M/s. GE Money, the biggest cheat bank in India. We have paid approximate 5.9 lacs for 8 lacs home loan in 5 years. Suprisingly, only Rs 30000/- has been deducted as principal amount. Rest 5.6 lacs deducted was an interest. If we pay EMI till last date, I think, we have to pay around 36 lacs INR for 8 lacs INR. Is this justifiable. Also, I am ready to do settlement by giving them a cash of 3 - 3.5 lacs but they are not willing to. I have already logged legal compalint against them. We need to take serious action against them so that such harrasment situation can be avoided for our Indian brother
CORRESPONDENCE WITH M/s. GE ARE ATTACHED FOR YOUR IMMEDIATE REFERENCE. Their response is almost zero
Subject:
RE:'CaseID=005-816-386' RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
From:
GE Money Customer Care ([email protected])
To:
[email protected];
Date:
Saturday, July 14 11:59 AM
Dear Mr. Soni,
With reference to the enclosed mail, we would like to assure you that we have investigated the matter at our end once again.
Please note that the EMI is in line with the terms and conditions of the loan duly communicated. The same have been accepted as indicated by your signatures on the Most Important Document. Hence, it is neither possible to delay nor withhold the presentation of your EMI’s.
As a Company in the financial business we have commitments to meet. You are accordingly, request to honor your EMI’s on the regular monthly basis.
We regret that we are unable to settle the loan, we would request you to make the payment as per current foreclosure statement towards closure of the account.
We hope this clarifies.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected].
Yours sincerely,
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Wednesday, July 11 08:46 PM
To: GE Money Customer Care ([email protected])
Cc: [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected])
Subject: RE: RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear M/s. GE team
Please refer the mail sent from your end on 14th June. Response sent to us on 09th July is just duplicated or copied or replied via auto answer. Kindly understand that for such critical situation, M/s. GE need to spare some time with customer to understand their concerns. This auto notifications won't benefit to either of us
Please go ahead with your further procedures
Warm Regards
Rakesh Soni
& On Mon, 7/9, GE Money Customer Car e wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=005-816-386' RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Monday, July 9, 3:14 PM
Dear Mr. Soni,
With reference to the enclosed mail, we would like to assure you that we have investigated the matter at our end. At the very outset, we would like to clarify that GE Money Housing Finance (hereinafter referred to as the Company) operates with high level of integrity and transparency.
Please note that the EMI is in line with the terms and conditions of the loan duly communicated. The same have been accepted as indicated by your signatures on the Most Important Document. Hence, it is neither possible to delay nor withhold the presentation of your EMI’s.
As a Company in the financial business we have commitments to meet. You are accordingly, request to honor your EMI’s on the regular monthly basis.
We regret that we are unable to settle the loan, we would request you to make the payment as per current foreclosure statement towards closure of the account.
We hope this clarifies.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected].
Yours sincerely,
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Thursday, July 05 08:36 PM
To: GE Money Customer Care ([email protected])
Cc: [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected])
Subject: RE: RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear M/s. GE Team
Would agree to your terms and conditions but it is very tough to understand that even after paying 5.88 out of 8 lacs, we still have to pay 7.65 lacs for loan foreclosure. This implies principal amount in the range of 35000 - 45000 has only been cleared though funds credited to M/s. GE in last 5 years is Rs 5.88 lacs. I have got the information from other banks and the actual explaination from them was also of my opinion ie interest on vey higher side
Through continuous communication on phone by your representative Mr. Shaikh (Mobile - 09022061825), I had also visited GE - Mahim Branch where I have met Mrs. Jadhav. She was very reluctant on any settlement. She said that my principal amount deduction from current EMI of more than Rs 10000 is just Rs 300 and my actual prinicpal of Rs 9000 will be deducted only from 2032. This means that I have to pay EMI till 2032. Still, it won't come to an end. Current rate of interest is more than 15 %. Even personal loan are offered at a lower interest. We have done a gross mistake by taking loan from M/s. GE. Your team are cheating the people and can't understand the customer apprehension. The worst experience ever in my life is M/s. GE loan
I have already communicated that we don't have any source of income to continue with the same EMI. We can make an instant arrangement of 2.5 - 3.0 lacs by selling off some items. If possibility of settlement doesn't exist in M/s. GE dictionary, then please don't harrass us by repetedly calling my family members. We won't pay any EMI. You can proceed with your legal action as already confirmed earlier. We will debate legally
We are not holding any prinicipal amount. We have paid around 6 lacs and we are ready to pay more 3 lacs. This implies that we are already paying Rs 1 lac more as an interest
Apart from this, if I can have some ID's of higher management, it would be highly appreciated since we are fed up with negative response from general customer care ID
With Regards
Rakesh Soni
& On Thu, 6/14, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=005-816-386' RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Thursday, June 14, 10:59 AM
Dear Mr. Soni,
With reference to the enclosed mail, we would like to assure you that we have investigated the matter at our end. At the very outset, we would like to clarify that GE Money Housing Finance (hereinafter referred to as the Company) operates with high level of integrity and transparency.
Please note that the EMI is in line with the terms and conditions of the loan duly communicated. The same have been accepted as indicated by your signatures on the Most Important Document. Hence, it is neither possible to delay nor withhold the presentation of your EMI’s.
As a Company in the financial business we have commitments to meet. You are accordingly, request to honor your EMI’s on the regular monthly basis.
We regret that we are unable to settle the loan, we would request you to kindly make the payment as per the foreclosure statement towards closure of the account.
We hope this clarifies.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected].
Yours sincerely,
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Monday, June 11 10:53 PM
To: GE Money Customer Care ([email protected])
Cc: [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected]); [email protected] ([email protected])
Subject: Re: RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear M/s. GE Team
We have neither received any call nor any feedback. Please find details as required -
Loan Account Number – GBGL00002235
Customer ID – 2001319393
Installment starting date – 07th February
Loan Sanction Amount – Rs 8, 00, 000/-
Borrowers Name: Mr. Rajkumar Mishrilal Soni
Co-Borrowers Name: Mr. Rakesh Rajkumar Soni
Contact Nos - 09833170708 / 09320270708
With Regards
Rakesh Soni
& On Mon, 6/4, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: 'CaseID=005-816-386' RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Monday, June 4, 10:14 PM
Dear Customer,
Thank you for your mail.
This is a system-generated response to acknowledge receipt of your e-mail. The subject line contains the reference number allotted to your e-mail. This interaction is being tracked through the above reference number and we request you not to change the subject line in future correspondence. Our Customer Service Executives will revert to you through call or e-mail within 5 working days.
In case your query requires further investigation and takes a longer time, we will keep you informed on the same.
We would request you to mention your Loan / GE Money Card Account Number and your present contact number in all your correspondence to enable us to process your request at the earliest.
Assuring you of our best services at all times.
For any clarification and/or assistance, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected]
We would be happy to assist you.
Yours sincerely,
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni [[email protected]]
Sent: Monday, Jun 4 10:04PM
To: GE Money Customer Care [[email protected]]
Cc: [email protected] [[email protected]]; [email protected] [[email protected]]; [email protected] [[email protected]]; [email protected] [[email protected]]
Subject: RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Loo
Dear M/s. GE Team
Further to all trailing mails, this is to appraise you that we haven't got any positive response from M/s. GE till date (from February). We are forced to not pay any of your EMI strating from 05.06.12. We haven't kept sufficient funds in back account so all of yours further cheque will be bounced. Please understand that we dont have any further source of income. If you are interesed in settlement, please contact me on 09833170708 / 09320270708. If not, please proceed with legal order as we have no alternate option other than to just accompany you legally
We have paid around 5.88 lacs in 64 months
I am presing for very last time that we can sell all our jewellery items, maximum home items and pay funds of around 2.25 - 2.5 lacs. Anyways, we have already paid Rs 5.88 lacs to the bank. This state that your principal funds at any of the conditions are getting recovered
This was the very last mail sent to M/s. GE to just make our relations intact. Still, if the reply is negative, we will fight legally with no choice
We are extremely for such decision but couldn't help myself
With Regards
Rakesh Soni
& On Tue, 4/3, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=005-670-758' RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Tuesday, April 3, 10:37 AM
Dear Mr. Soni,
At the very outset, we would like to clarify that GE Money Housing Finance (hereinafter referred to as “ the Company”) operates with high level of integrity and transparency.
Please note that the EMI is in line with the terms and conditions of the loan duly communicated. The same have been accepted as indicated by your signatures on the Most Important Document. Hence, it is neither possible to delay nor withhold the presentation of your EMI’s.
As a Company in the financial business we have commitments to meet. You are accordingly, request to honor your EMI’s on the regular monthly basis.
Kindly note that the payment as per the foreclosure statement need to be paid towards closure of the account.
We hope this clarifies.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected]
Yours sincerely,
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Friday, March 30 09:48 PM
To: GE Money Customer Care ([email protected])
Subject: RE: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear Sir / Madam
Thanks for your prompt and positive response
Request you to contact me on 09833170708 / 09320270708 so as to close this subject on priority
I am pressing the same point again that we have no source to pay further EMI's in continuation. Hence, we have instructed our bank to put a stop payment to your further cheques
Hope, you understand our concerns
With Regards
Rakesh Soni
& On Fri, 3/30, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=005-670-758' RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Friday, March 30, 4:52 PM
Dear Mr. Soni,
With reference to your enclosed mail, we would like to assure you that we are looking into the matter and would contact you in this context at the earliest.
Request you to bear with us in the mean time.
Your feedback is valuable for us, as it helps us improve our service offerings to meet your needs better.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected]
Yours sincerely,
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Monday, March 26 10:43 PM
To: GE Money Customer Care ([email protected])
Subject: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear Sir / Madam
I have tabulated the data of funds to be paid to bank due to increase in the loan revision on various ocassions. They are as under
Sr No
Loan revision month & year
EMI
Tenure
Last EMI month and year
Total amount payable to bank
1
Feb-07
8553
192
Jan-23
1642176
2
May-07
8553
297
Oct-31
2540241
3
Apr-09
9513
297
Oct-31
2800401
4
Sep-11
9795
297
Oct-31
2868645
5
Oct-11
10083
297
Oct-31
2938053
Request you to go through the last column. Amount to be paid to Bank as per last revision comes to 29.38 lacs. Is this funds justifiable for 8 lacs loan. Furthermore after a long span of more than 5 years, my principle amount deducted from the loan is just around Rs 45000/- though I have paid Rs 5, 68, 548/- till date (Total - 62 months, Rs 8553 for 26 months, Rs 9513 for 29 months, Rs 9795 for 1 month and Rs 10083 for 6 months). This implies that Rs 5.23 lacs were the interest amount wherein which I have paid for 62 months which has no value addition
We are in touch with you from Feb for the closure of loan but even after 14 months, we have no positive response
I am pressing the point time and again as stated in the trailing mail. We are not in a position to pay the said EDI for the said years as our business has come to stand still. You are most welcome to visit our office address to personally verify the source of income
We have already taken a stand at the earlier stage to stop the EMI but just to safeguard our relations, we still continue with the payments. Now, to be fact, we can't proceed further. Its very regret to inform you that we won't able to pay the forthcoming EMI's as we are not possible to generate the income source. We have put up a stop payment request to our Bank
We deeply regret for the decision but helpless in this scenario.
This call has been taken due to extreme short of funds and to avoid further family pressure. Request you to understand the seriousness and accept the closure with the funds what we have
We can sell of the jewellery / home items and make a instant cash arrangement of around 2.25 - 2.5 lacs Anyways, we have already paid the amount of Rs 5.68 lacs to the bank. It implies that we are paying the entire principal amount of Rs 8 lacs
Request you to forward this case to your payment settle department so that I will pay off all the funds whatever I have generated in the course and live my life tense free
Awaiting your earliest prompt reply
Warm Regards
Rakesh Soni
& On Sat, 7/9, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=004-895-943' Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Saturday, July 9, 3:52 PM
Dear Mr. Soni,
With reference to the enclosed mail, we would like to assure you that the interest charged on the loan is in consonance with at rate of interest as communicated during the disbursal of the loan.
Kindly note that this rate of interest is subject to change as per the changes in the GE benchmark floating reference rate as the interest chargeable on your loan is calculated on floating reference rate basis.
Furthermore, please note that the calculation of the interest component of the installments is done on a reducing balance method.
Hence, consequent to changes in the rate of interest applicable on the loan, the calculation of the interest, principal and tenure have been accordingly revised.
We would like to assure you that we, as a Company, conduct our procedures with absolute transparency and in compliance with the norms laid down by our regulator and abide by the our commitments.
With regards to the prepayment charges towards the closure of the loan, we would like to inform you that no foreclosure charges are payable for loan closure with funds from personal sources. However, in case the loan is closed with a balance transfer to other bank/financial institutions, prepayment charges as per current tariffs or charges as applicable at the point of foreclosure would be payable.
The waiver is applicable for payment towards loan closure being made through cheque drawn on the same bank account from which the EMIs are being paid. We would request you to furnish the bank statement showing the clearance of the foreclosure amount payment cheque to facilitate system updation and posting of payment on the account and subsequent closure.
Your feedback is valuable for us, as it helps us improve our service offerings to meet your needs better.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected]
Yours sincerely,
Swati Garg
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Tuesday, July 05 11:08 PM
To: GE Money Customer Care ([email protected])
Subject: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear Sir / Madam
I have visited Mahim Branch office on 02.07.11 and had an extended discussion with the concerned people for the foreclosure of loan. Self home loan was also sanctioned from the same branch. As per our discussions, it has been concluded that we have to pay an amount of Rs 7, 60, 000/- to foreclose the loan
It indicates that only Rs 40, 000/- has been considered as principal amount though we have pay an amount of Rs 4.8 lacs to the bank till date
As I have clearly stated in the trailing mail that we are not in a position to pay the said EDI for the said years as our business has come to stand still. You are most welcome to visit our office address to personally verify the source of income.
Its very regret to inform you that we won't pay the forthcoming EMI's. We have put up a request for stop payment in our Bank with no alternate option. We deeply regret and apologize for the same but couldn't help it out. Please feel free to contact me on 09833170708 for any further query. This decision has been taken due to short of funds and to avoid further family pressure. Request you to acknowledge it smoothly as I once again emphasize that I dont wan't to spoil our relationship
Request you to forward this case to payment settle department so that I will pay all the funds whatever my family has as on date (2.0 - 2.5 lacs), but be tensed free in future
Awaiting your earliest prompt reply
Warm Regards
Rakesh Soni
& On Thu, 6/23, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=004-895-943' Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Thursday, June 23, 12:17 PM
Dear Mr. Soni,
With reference to the enclosed mail, we would request you to visit the branch as per your convenience along with your Id proof to collect the foreclosure statement.
Kindly note that, in case you wish to close the loans, the payment towards the foreclosure needs to be made vide demand draft/pay order in favour of GE Money Housing Finance.
We would like to inform you that post the date of validity, the foreclosure amounts would change. Furthermore, in case, the cheque under presentation is cleared from your bank account, we would request you to submit the bank statement showing the clearance of the particular cheque (s) along with the payment towards foreclosure of the loan deducting the equivalent amount.
Your feedback is valuable for us, as it helps us improve our service offerings to meet your needs better.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected]
Yours sincerely,
Swati Garg
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Sunday, June 19 11:39 AM
To: [email protected] ([email protected])
Subject: Fw: RE: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear Swati Madam
I accept the charge of Rs 300/-. Kindly send the foreclosure letter. The cash can be collected on delivery
Kindly respond whether self should visit Mahim Branch for foreclosure discussion as loan has been sanctioned from the same branch
Regards
Rakesh Soni
& On Thu, 6/16, GE Money Customer Care wrote:
From: GE Money Customer Care
Subject: RE:'CaseID=004-895-943' Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: "rakesh soni"
Date: Thursday, June 16, 12:07 PM
Dear Mr. Soni,
With reference to the enclosed mail, we would request you to visit the branch for the foreclosure of the loan.
With regards to the closure amount, we regrettably inform you that we would not be able to provide the details on e-mail due to data security concerns. We would request you to contact our customer care helpline for same.
We would further like to inform you that there are certain changes incorporated in our fee structure. Please find enclosed the tariff sheet for your reference.
The foreclosure letter has a charge of Rs. 300.
We would request you to please confirm the acceptance of charge. Subject to your acceptance we would initiate the issuance and dispatch of the letter.
On your request our courier boy will collect cash on delivery of the letter at your address.
With regards to the prepayment charges towards the closure of the loan, we would like to inform you that no foreclosure charges are payable for loan closure with funds from personal sources. However, in case the loan is closed with a balance transfer to other bank/financial institutions, prepayment charges as per current tariffs or charges as applicable at the point of foreclosure would be payable.
The waiver is applicable for payment towards loan closure being made through cheque drawn on the same bank account from which the EMIs are being paid. We would request you to furnish the bank statement showing the clearance of the foreclosure amount payment cheque to facilitate system updation and posting of payment on the account and subsequent closure.
Your feedback is valuable for us, as it helps us improve our service offerings to meet your needs better.
For any further clarifications, please feel free to contact us at our customer care helpline number 39022000 (Prefix the city STD Code). Alternatively you can write back to us at [email protected]
Yours sincerely,
Swati Garg
Customer care
GE Money
Happy 2 Help You
&--Original Message&--
From: rakesh soni ([email protected])
Date: Sunday, June 12 11:31 AM
To: [email protected] ([email protected])
Subject: Fw: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
Dear Sir / Madam
In continuation to earlier mail, still waiting for your reply till date. As of now, it is more than 100 days. Kindly consider our situation seriously and revert back with the alternate option so that our relationship remains intact in future
Self once again remind you that our business is just about to closed with no other option since profit margin has been deteriorated to great extent
Awaiting your earliest prompt reply
With Regards
Rakesh Soni
(Co-borrower)
& On Fri, 2/25, rakesh soni wrote:
From: rakesh soni
Subject: Not in a position to pay the EMI due to business not performing good/ Looking for closure of housing loan
To: [email protected]
Date: Friday, February 25, 10:58 PM
Dear All M/s. GE representatives
This is in reference to above subject
Housing Loan details are as follows :
Loan Account Number – GBGL00002235
Customer ID – 2001319393
Installment starting date – 07th February
Loan Sanction Amount – Rs 8, 00, 000/-
Borrowers Name: Mr. Rajkumar Mishrilal Soni
Co-Borrowers Name: Mr. Rakesh Rajkumar Soni
Subject: Not in a position to pay the EMI for such extended duration and hence want to close the housing loan forever
It is very tough to repay the housing loan while going through the progress of massive increase in the rate of interest thereby substantially increasing the tenure and EMI
At the time of loan disbursement, the tenure was for 16 years (192 months) ie from 07th February to 07th January 2023 and the EMI to be paid was Rs 8553/-
Hence, total amount payable as per above mentioned EMI and tenure was 16, 42, 176/-
Immediately after 3 months ie on 09th May we have received a letter from M/s. GE stating for the increase in the tenure from 192 months to 297 months. It implies that we have to pay Rs 25, 40, 241/- for loan amount of Rs 8, 00, 000/- ie Rs 8, 98, 065/- was the additional amount which was incremented by M/s. GE in less than 3 months
THIS IS DIRECTLY OR INDIRECTLY CHEATING CUSTOMER. HOW ITS POSSIBLE FOR ANY INDIVIDUAL TO DIGEST THE STATEMENT FOR PAYING AN EXTRA AMOUNT OF Rs 8, 98, 065/- IN LESS THAN 3 MONTHS, WHEN HE / SHE HAS JUST MADE HIS / HER PLAN FOR PAYING AN AMOUNT OF Rs 16, 42, 176/-. AFTER THE TENURE HIKE, HE/SHE HAS TO PAY Rs 25, 40, 241/- TO THE BANK
Further to this, EMI has been increased from 8553/- to 9513/- starting from 07th April ie after 26 months. Hence now as per this, the total amount payable rises from 25, 40, 241/- to 28, 00, 401/-
Now again we have received a new letter stating for the hike in rate of interest and revised tenure starting from 07th February. Now my new tenure would be 264 months starting from the said date
Till 07th January we have already paid Rs 4, 31, 664/- to the bank and now as per the new tenure, additional amount of Rs 25, 11, 432/- has to be paid
Hence total amount payable as on date is Rs 29, 43, 096/-
Above figure states that we have to pay 3.68 times the amount for what we have taken the actual loan and further the loan has to be extended from 16 years to 26 years
With the phase that M/s. GE is increasing the rate of interest, we can cent percent consider that if the customer has no additional source of income and if he is bound to pay the EMI till the completion of tenure, then he would pay an approximate amount of Rs 40 lacs with the total tenure of around 35 years
Bankers should analyse that we are common man having earnings in the range of Rs 20000 - 25000/-. Further to this, we have to pay the EMI of around Rs 9500/- to the bank. How does the bank feel when any individual has to pay more than 30 lacs INR for a loan amount of 8 lacs INR
Apart from this, please find apprehension from our upfront
Our Business is not working fine and the profit margin has been drastically reduced due to increase in the competition. Probably, we may arise for complete shutdown of our Business in next 4 - 6 months. If such happens, then we are not adequate enough to pay the EMI in the coming years. This would then hamper our relationship which we have kept intact for almost 4 years. We don’t want this to happen unless and until we get bound due to commercial pressure
Till date, the summation of EMI installment paid to the Bank comes to around 4, 41, 177/-
We request you to settle our account and close the loan forever. After your positive confirmation, we have already decided to sell all our ornaments and old car and re-pay the amount so that we doesn’t get succumbed to intense pressure and take some incorrect decision in future. We can earn approximate 2.5 – 3 lacs INR by selling all this
Hence considering this as a genuine case, request you to accept the cash of around 2.5 – 3.0 lacs (the maximum what we can arranged from our end) and close this loan agreement once for all
Hope your goodself would understand us and provide instantaneous support in accepting our thought
Awaiting your earliest positive feedback
Please feel free to contact me on 09833170708 / 09320270708
With Regards
Rakesh Soni
(Co-Borrower)
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