High interest rates on electricity bills, add to power consumer's woes!
The heightened power bills for the month of June wasn't a big problem for Mumbaikars but the new provision to pay them in 3 monthly instalments surely is! The news of a rate of interest as high as 14% is being levied on each easy monthly instalment, is what has added to the woes of power consumers in Mumbai.
Are EMIs really Easy?
The option to pay for the power bills in 3 instalments has emerged more as a burden than respite to the power consumers who now have to cough up an instalment with 14% monthly interest. Tata Power is yet to announce their rate of interest.
The government-owned Mahavitran Ltd has waived off interest on EMIs for its 2.4 crore consumers, if paid on due dates. Though, Adani Electricity Mumbai Limited was criticized more for exorbitant power bills, it is the only private power supplier that has waived of interests for those opting for EMI payments of bills, in a new announcement. Earlier, the AEML had marked a 9.9% interest on its bills.
The inflated bills in June were because the bill that consumers got in April-May-June were based on average consumption of December-January-February. In most cases, the bills charged in March-April-May were less than the actual consumption in summer months and lockdown electricity consumption as the physical meter readings were not possible. Physical meter readings were finally done in June and hence amount was adjusted to the previous months. This sent the final amount out of the roof.
These outrageous bills and rate of interests have added on a lot of burden to the people of Mumbai. Be it celebrities who have tweeted and criticized or the average Indian middle class, paying bills with such high interest rates in unfeasible. The high amount bills are not unjustified but the higher interest rates surely are.