Thursday, February 28, 2008

American Express and Delta launched Pay with Miles exclusively for American Express Gold and Platinum Delta SkyMiles Credit Card members

American Express for its US customers along with Delta launched Pay with Miles, an exclusive new built-in benefit for American Express Gold and Platinum Delta SkyMiles Credit Card members. Pay with Miles, is an exclusive new built-in benefit for American Express Gold and Platinum Delta SkyMiles Credit Card members. The Pay with Miles offers Card members will get an added flexibility allowing them to book flights on and use Miles to pay for all or part of a Delta ticket, with no blackout dates or inventory restrictions.
"We are delighted to partner with Delta to offer this new SkyMiles program feature exclusively to our premium American Express Delta SkyMiles Cardmembers," said Pam Codispoti, senior vice president and general manager, American Express. "We have enjoyed a long and successful relationship with Delta providing value to our mutual customers. This exclusive feature adds unprecedented access to Delta flights using Miles, providing our Card members with more flexibility and control over their travel and payment options."

The Pay with Miles feature is an added offer that complements Delta's existing award travel options. Card members will be able to pay with Miles for any Delta seat, in any class of service, on any route. Card members will get the facility to use all the Miles in their SkyMiles bank, not just those earned by spending on their credit card.

To avail the facility, Card members have to log on to using their SkyMiles number and pin; search for the flights; and select the flight they desire with the Pay with Miles icon. Once the Card member have chose the route is chosen, the payment for all of the ticket can be done with Miles; or can pay for some of the ticket with Miles and the balance with their American Express Gold or Platinum Delta SkyMiles Credit Card. Pay with Miles can be used for multiple tickets on the same route.

The Pay with Miles benefit can be used any number of times there is no limit and even the number of Miles to be used do not have limit on it. No enrollment is required, and there is no fee to use Pay with Miles.

Pay with Miles pricing is flexible and is based on the base fares (not including taxes and airline fees).

-- For base fares less than $100:
- Redeem 25,000 Miles to get the flight for free.
-- For base fares between $100 and $249.99:
- Redeem 10,000 Miles for $100 off the cost of the flight, or
- Redeem starting at 25,000 Miles to get the flight for free.
- Increase the redemption by increments of 5,000 Miles to cover the
total fare.
-- For base fares between $250 and $999.99:
- Redeem 10,000 Miles for $100 off the cost of the flight, or
- Redeem Miles in 5,000 increments. For every 5,000 Miles redeemed,
Cardmembers will receive $50 off the cost of the flight to cover
all or part of the total fare.
-- For base fares equal to or greater than $1,000:
- Redeem 10,000 Miles for $100 off the cost of the flight, or
- Redeem Miles in increments of 10,000 miles. For every 10,000
Miles redeemed, Cardmembers will receive $100 off to cover all or
part of the total fare.

There are Terms & Conditions for Pay with Miles Program

Pay with Miles Program is limited to Gold and Platinum SkyMiles Credit Card members only. Eligible only on Delta and Delta Connection(R) carrier flights booked at under the DL code. Pay with Miles tickets is not eligible for mileage accrual or Medallion Complimentary Upgrades. Refundable fares paid for fully or partially with SkyMiles will be refunded in accordance with the Pay with Miles terms and conditions. For terms, conditions, and restrictions, visit with miles. All SkyMiles program rules apply to SkyMiles program membership, miles, offers, mile accrual, mile redemption and travel benefits. To review the rules, please visit guide.

Tuesday, February 26, 2008

Jet Airways' JetPrivilege enters ‘Credit Card Points to JPMiles Conversion’ Partnership with Tata and SBI Cards

Jet Airways’ frequent flyer program, JetPrivilege has been constantly working on the lines of offering its members varied opportunities to earn JPMiles by adding new partnerships in different categories, and eventually redeem them for free flights to their preferred destinations.

Following up JetPrivilege entered into a ‘credit card points to JPMiles conversion’ partnership with Tata and SBI cards respectively.

According to this program JetPrivilege members having Tata and SBI credit cards may be able to convert these credit card points easily towards JPMiles, and redeem the same for award flights on Jet Airways or any of its airline partners.

Even the Jet Airways’ JetPrivilege members, having Tata Credit Card and Empower Card, may now convert their Empower Points towards JPMiles in the ratio of 2 Empower Points to 1 JPMile. To convert their Empower Points to JPMiles, Tata Credit Card and Empower Card holders can also call on the Tata Credit Card helpline, and quote their JetPrivilege membership number to be credited with the equivalent JPMiles.

Likewise, Jet Airways’ JetPrivilege members, who are having SBI Platinum Card, SBI Gold Card as well as SBI International and Domestic card, may convert their Power Points towards JPMiles in the ratio of 3 Power Points to 1 JPMile. The aforesaid SBI Card holders need to accrue a minimum of 400 Power Points to start redeeming JPMiles on their credit cards. To convert their Power Points to JPMiles, credit card holders can call on the SBI Card helpline and quote their JetPrivilege membership number which needs to be credited with the equivalent JPMiles.

Monday, February 25, 2008

Three men arrested for stealing and using Shahrukh Khan’s credit card

Three men have been arrested for using Shahrukh Khan’s credit card and have been remanded in police custody until February 18th.

The trio Vinay Vijay Tambe (22), James Paul Peremal (28), and Shekar Jadhav (44) during the interrogation told the police that they had picked up the card from Santacruz which was lying on the road. The accused are residents of Bhandup and unemployed.

Shahrukh Khan had lost the credit card earlier this month along with his passport in Santa Cruz where he had gone for some shoot.

The trio who have been arrested for stealing Bollywood superstar Shah Rukh Khan's credit card, did not even knew that the money they were spending around using SRK's card belonged to him and also did not knew that they would have to put his signature on any purchase made using the card. In fact the trio not even attempted to sign as SRK and that move landed them in prison.

The trio used the card to buy branded apparels worth Rs.25,000. The three accused, who reportedly bought clothes and expensive branded wristwatches, were caught when an alert manager at Shoppers' Stop in Nirmal Lifestyle in Mulund found something wrong when the card folder signed as James Peremal instead of Khan and immediately called the police.

The police are now trying to figure out from where the three arrested men got Khan's ICICI credit card and will also quiz Khan to unravel the mystery of his missing card. However, the Bandra and Santa Cruz police denied having any knowledge of any complaint being lodged regarding Khan’s missing passport.

Gang of con men accessing confidential credit card information and cheating people

Between last October and January, the detective department has received at least six complaints, mostly from up market areas. An officer said the complainants have been cheated of Rs 75,000 to Rs 2 lakh. “An organized racket is accessing confidential credit card information and using it to win the confidence of the card-owners”.

A gang of con men has been fooling credit card-holders in their homes with escamotage after winning their confidence by providing confidential details.

The cheater have been calling up card-holders pretending as officials of the banks that issued the cards and reel off information — such as the secret three-digit codes on the back of the cards — before offering to upgrade them.

A senior officer of the detective department said, “If allowed to, the gang-members turn up at the home of the card-holder. After introducing themselves as the bank officials who had called up, they request permission to take a look at the card. On the pretext of checking it, they replace it with a duplicate credit card and hand it over along with a sealed envelope, which is supposed to contain the new upgraded card”.

“To make the exercise look real, the men even cut up the fake card with scissors,” added the officer.

Krishna Kumar Das was the first to file a complaint about being cheated in this manner. He was defrauded of Rs 2.4 lakh, he told officers of Gariahat police station. Similar complaints followed from card-holders in New Alipore, Karaya and Ballygunge in the next few months.

“We have held meetings with representatives of the banks and asked them to review security arrangements and inform customers about the threat,” said city detective chief Jawed Shamim.

Some private banks have started taking precautionary measures are educating people by e sending text messages to customers to increase awareness about credit card security. Some other banks have started advertising campaigns.

“We have stopped issuing credit cards against other cards and have stopped offering personal loans to credit card-holders to cut down the possibility of information leak. From next month, bank statements will carry instructions on credit card handling,” said a senior risk management officer of a private bank.

Friday, February 22, 2008

Report credit card loss at earliest to the bank’s helpline

Recently Delhi's Nishi Uttam lost her wallet, which carried an ABN AMRO Bank debit card, was stolen at a shopping mall. It took her 15 minutes to figure out how to report the loss to the bank's helpline. Uttam informed unfortunately, during this pro tem period, the card was fraudulently used by a man to buy jewellery worth Rs 36,000. Hence she filed an FIR with the police, too.

She said, "The cashier (at the jewellery shop) accepted that the man was in a great hurry," he did not match the signature as he said many come in with their wives and mothers' cards to shop. Moreover it seems the fraudster didn't wait to fill any papers such as the guarantee card, which is the usual practice at jewellery stores. In a written statement, ABN AMRO Bank explains its stand on such cases: "...if the transactions have been made prior to reporting of the loss to the bank, then the liability rests with the customer to whom the card has been issued. This is as per the terms and conditions under which the card is issued.” "Typically, banks tread this line in such cases, even as a senior Delhi banker concedes it would well take "10-15 minutes to run and report a loss complaint".

All banks told TOI spoke, that till the consumer reports card loss, its use is the consumer's liability. This liability ends the moment he calls up the bank to block the card. However Sanjeev Talwar of Delhi's National Consumer Helpline said there are cases where banks have failed to block a card despite being told to do so. To top it, says Talwar, in case of card fraud, a consumer cannot use the banking ombudsman's channel. An FIR must be filed. An official in the Ombudsman's office says, "If a card is misused before its loss is reported, the liability lies with the cardholder. In such cases, we cannot help the complainant. Normally we encourage them to file an FIR."

Some banks TOI spoke to, though, assured consumers that they do investigate cases of fraud before a card is blocked. Sachin Khandelwal, head cards group at ICICI Bank said, "We give a chance to the customer to prove his innocence. We get the verification done. "Parag Rao, head-cards at HDFC Bank, too says: "Our risk investigation team does necessary investigation." And R L Prasad, head-cards at Standard Chartered Bank, says: "Based on relationship grounds, previous history and track record, we do take a sympathetic view... We do verify."

However, the Delhi banker says this is a subjective manner of dealing with fraud cases. "There are no uniform guidelines on this subject”. Though, Banks on their part also have a system of checks in place to avoid frauds. As matter reported earlier, banks' risk management systems highlight transactions that are out of character with the cardholder's usage pattern. The consumer can expect a call or an SMS to verify whether a particular— and especially a high-value—transaction is valid. Yet, there are times when such communication gets delayed or even fails, and a consumer ends up losing precious time.

To avoid the worst, a senior banker—who himself had his card stolen some time ago—gave a practical advice to consumers: Save both the card and helpline numbers on your cell phone. This helps them report the loss, if any, as soon as possible. "I myself could phone the bank in half a minute of the loss."

Thursday, February 21, 2008

Credit card fraud by HDFC bank employees

The HDFC bank employees get involved in credit card fraud by cheating two of the customers of their own bank. The employees of the HDFC bank in the city withdrew money using credit cards of two customers of their bank recently.

Last month the victims, Mr Sisir Ganguly, a resident of New Alipur, and Mr Ramen Roy, a resident of Uttarpara in Hooghly lodged complaints with the detective department of the city police. Mr Ganguly told the police that a total of Rs 78,000 was withdrawn from his account allegedly by some employees of the HDFC bank on 24 August last year. Mr Roy suspected that employees of the same bank withdrew Rs 1, 57,686 from his account using his credit card on the same day.

The correspondent contacted Ms Nancy Joseph deputy manager of the bank’s credit card department in Chennai on Friday for comment on the matter. Ms Joseph, after hearing details about the allegations, said she would send the response within a day through e-mail. But no response has come from bank side.

In his report Mr Ganguly, said that he had used to get phone calls from the bank executives offering some new schemes. The bank employees had advised Mr Ganguly to update his credit card to avail some new facilities. Mr Ganguly agreed to avail a scheme and decided to update his credit card. Last year on 24 August last year, a person identifying himself as Mr Arnab Sen, an employee of the HDFC bank came to his house; Mr Ganguly’s wife gave him her husband’s credit card.

The man allegedly told Mr Ganguly’s wife that the new card will be delivered to her husband within ten days. As Mr Ganguly did not get the updated credit card, he spoke to bank officials over phone on 20 September. He was told that the credit card had been fraudulently used by somebody else. When he received the bank statement for the month of September, he noticed that a total of Rs 78,000 was withdrawn from his account from the ATM counter of another private bank. The complaint letter of Mr Ganguly, which is available with The Statesman, says: “A PIN code number is required for withdrawing money from ATM and the number was generated and mailed to me by the Bank. So it is not possible for a person to know the code number without the assistance of the bank employees.”

Mr Jawed Shamim, deputy commissioner of the detective department of the city police, confirmed that a complaint has been received against the HDFC bank from Mr Ganguly. “We are looking into the allegations’’, said the officer.

Wednesday, February 20, 2008

Reliance, HDFC together launch a virtual credit card – “Mobile credit card”

First mobile phones came with camera, then FM radio and an MP3 player now it is a credit card. Days of ferrying around credit cards seem numbered. The subscribers having Reliance mobile phones will be able to use their mobile phones as credit card.

Reliance Communications and HDFC Bank have joined hands to offer virtual mobile credit cards in the country to Reliance users possessing HDFC Bank credit cards. The virtual credit card called "Reliance mPay Credit Card" will allow its subscribers who also have an HDFC credit card, not to carry plastic to make payments.

Under the scheme, a Reliance mobile phone will get credit card functionality and the mobile number will act as the credit card number.

Users do not have to enter a card number or card verification value (CVV) or expiry date to be able to use the 'mPay' service. HDFC Bank would authenticate all the information with RCom, which would then be used to initiate and authorize all payments using customers' mobile handsets.

“Initially, the service would allow card holders to make payments to merchant partners like Adlabs, Yatra and Billdesk, with the list to be expanded to other partners following the roll out,” Mahesh Prasad, president of the applications, solutions and content group at Reliance Communications said.

At times the customers don’t want to disclose their credit card details online, HDFC Bank, will have an additional payment choice for them. “This is not an exclusive agreement. Over the next few months, we might tie up with more mobile companies as well for similar services,” said CN Ram, country head for IT, said.

"An HDFC Bank customer can now shop using his Reliance mobile and make payment without disclosing details of his credit card," said Rahul Bhagat, country head (retail liabilities), marketing and direct banking channels, HDFC Bank.

RCom asserted that there isn't any financial risk involved in the event users lose their mobile phones; because 'mPay' is PIN-protected. To use the service and make payments, customers need to use the same PIN that has been issued to them at the time of issue of the virtual credit card. Even there is no risk of card skimming or card compromise on the Internet either.

The Reliance 'mPay' credit card allows users to make postpaid bill payments, get pre-paid top-up, and pay Reliance Energy monthly electricity bills. The service will be extended further to allow users book movie- and travel- tickets, make payments at shops and restaurants, and shop on the Internet.

Tuesday, February 19, 2008

RBI to draft regulations for credit card cos

Speaking to the reporters on the sidelines of a CII-organized conference the Reserve Bank of India Deputy Governor V Leeladhar said Reserve Bank of India plans to draft regulations for companies affianced in the credit card business and have a proposal to make it compulsory for all players to register themselves with central bank prior to operating as issuers. He said, "The regulations will have to be drawn out...They (companies) have to register.”

Currently, major credit card providers in the country like Visa and Master Card are operating in affiliation with banks.

Leeladhar added yet, the banking regulator has not set any time-frame for the proposal.

"This is a new area we will have to look at," he said. Leeladhar said Parliament has recently passed the Payment and Settlement Act, 2007, whereas the regulatory framework for implementing the law is currently being worked out.

Leeladhar added that the Act will give more powers to the apex bank in the payment and settlement matters, including in those related to credit cards.

As per industry sources, non-banking financial companies (NBFCs), who are not affiliated with banks, currently are not being allowed to engage in the credit card business.

The apex bank's proposed guidelines are expected to open the way for more companies, including NBFCs, to enter the fast growing business.

Wednesday, February 13, 2008

Techniques to thwart card companies' tricks

In its policy review the Reserve Bank of India has asked the banks to cut down on interest rates. Following the lines banks like SBI, Canara, Allahabad Bank, and from the private sector the HDFC have cut the rates on their retail loans.

As there has been dip in credit growth and easier liquidity it is understood the banks may later or sooner have to cut rates.

In the coming months cut in prime lending rates are likely as private banks would also join the cutting spree.

In the last couple of days two of the top three public sector banks (PSBs) have cut their benchmark prime lending rates (BPLR) in the last couple of days.

Analysts say that only PSBs have cut rates means that comments from the finance minister and the Reserve Bank of India (RBI) governor have played a big role in the move.

"Comments from the RBI and the governor tilted the balance towards rate cuts," said Vaibhav Agarwal, banking research analyst, Angel Broking.

"Also, credit growth for PSBs has dipped and they have enough funds which they collected by garnering bulk deposits at high rates in the fourth quarter of last year," Agarwal said.

The banks have raised rates for deposits due to high demand for loans (30 per cent) and a liquidity squeeze by the RBI, but since then interest rates on bulk deposits have come down by 50-100 basis points, giving banks room to cut rates on the lending side as well.

Hitherto this year, credit growth, at 22 per cent, is an outline of what it was last year.

More cut in rate is expected following finance minister P Chidambaram's comments last month, directing banks to cut interest rates by 50 basis points.

Meanwhile, even though getting a clear direction from the regulators, only PSBs have cut rates or have shown the intention to do so. SBI and Canara Bank have announced a 25 basis point cut, while IDBI and Union Bank have said they will think over at cutting rates next week. As for Private Banks no commitments have come from their side.

Analysts have a view that this is because Private Banks face far less political pressure from the government and also because the PLR is more important to PSUs than private banks. They point out that private banks are much more open to give discounts on PLR.

Chandana Jha, banking analyst with brokerage firm Pioneer, said that private banks are delaying and can afford to delay the rate cut because of increased pricing power and better technology and risk-management systems.

"The fact that frontline private banks like Axis Bank and HDFC Bank have seen year-on-year credit growth at 50-60 per cent compared to the industry average of 14 per cent and PSU average of 9-10 per cent means that they can afford not to be in a hurry to cut rates," Jha said.

In fact analysts are of a view that competition will ensure that interest rates for the banking system as a whole will come off in the next three to six months.

"Credit has contracted dramatically from last year and competition will mean banks will have to cut rates. I expect rates to come down by 25-50 basis points from April," said Prateek Gandotra, banking analyst with Enam.

According to an analysts RBI rate cut in its April monetary policy (inflation permitting) or even before can speed up or increase the magnitude of the rate cut.

Saturday, February 9, 2008

Firstsource tie-up with Barclay for outsourcing of credit card

Firstsource Solutions and Barclay’s tie-up for outsourcing of credit card business. Under the agreement of $80 million, outsourcing of credit cards will be undertaken for five-year. Firstsource will be managing and operating Barclays operations center in Colorado Springs, and will also provide customer care and collection support to Barclays’ US cardholders.

At present Firstsource have 2,500 employees and dozens of operation centers in the US. Firstsource financial services clients list includes three of the five largest banks and six of the 10 largest credit card companies in the US and one of the five largest banks in the UK.

"This is an ideal partnership for Firstsource and Barclays, For Barcalys, Firstsource will apply best practices honed by years of collaboration with other major financial institutions to increase efficiency, productivity and customer satisfaction," said Anand Mukerji, MD and CEO, Firstsource.

At 10 am, Firstsource Solutions shares were down 0.96 per cent at Rs 51.75 on BSE.

Thursday, February 7, 2008

Standard Chartered, Emirates Airlines launched credit card

Standard Chartered Bank and Emirates Airline on Wednesday in a joint venture launched their co-branded credit card that would offer various benefits to frequent travelers.

The Standard Chartered-Emirates cards will be available in two variants; Platinum and Titanium. The card holders will earn 'skywards miles' against every rupee spent through the credit card.

The statement released by the bank stated the reward miles could be redeemed for free flights or upgrades on Emirates and its airline partners in addition to this there is a wide array of products and services with its non-airline partners.

Tuesday, February 5, 2008

IBA to create IndiaPay

Indian Banks’ Association (IBA), the representative body of banking industry, is busy in preparing the outline of a business plan to create IndiaPay, a national card payment settlement company, representing an image of future possibility which will India’s answer to global players Visa & MasterCard.

“IndiaPay would provide national infrastructure for all card-based electronic transactions. It will benefit us with minimum cost while allowing a wider reach,” Sanjay Sharma, chief technology officer, IDBI Bank, said.

Sharma, who is also the convener of the IBA sub-committee, has been assigned a task to prepare a business plan. India is one of the fastest growing credit and debit card markets for these global payment agencies. He feels that by creating a national payment infrastructure, Indian banks would save large amount of money paid as fee to Visa and MasterCard.

The Reserve Bank of India on January 16, 2008 (till November 2007), released provisional figures, according to which India had about 2.5 crore credit cards doing the transactions worth Rs 36,661 crore.

In India there are more than nine crores debit cards doing the transactions of about Rs 7,827 crore. As all these cards either have Visa or MasterCard association, every single transaction involves a small fee to be paid to them.

“While we do not have the exact amount paid by Indian banks annually as fee, we have reasons to believe that it is very high,” Sharma said.

His sub-committee is expected to prepare a business plan in the next couple of months to put up before the IBA Managing Committee, which will then get an approval from RBI.

“Similar national payment systems are operating in other countries of the World like China has China Union Pay,” Sharma said. About the company structure, he said that it can either have an independent structure or can be outsourced.

“All banks will be stakeholders in the company, which will ensure that large volumes drive down cost and even the smallest bank could benefit,” he said.

Monday, February 4, 2008

Use credit cards prudently never roll over balance

Those who have become servitude to plastic money and easy availability of collateral-free credit should beware! Failing to realize the cost of suggestions of using credit cards — be it for purchases, cash withdrawals or taking a loan — can get you caught up in debt.

The problem is so tormenting that early last week the State Bank of India started a campaign program to educate people about the financial risks of high interest rates on credit cards.

All over the world people are falling into this debt-trap time and again. There have been large-scale payment defaults by credit cardholders in Hong Kong in 2002, in Korea in 2003 and in Taiwan in 2006.

In the late 1980s US was also engrossed by a similar situation during a savings and loan crisis. In recent times, the sub-prime mortgage problem in the US is falling over to credit card payments.

According to the Reserve Bank of India data banks and non-banking financial institutions have issued 2.59 crore credit cards till November last year. Between April and November, payments worth Rs 48,746.17 crore had been made through credit cards.

However spending by using the plastic is only 2.7 per cent of the total personal consumption expenditure, while retail credit has gone up to one-third of the total bank credit in the country. It shows that people are now more burdened with financial liabilities therefore are more prone to financial risks.

Hence, it can be disastrous to use the plastic unwisely without a proper understanding of how interest rates for debts on credit cards are calculated and of one’s repayment capability after servicing other loan liabilities.

Often card issuers do not explain elaborate interest calculation to customers, adding to their misery.

Tapas Kumar Deb, a 55-year-old resident of Beleghata, has been holding an SBI credit card for the past eight years. In December 2006, he finally gave way to persistent calls from SBI Credit Card telemarketers for a personal loan at a monthly interest rate of 1.5 per cent that the bank had pre-approved considering his good repayment history. Deb needed the money for a heart surgery.

His nightmare began a few months after he started repaying the equated monthly installments (EMIs) for the loan.

“They charged me an EMI of Rs 2,481.11 for the Rs 58,000 loan that I took for three years,” Deb said. “Even at an annual interest rate of 18 per cent, the EMI should have been Rs 2,097. When I enquired, they said it was a “flat” interest rate. Anyway, I decided to prepay the loan.”

Deb’s prepayment will not be easy. He will have to pay a 3 per cent penalty on the outstanding loan.

With a flat interest rate, the EMI is obtained by calculating the simple interest on the loan and then dividing the amount (principal plus interest) by the number of months for which the loan was taken (see table 1).

One thing to be taken in consideration is in this method the interest is calculated on the entire loan amount and for the entire loan period. It does not include the principal repaid during the repayment period. Therefore, under the flat interest calculation one continues to pay interest on the principal that has already been repaid.

Therefore, if you take a loan from a bank, interest will be calculated under the reducing balance method (see table 2). It means, you will not have to pay interest on the principal being repaid and on the same loan you would have to pay an EMI of Rs 2,097 instead of Rs 2481.11 under the flat rate.

In case of a credit card loan, if you are unable to pay your bills on time, you will be charged with a punitive interest rate and a late payment fine that a bank loan generally doesn’t attract. Higher rate of interest will be charged on cash withdrawals or loans on credit cards than purchases on the same card.

Till the time you do not rotate debt on your credit card, it is worth using. But if you decide to pay the minimum due to be paid against a credit card bill, you will be in a soup.

For example, if you spend Rs 50,000 on a credit card that charges a monthly interest of 2.85 per cent and pay only the minimum 5 per cent of the due every month, it will take you around 12 years to fully repay the dues (See table 3).

Besides, the interest you will pay will be nearly Rs 58,000 which is more than what you had originally borrowed!