I too applied for a loan of 32 Lac and they were very prompt in giving me in principal approval. They promised me an interest rate of 9.5% on my loan amount but it was really very surprising to see them using formula for interest as 13 - 2.75, which comes to 10.25%. (.5 promised to me was a special rate for next one or two months.
They also told me that I can repay 10 percent loan per annum without any penalty and this thing was not at all mentioned in agreement. When inquired they told me that they can give me in writing but only on letter head of Branch officer, not in agreement.
Thirdly they told me that they will charge me only Rs 5550 for filing / processing but in agreement they mentioned that I have paid Rs 5000 and rest 11000 is balance. Again on inquiring they told me that it is mandatory to write like that, but Branch officer will give me in writing that I don’t have to pay this balance, but again on his letter head (not in agreement, where due was clearly mentioned).
I don’t know what sort of authority LIC has given to these Branch Officers that they can give things in writing on their letter heads. Agreements are legal and binding documents meant for this purpose. Come on LIC we are not fools. I have wasted my Rs 5500 and precious time behind such a fraud organization.
Can any one from LIC address my issue? They have really shambled their image.
0 comments