Dear Sir,
I had approached for a loan of Rs 4.74 lacs through Apna loan. Apna loan submitted my enquiry to Barclay's finance. After 2 weeks Barclays (Chembur Br) approached me saying that a loan of Rs 2.00 lacs was sactioned by them. I hesistated to accept their proposal since it was not fulfilling even half of my requests. Since there was no response from me, they continiously started calling me on my cell phone and office number and finally made me accept the proposal. I agreed to accept the loan of Rs 2.00lac (EMI 6632/-p.m) from barclays finance.
After my acceptance The person from Barclays Chembur branch came to my office with a detailed proposal wherein he mentioned that I need to pay a processing fee and service tax of 2% which was acceptable to me and since the loan was unsecured, They wanted me take an insurance from Max Newyork (tie up with barclays) with an annual premium of Rs 40000/-payable every year for a loan of Rs 2.00lacs.
After this I flatly rejected the proposal for the following reasons.
1) For a loan of Rs 2.00lac, If I take pay a premium of Rs40000/- as annual premium plus 8 to 9 thousand as processing fees adn service tax, then I was left with appox Rs 1.5 lac as loan amount for which I pay an EMI of 6632/- p.m.
2) For a one time loan of Rs 2.00 lacs I was asked to shell out Rs 40000/- every year as premium for 10 years.
I did not accept their proposal. After this Barclays again starting calling me continously on my cell and office number to negotiate on the insurance premium amount. Finally after a span of 2-3 days, they reduced the insurance premium from Rs40000/- to Rs 24000/- and came down to Rs 8000/- annaully. I finally agreed to accept the loan though I knew the Premium amount is high.
On 19th Mar Barclays Mr Rithesh from chembur came to my office alongwtih the agreements and took my signatures on the agreements and collected 7 cheques out of which one was of Rs 8000/- for insurance premium and the balance for security purpose. After collecting the necessary paper he checked with his office about the disbursement of loan cheque and informed me that the loan cheque will be handed over to me the next day.
I waited for next 3 days days without response, and finally on 23rd Mar i.e Monday, I receive a call from Barclays finance saying that my loan has not being approved.
I am totally disgusted and frustated with the treatment meted out to me by Barclays finance. After a very prolonged negotitation and after me signing the agreement papers, how can they disapprove the loan. If the loan was disapproved, then they could have informed me in the very beginning and saved a lot of time and energy of mine, since I would have approached some other source for loan. They have also taken seven cheques from me.
I would sincerely request you to kindly intervene in this matter as I feel immensely cheated and frustrated by Barclays bank chembur branch.
I am also sure this is not the sole case and there may be many cases about Barclays finance.
Thanks and Regards
Viddesh R Bhadgaonka
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