Magma Finance Limited
Non Submission of loan documents

I had drawn a loan from Magma Finance Limited through Rohan Motors Limited for financing SWIFT ZXI model of Maruti make in December. The loan was approved and the EMIs are regularly being paid directly from my bank account through ECS.

I have been repeatedly requesting Magma Finance for giving me a copy of the signed loan agreement and the repayment schedule for my records and tax purposes. Till date they have failed to respond. All I received was a standard reply that the request has been loaded. In March I received two line letter confirming that Magma has approved the loan for purchase of car. Please note this is 3 months after purchase of the car andpayment of 4 EMIs. I dont even have the detail of the Loan number under which the car loan has been sanctioned.

The only communication which I receive regularly from Magma Finance is the standard SMS everymonth alerting me to retain sufficient funds in my account to debit the EMI. Twice I received phone calls from Magma to remind me to retain funds in account (after which SMS started) when I had requested the person who called me to please send me the loan documentation.

I am unable to obtain tax benefit on the interest paid as the company is not adhering to RBI norms of providing the customer with details of the loan. I propose to write to the banking ombudsman.

Calls to the office is proving futile as they ask me for the loan number without which they are not ready to discuss further.

If you can help me in any way, please help

Company: Magma Finance Limited
Country: India

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