India Bulls Financial Services Ltd
Complaint against India Bulls Financial Services Ltd

We had applied for business loan for Rs 15 lac from M/s India Bulls Financial Services Ltd for our working capital the loan was approved for Rs. 1, 500, 000/- (LAN No: LIFSCCN00007902) and disbursed Rs 1, 471, 623/- after deducting services charges of Rs 25, 254/- and Pre emi charges for Rs 3123/- on 14th feb with monthly installment of rs 75613/- per month (for 24 months). After remitting 8 emi’s punctually the bank was impressed and approached us for topping up the amount of another Rs.15, 750000/-(LAN No: LIFSCCN00022006) and disbursed Rs 1, 463, 787/- after deducting services charges of Rs 35, 393/- and Pre emi charges for Rs 820/- on 10th oct with monthly installment of rs 79, 394/- per month (for 24 months). Hence a variation of Rs 75000/- from the agreed amount. This matter was immediately reported to the local executive who had approached us. We had to wait for nearly 4 to 5 months for their reply even after repeatedly calls and reminders and then they had finally informed us that rs 75000 /- was invested in one of unit plan of Max New York Life Insurance vide policy number 445680333 without our consent, without our signatures and knowledge and without our bank payment they had issued a policy which we don’t require at all. They were again at fault by charging us extra processing fees charges of Rs 10139/- (i.e. processing fees charges on the difference amount of Rs 75, 000/-)

Disagreeing the above mentioned policy and always conveying our disapproval towards their immorality, illegally and cheating consumers with enormous exploitation and unethically making money. Hence we had no option and because of their inaction to

Solve the issue we had genuinely stop the last emi of Rs 79394/-. As unaware of the legality and also ignorant to approach the right authority we didn’t lodge complain and grievances until know.

Subsequently, on enquiry we had come to know that similar practice was followed and have been cheated several innocent customers and they had misrepresented facts to many consumers like us. The proof of which can be provided to you on demand.

I therefore request you to kindly intermediate and collect all the facts from both the parties and being the highest authorities of financial banks I would humbly request you to take action against the unethical and cheating consumer by m/s M/s India Bulls Financial Services Ltd

Company: India Bulls Financial Services Ltd
Country: India
State: Kerala
City: Ernakulam

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