Dear customer care
I have to lodge a complaint regarding the cheating and fradulant activities done with me by your esteemed organisation M/s India Bulls credit Services Ltd. I have applied for a loan of Rs 50, 000/-through your frenchiese @ 16% reducing in the year 2007 but I received a loan of only 28421/-, When I received a cheque of Rs.26824/- after deducting the processing fee etc. There were no details of the loan at what rate of intt. it was provided, neither any reschedule payment etc was attached to this cheque accept it was written that a loan of Rs. 28421/- has been approved and a monthly installment of Rs 1800/- as EMI is to be paid.
when I contacted the frenchisee / branch manager were from the same was lodged and give him all the details regarding this cheque, he told me that the loan is paid to you on 18% intt. reducing rate, for 20 months your monthly amount comes to Rs 1799.48 and it is round 1800/-p.m. when I asked him that you have promised me for 16% reducing rate, he told that I have tried my best but presently I could not get the deal below 18%. As it was not a huge amount so I take it lightly to pay after making my calculations, I found the same was correct and satisfied and considering the market reputation of the company i thought that the such a big company will not do any fradulent activity and will not misguide the customer. because meanwhile i got the other loans also on the same rate of interest fron Standard chartered bank and city Bank. So I take it carry on to go with the loan.
Now after paying all my EMI in time regularly, I contacted to your customer care on phone regarding of my 5 blank cheques which I have paid at the time of applying for loan to be returned back to me as I have paid all my EMI's. I was shocked to know that my 10 EMI's are still pending and the loan was not @ of 18% but it was @ 36% that also Flat. Sir, I feel very much cheated and was also very much shocked to hear from your customer care services such details. I have paid all my EMI sincerely and honestly even as I have left my earlier Job but I was making efforts that the money should remain in the system so that any EMI's should not bounce at any cost. the bank is sutiuated at Darya Ganj, New Delhi and I am living in Rohini and my present job is in Mayapuri. But my intentions were never to hold the payments even in this recession period where lakhs of people have gone bankrupt and are not paying their even actual amount. Sir, I have paid 36000/- which includes 18% rate of interest as per the verbal information provided to me. I therefore Lodged a complaint of being cheated and misguided under complaint No. 2587703 dt. 13.03.2009 with your customer services after knowing the details from them..
I now would like to bring into your notice that Now I am closing my Bank account with IOB, Darya Ganj, as I am not in need to continue the same as I have paid whole of the amount with honesty and sincerety and I request your noble self to return my all Blank cheques immediately to avoide any kind of legal action. I further request you not to carry on any EMI's to generate any kind of charges. All liability or expenses if generated will be your responcibility and have to be paid by you only. I am not liable to pay any kind of further money to you in future. To misguide, cheating and misinformation given to the customser or to any person is not only wrong but bad in law also.
You are therefore being requested again to keep and have a good customer relations with your customer and providing them proper information to avoide such kind of cheating, misguide & misinformation attitude to lose your customers in future. it is not to creat any healthy relations nor it is good for the industry to run.
Any kind of legal action will be wholly and solely your responsibility.
Looking forward to an positive reply and cooperation.
Regds
Ravi Shanker Koul
Mob : 9810511945
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