cpc

forged aplication form from fulltron india

Helpdesk Engineer

Hi,

     I am Dinesh G from bangalore, this is too inform that i have borrowed the loan from fulltron india Rs.105000/- but they have given the dd for 96000 with the rate of interest 35 %, i have approced the rate of interest for 15-16% reducable interest at the verification , but the executive collected my documets and processed the saying that want to check the eligibality for the further process and collected the documets, later without intimating me he forged my signature for the application forms and processed the files(that too i came too know after 2 emi's paid), i have crossed checked with him dont you have any paperwork, he informed that no we have to login online and update the documents, i said okay, later hey sanctioned the loan and he came with some papers and took the signature i was not knowing that was the agreement papers so i made a signature on the aggrements and he collected the checks from my its a blank check, the loan got scantioned later the person called me and said that your loan is sanctioned and give me 5000 and collect the check, i have rejected and informed to him saying i dont want any loan later he told that we cannot cancel the loan the ecs already generated, even if u cancel the emi will be deduted from my bank, later on without any contact detailsi was not able to connect them once i have send a message to the customercare, the time the manager called my and refussed to give the solution and started saying that not able to cannot change the rate of interest in the agreements, later stopped the ecs from my bank and they came back to me saying that they cannot help in any otherway, i am getting scared calls also from the unknow persons from fullerton india for emi payment, and even scared for if they have missused my documents and signatures any where.
please help me out in this.

 

Regards,

Dinesh G

9886541423



Attached File : 202191682 mail chain of loan.xps, 202191682 fulltron.rar downloaded 149 times
 
Reply   
 
ADVOCATE sardarsena@gmail.com

Contact a local advocate and move consumer court  .

 
Reply   
 


FIN

If your signatures have been forged you are within your rights to lodge  police complaint.You may caution the MD, Chairman, Company Secretary of the company and demand that they reverse all charges and return your signed documents to you at once by redg. post only. You may mention that a postage prepaid { as purchased from PO} self addressed envelope is enclosed.

If you had agreed for interest 15-16% only and company is charging 35 %, it is bad.

However if you have copies you can prove.

You can move consumer court.

You may approach a lawyer well versed with consumer cases.

 
Reply   
 
Helpdesk Engineer

Hi,

   The manager from the risk managment team is called and saying that within 8 days you have to clear the loan amount, other wise the cibil will be problem. They are blackmailing me. How can i pay without any solution for this, even if i leave this hear itself i think they will not stop they fraud making things for other peoples, please help me out, they have to get punished from the RBI or from the court, suggest me what steps do i want to take, should i want to continue paying the EMI or shall i stop untill they give the solution.


Regards,

Dinesh G

 
Reply   
 
FIN

You are within your rights to get certified copy of the loan offer, loan application, loan approval, loan agreement from this company.

Company should supply you a notice in writing before adding your name to the list of defaulters in CIBIL. Companies try to escape by stating that they have to send monthly data to CIBIL, however this is no escape.

You may contact a competent and experienced lawyer.

 
Reply   
 
Helpdesk Engineer

HI,

 

I am really getting scared with this bank peoples, as i am telling that i have not signed for the application form, and even i have asked for the office verification form that they are refusing to provide me the details, can anyone pls help me what can i do, please go through the attachments and help me out.In the office verification form i have approced for 15-16% but they cheated me and taken the signature in agreement,when i signed they have not shown me anything.Even for the agreement signature they have notcalled to me the bank.In urgent they have taken the signature in middle road.

Regards,

Dinesh G

 


Attached File : 390854993 bank details.pdf, 390854993 application dinesh g.pdf, 390854993 dinesh - agreement annexure.pdf downloaded 142 times
 
Reply   
 
FIN

In the attachments posted by you, where is the offer of loan @ 15-16%interest?

You have not posted letter of offer of loan. By which document loan was offered to you?

The loan is of course sanctioned @ 35%.

If you do not have any document which proves loan was offered @ 15-16% then how would you succeed? You have to produce the documentary evidence. Do you have any offer letter offering loan @ 15-16% rate of interest.

Does the company have the acceptance of offer of loan @ 35%? Yes the company has the loan sanction @ 35%, posted by you.

 

As per guidelines issued to banks for housing loan:

11. Do I have access to loan documents? If so, what are they?

Yes. You can have access to loan documents. Following are some important documents provided by banks:

·         letter of offer

·         copy of filled in loan application

·         copy of loan agreement

·         terms and conditions governing the housing loan

·         other documents such as schedule of fees and charges

Banks are required to give authenticated copies of documents executed by you free of charge. (cf. para 8.11.1 of Code of bank’s Commitment to Customers)

The company is not a bank and loan offered to you is not a housing loan however it is common sense that before the sanction of loan the lender institution shall supply the rate of interest and charges to borrower.

Instead of being afraid you may approach a lawyer and proceed under the expert advice of your lawyer. If you are not able to handle the

From the email trail it is seen company is moving systematically with you.

 

 
Reply   
 
FIN

In the email trail posted by you the company has already cautioned you that you shall beb listed in list of defaulters with CIBIL.

Don't waste more time in communications and approach your lawyer.

 

As per the loan application posted by you Fullterton has not disclosed rate of interest in loan application, and hence it is violation of below mentioned guidelines of RBI.

{Look into attachment NBFC guidelines on Loan by RBI}

Regulation of excessive interest charged by NBFCs (Notification No. DNBS. 204 /

CGM (ASR)-2009 dated January 2, 2009)

“(a) The Board of each NBFC shall adopt an interest rate model taking into account

relevant factors such as, cost of funds, margin and risk premium, etc and determine

the rate of interest to be charged for loans and advances. The rate of interest and

the approach for gradations of risk and rationale for charging different rate of interest

to different categories of borrowers shall be disclosed to the borrower or customer in

the application form and communicated explicitly in the sanction letter”

 

http://www.fullertonindia.com/products.html

At its website Fullerton has advertised that it is NBFC under the preview of RBI.

The rate of interest is not found on its website.

“For loans: *Conditions apply: Loans at the sole discretion of Fullerton India and subject to guidelines of the  Reserve Bank of India.”

http://economictimes.indiatimes.com/articleshow/2447020.cms

Furnish loan agreement to borrowers, RBI tells NBFCs

 

MUMBAI: The Reserve Bank on Wednesday directed non-banking finance institutions (NBFCs) to 'invariably' furnish a copy of loan agreement to borrowers at the time of sanction of loans.

"Not furnishing a copy of the loan agreement or enclosures quoted in the loan agreement is an unfair practice and this could lead to disputes between the NBFC and the borrower with regard to the terms and conditions," the central bank said in its communication to NBFCs.

RBI had in 2006 issued guidelines for NBFCs for framing the Fair Practices Code asking them to convey the terms and conditions, including annualised rate of interest, of loan agreement to the borrowers.

But, it observed that the directions were not being followed by all the players.

"It is understood that in a few cases, borrowers at the time of sanction of loans are not fully aware of the terms and conditions of the loans including rate of interest either because the NBFC does not provide details of the same or the borrower has no time look into detailed agreement," it said.

 

“So what are the guidelines issued in 2006?

There is no document offering loan at15-16%. The NBFC is expected to inform ROI at the time of sanction of loan and it has added 35% in loan sanction letter.”

http://www.deal4loans.com/personal-loan-interest-rate.php

---At this website ROI of Fullerton in advertised as 21-32% for both CAT A and CAT B, and a quick look at the chart shall show that rate of Fullerton is excessive as compared to other lenders and beyond common sense and understanding.

---You may look into following RBI circular in attachment {NBFC guidelines on Loan by RBI}  :

(vii)  Complaints about excessive interest charged by NBFCs (issued vide CC No. 95 dated

May 24, 2007)

“The Reserve Bank has been receiving several complaints regarding levying of

excessive interest and charges on certain loans and advances by NBFCs. Though

interest rates are not regulated by the Bank, rates of interest beyond a certain level”

 

 

 

Banks/Rates

Salaried

CAT A

CAT B

Others

Pre Payment Charges

Processing Fees

Apply

ICICI Bank

14% - 14.75%
(For Special Companies)

15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 -50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)

15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 -50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)

15.5%
(Salary Above 75,000)
16 %
(Salary 50,000 -75,000)
17 %
(Salary 30,000 - 50,000)
18.25%
(Salary 20,000 -30,000)
18.5%
(Less Than 20,000)

5%

2% - 2.25%

HDFC Bank

13.99% - 14.75%
(For Special Companies)

15.75%
(for 75,000 & above salary),
16.25%
(for 50,000-75,000 salary),
17.25%
(for 35,000-50,000 salary),
19.25%
(below 35,000 salary)

15.75%
(for 75,000 & above salary),
16.25%
(for 50,000-75,000 salary),
17.25%
(for 35,000-50,000 salary),
19.25%
(below 35,000 salary)

22.25%

4%

2% if salary account in HDFC - other wise 2.5%

Bajaj Finserv

15.75%

16%

16.5% - 17%

Nil

2% - 2.5%

ING Vysya

14.50%
(for 75,000 & above salary),

15.75%
(for 40,000 - 75,000 salary),

17.25%
(for 30,000 - 40,000 salary)

0.5% Waiver for Ing Salary Account Holder

14.75%
(for 75,000 & above salary),

16.25%
(for 40,000 - 75,000 salary),

17.25%
(for 30,000 - 40,000 salary)

0.5% Waiver for Ing SalaryAccount Holder

16.25%
(for 75,000 & above salary),

16.75%
(for 40,000 - 75,000 salary),

18.25%
(for 25,000 - 40,000 salary)

0.5% Waiver for Ing Salary Account Holder



Nil Foreclosure Charges Special Offer. Valid till( 31th Dec 12 )

1.5% (For ING Salary Account Holder), other wise 1.75% - 2%

State Bank of India/SBI
(SBI Saral)

18.25%

18.25%

18.25%

N.A

N.A

 

Fullerton India

21% - 32%

21% - 32%

21% - 32%

4%

2%

Standard Chartered Bank

16% - 17%

17% - 18%

19% - 22%

2%-5%

2%

HDBFS

16%
(for 75,000 & above salary),
17%
(for 35,000 - 75,000 salary),
18%
( below 35,000 salary)

16%
(for 75,000 & above salary),
17%
(for 35,000 - 75,000 salary),
18%
( below 35,000 salary)

17%
(for 75,000 & above salary),
18%
(for 35,000 - 75,000 salary),
21%
( below 35,000 salary)

NIL for Select Corporates Employees (CAT A & B) 4% For Rest

1% - 2%

Citibank

16%
( upto 30,000 salary),
15%
(above 30,000 salary)

17%
( upto 30,000 salary),
16%
(above 30,000 salary)

17%
( upto 30,000 salary),
16%
(above 30,000 salary)

3%

1% - 2%

 

Axis Bank

15% (For Super CAT A),
16% (For CAT A)

17%

19% - 20%

Nill

2% & Prepayment Charges Nil

 

Kotak Bank

13.99- 14.25%
(For Special Companies)

15.5%

16.5%

18%-19%

4%

0.8% - 1.5 %
(for special companies)

2%

Andhra Bank

15.75%-16.75%

16.75%-18.75%

N.A.

N.A.

Rs250-Rs1000/-

 

Bank of Baroda

15%

15.5%

N.A.

N.A.

2%

 

Corporation Bank

14.5%
(undertaking letter required)

N.A.

N.A.

N.A.

1.50% of the loan amount or Rs.500/-

 

United Bank Of India

16%
12%(For pensioners)

16%-18%
12%(For pensioners)

16%-18%
12%(For pensioners)

N.A.

N.A.

 

Vijaya Bank

16%

N.A.

N.A.

N.A.

 

 

 

--You may also look into other circular of RBI in the attachment { NBFC guidelines on Loan by RBI} :

(viii) Regulation of excessive interest charged by NBFCs (Notification No. DNBS. 204 /

CGM (ASR)-2009 dated January 2, 2009)

“(a) The Board of each NBFC shall adopt an interest rate model taking into account

relevant factors such as, cost of funds, margin and risk premium, etc and determine

the rate of interest to be charged for loans and advances. The rate of interest and

the approach for gradations of risk and rationale for charging different rate of interest

to different categories of borrowers shall be disclosed to the borrower or customer in

the application form and communicated explicitly in the sanction letter”

As per the loan application posted by you Fullterton has not disclosed rate of interest in loan application, and hence it is violation of above mentioned guidelines of RBI.

 

 

http://www.thehindubusinessline.com/industry-and-economy/banking/proposed-rbi-guidelines-positive-for-nbfcs-india-ratings/article4217545.ece

Non-banking Finance Companies (NBFCs) are likely to benefit from the proposed guidelines by the Reserve Bank of India (RBI) which focus on enhanced corporate governance, disclosure standards and tightened liquidity management requirements.

“Domestic non-banking finance companies (NBFCs) will benefit from the enhanced corporate governance and disclosures standards and tightened liquidity management requirements proposed recently by the Reserve Bank of India (RBI),” a report by India Ratings and Research said.

It also said that there would be limited financial impact on NBFCs from the proposed revisions in asset classification, provisioning norms and higher tier-I capital ratio requirements.

The RBI released the new draft guidelines for NBFCs based on the Usha Thorat Committee report recommendations on December 12, 2012.

According to the proposed guidelines, NBFCs have to recognise a loan as non-performing asset (NPA) if it is not serviced for 90 days from the present 180 days NPA norm.

The new guideline also proposes to implement 10 percent capital adequacy ratio (CAR) norm for most of the NBFCs.

Referring to the capital adequacy ratio, the report said, “We do not expect any significant impact on the operating performance of the requirement of a minimum Tier I capital ratio of 10 per cent (current requirement of 7.5 per cent for retail finance NBFCs).”

It also added that the transition of NBFCs to the 90-day NPA norm from the present 180 day from Q1 of FY16 would not have significant impact on profitability.

“The transition of NBFCs to the 90-day NPA norm from Q1FY16 (same as at banks) from a 180-day NPA norm is unlikely to have a significant impact on NBFCs’ profitability in the medium term,” the report said.

It, however, added that NPA ratios on a 90-day delinquent basis could nearly double as most of the major NBFCs and incremental provisioning expenses (including assuming the provision for standard assets at 0.40 per cent, against the 0.25 per cent mandatory) could reduce return on average assets (ROA) by around 5-40 basis points.

The rating agency also noted that the monitoring and collection systems and borrower behaviour are likely to adjust during the transition phase and the 90-day delinquencies are likely to reduce substantially by the proposed time of implementation.

http://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=624

 



Attached File : 604507623 nbfc guidelines on loan by rbi cfpcr260312.pdf downloaded 68 times
 
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Helpdesk Engineer

Hi,


     As per the above replies i have one more question, the peoples calling from bank and saying to send a legal notice, i want to know how the legal notice will be sent, will it from the bank or the court, and one more thing i want to know that if the bank does the forgery signature of the customer what the court will take legal action on them. is there a solution for this, the bank peoples are not ready to take the complaint on the forgery signature has done from them and saying that just sorry for that, what action should i want to take in future for the mistake they have done on the bank peoples.

 

Regards,

Dinesh G



Attached File : 607710746 fulerton.rar, 607710746 fullerton.doc downloaded 128 times
 
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Helpdesk Engineer

Dear Friends,

Please help me with some tips that today i got a call from the Layer saying that for the legal notice for not paying the loan under the ACT 138,

the application forum is forged my the bank employee,

some persons called me threatening me, i have a some proofs from for forge singature, and even they wont send me any legal notice, as per the lawyer i have to go and collect the information from the police station for this.

can u please help me regarding this, what is N.I act 138, will it be problem for my profession, do it spoil my career if i attend the court. and i dont even have so much of money with me what they are demanding, how to deal with this, only few days left for this pls help me.

 

Regards,

Dinesh G

 
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