and make it a big mistake done by me and can't offer you the lowest rate based only on this remark. They project this one mistake as a big mistake in my financial journey so you are not qualified for the lowest rate like that.

If I have 100% payment rate my hand will be on high for a bargain
.
While applying for loans the branch/loan executives have a certain range to adjust interest rates. for ex: they have the authority to adjust between 12 to 18% means if I have a remark they won't offer me the lowest rate.

either way, I will get a loan but this is for upper hand bargain

 

[Tejo]

I dont understand why ppl are so scared of CIBIL. Its not police or a court which can put you in jail. Lets assume even if its reported a day late in CIBIL - So? Nothing happens. CIBIL is just a number and really does not impact anything unless its too low. Also these days all depends on your banking relationship - CIBIL and other scores are secondary !

Cibil is door for "no documents" -> unsecured loans.

 

[prem2311]

Update:
In my case, Why are customer care executives always told that they will report this ECS bounce to Cibil? - Actually, all banks will report bounce details to Cibil and it will be stored there. But, the misunderstanding here is if we paid on due date they won't report this as overdue or anything. Still, the bank will report the loan as paid on time and This bounce details separately.

Note: These bounce details will be there on cibil records if any bank can see that. However, The impact in cibil score is nearly zero. As a user, we will not see it on our report. But any bank can.

This is what I R&D'ed with bank experts, Your thoughts on this!. The above explained is 100% true? Still, I don't know.

One more thing is the bank will report late payment only after 29 days from the due date. If we paid before with all the late charges/interest and due means it will be reported as paid on time. Is this true?

 

[Akash369]

Do not worry buddy. Same happened with me for HDFC bank. I paid immediately. ECS bounce charge will be there but if you request them they will refund it. For CIBIL don't worry it will show as on time.

 

[sm9811911]

Just a suggestion based on what I do. I always keep 1 month's extra EMI in my ECS account to avoid such issues. I have been through three loans without any hiccup.

How do you do that? From where did you pay extra emi?

 

[chasni]

How do you do that? From where did you pay extra emi?

I am not paying extra emi but keeping extra balance in ECS account to ensure that there is no issue of bounce. Some people transfer EMI amount to the ECS account every month manually.

 

[prem2311]

Do not worry buddy. Same happened with me for HDFC bank. I paid immediately. ECS bounce charge will be there but if you request them they will refund it. For CIBIL don't worry it will show as on time.

Yeah. I understand. I am not worried about Cibil now. Thanks to all for clarifying.

The above post is just for extra clarification to understand better.

First one: The Bank will report this loan is paid on time - That's okay. Still, They will report this ECS bounce data to Cibil, which will be stored for any other bank references in general. This data will not be considered for Cibil score calculations, Still, it will be there with our profile. - Is this true?

Second one: The bank will report late payments only after 29 days from the due date. If we paid before with all the late charges/interest and due, it will be reported as paid on time. Is this true?

Pls clarify if you know to understand things better. cheers!

 

[CreditLife]

This happened to me in September this year for personal loan. I paid EMI with charges next day and HDFC reported it as on time payment only

 

[vijaypathak077]

even one of my hdfc home loan emi bounce due to my negligence 6 month back, they mailed me payment link next day..they dint reported to cibil yet

 

[manzparty]

Same happened with me, I made a transaction and my balance went down by 17 rupees than the EMI amount and they deducted that time, I contacted support and RM was informed to maintain balance + some charges amount and it got deducted in 2 days non late or bounce was mentioned in any credit report.

 

[RajMahadik]

Hi all,
I missed my ECS for the Hdfc loan on the Hdfc account. My mistake. I thought it had sufficient balance, But it didn't.

But, Right away I paid manually through pay outstanding EMI and Charges in the loan section and it was right away shown in my loan section as paid and I don't see any overdue amount or overdue payment. While paying it asks me to pay two EMI and some 500rs as CBC charges. I paid all.

Actually, before knowing this option for manual payment, I called customer care and explained my situation and asked them to pay the option for manual payment, But they completely denied there was no option and that it was my mistake to maintain the balance one day before.
I fight with them like if you are arguing with norms then now I have balance and I have time till tonight and I need to mode to pay the due. But they keep on saying the same like bot.
They even didn't know there was a manual payment option present in net banking.

Then I went through all the options in net banking and found out this option and I paid two dues and CBC.
Then again I called customer service to verify the transaction and it was paid to the loan account. He verified and asked me why I paid manually it will automatically post ECS tomorrow.

Then I asked, if so it will report Cibil as one day late payment know. He replied still, it was reported to Cibil as a bounce.
I was shocked and asked him if I paid on the due date and had no due amount how you will report this as a bounce?
He replied that it would not report as overdue days or overdue amounts. It will reported as a bounce because u have missed the ECS. I asked again and replied the same. I hung up.

I wrote an email to Email us option and mentioned that I missed ECS but I paid due on time. So I don't want to report this as a bounce. It was raised and replied will get back in one working day.

So I just want to know how it will be reported as bounce? Because there is no bounce section in cibil!

Did you checked cibil ?? Its been 3 month…

 

[prem2311]

Did you checked cibil ?? Its been 3 month…

Ya, I did.

It was mentioned as paid on time. The amount was reflected exactly as what I have paid. I.e. two dues + 539rs

I am not able to verify my bounce details are reported to cibil or not.

But, loan account is good. No late payment or dues.

 

[RajMahadik]

Ya, I did.

It was mentioned as paid on time. The amount was reflected exactly as what I have paid. I.e. two dues + 539rs

I am not able to verify my bounce details are reported to cibil or not.

But, loan account is good. No late payment or dues.

I m in same boat i guess… due to dc charges , there is low balance happened… emi of 2864 , but amount got deducted 713 rs… so I immediately fed the account with 4000 , so 2149 rs something vanished out… contacted support… they asked that 2149 amount has been hold n it will adjust to esc…

However i ve recieved confirmation mail that esc of 713 rs has been successfully debited…

I dont know what will happen next… i again fed my account to max

 

[RajMahadik]

I m in same boat i guess… due to dc charges , there is low balance happened… emi of 2864 , but amount got deducted 713 rs… so I immediately fed the account with 4000 , so 2149 rs something vanished out… contacted support… they asked that 2149 amount has been hold n it will adjust to esc…

However i ve recieved confirmation mail that esc of 713 rs has been successfully debited…

I dont know what will happen next… i again fed my account to max

I ve not received any sms regarding ECS RETURN/ late charges etc… almost 18 hour passed

 

[prem2311]

I ve not received any sms regarding ECS RETURN/ late charges etc… almost 18 hour passed

Which bank?

So, the total due amount debited same day after you added that 4?

Have you checked your loan account that emi has been paid for current month or not?