Dear Sir/Madam
This is with reference to the loan availed by me, details as given below:-
Name: Praveen Vasudevan Nair
Customer ID:1838874
Loan Account No: 012825000033660
Loan Amt: 100000/-
Tenure: 48 mths
EMI: 3273.00
With reference to the above loan number, I would like to brief you about my loan.
I had applied for a loan of Rs.50000/- in the month of April ‘09’ with loan Account No 012825000024040 and at the time of applying the loan I was assured that the loan amount will not exceed 21% reducing rate of interest. All the formalities regarding the loan were completed and the loan amount was disbursed in a week’s time.
Everything was fine till the disbursement of the loan, the service, support etc but when I had seen the EMI (2523/-) of the loan I was stunned, I calculated the rate at which the loan was provided to me, it was 44% reducing rate in which the loan was provided, I had full faith on them but till the disbursement I was not informed that the loan is provided at higher rate than the commitment given to me.
On asking the executive who was handling the case, he assured me that you continue the loan for 6 months then he will give the top up to me at a reduced rate of interest. After completion of 1 yr he offered me a top up of Rs.100000/-, I foreclosed the earlier loan of Rs.50000/- and a new EMI of Rs. 3283/- was given to me.
The first EMI of the said loan was bounced, I called the branch and informed them about the same and I had given the cheque for the said amount, they said that there was some problem in the processing of the ECS Mandate. Since then every month I use to call the local branch and tell them to collect the cheque on the due date, as still the ECS was not done.
After 4 months of time I again approached the local branch and again requested for the ECS to be done, they had again signed the ECS mandate form from me, but sorry to say till date the ECS is not done and I am paying the cherub to them.
Now, I have started receiving the Demand Notice from the company due to Non ECS done from the company, its giving a negative image of mine and there are changes that my name reflects in the c-bill even after I am not in any sort of fault.
As I am dissatisfied with the services of Fullerton India, I am planning to get the loan foreclosed, I requested for the foreclosure amount, I have been provided with an amount of more than 1 lack after paying the EMI for 9 months.
Kindly provide me with the correct foreclosure amount as per the table provided at the time of taking the loan and request you to provide the waiver for foreclosing the loan.
I have being dealing with many finance companies regarding loans but the experience I got in Fullerton India is pathetic.
I here by put my request to provide me with the best foreclosure rate as the ECS is not being done, also to avoid my name to be highlighted in defaulter list and in C-Bill also.
I hope you will consider my complaint and do the needful.
Regards
Praveen Nair
9909913244
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