My father took a small loan of 25K from Fullerton India Credit Company Limited, Civil Line Branch, Kanpur. When I came to know about it, I inquiried about the same from Fullerton and, to my shock,
they charged an exceptionally high processing fees for it. Moreover the interest rate charged by them is almost 5% PER MONTH, which was not at par Government of India norms. I spoke to Branch Manager, Amit Arora, about it. When asked about preclosure of this loan, he argued that according to terms and conditions mentioned in the loan agreement, we can not close it before 6 months. We were bound to pay EXCEPTIONALLY high EMI for initial 6 months. When we tried to close this loan after 6 months, we were charged an exceptionally high penality and foreclosure charges and service tax. For a loan of 25 K, we received 22K in hand and paid almost 38K in 6 months. EVEN THIS WAS NOT SUFFICIENT. Its more than 2 months now, we have repaid all the amount, even then EMI is getting debited from my ICICI Bank. When we contacted Amit Arora again about it, he refused to help and misbehaved on call. He gave some stupid suggestions as well such as close your ICICI account, withdraw all money from accont, keep 0 balance etc. We called him several times for reversal of that amount, yet he didn't help. Deduction of this EMI, without any prior knowledge, caused our outstanding balance less in account and other car loan insallement got bounced. Moreover it damaged my credit history with ICICI Bank as well. This episode has caused a lot of physical and mental stress on mind of my parents and me, and I request to take a strict action against FULLERTON INDIA and MR. AMIT ARORA, Branch Manager, Civil Lines, Kanpur Branch.
0 comments