Adity joby (CONSULTANT TRAINER) 20 August 2012

Wrong commitment from financial company fo personal loan

Dear Sir

i took a personal Loan from bajaj Finance of 1.13 lacs, The company provided 1.6 lacs after all deductions. While documentation I was said that the company will charge only 20% Rate of Interest(Maximum) while after providing the payment when I checked the statement provided by the company's website it mentioned 33.59% ROI when I spoke to the Regional Authorities they said according to us it is 20% while according company charges will be of 33.59. They showed me the paper showing ROI as 19.99% while if we calculate accordingly they are charging far more the amount calculated, when I shown the calculations to the company authorities that no maater how you calculate the ROI will be 33.59% as per the internal calculations of the Bank. they are forcing me to pay the EMI without Justifiable answers. Pls Help me

Reply Follow

1 Replies

Kumar Doab (FIN) 20 August 2012

"While documentation I was said that the company will charge only 20% Rate of Interest (Maximum)". It all what was said. What is in writing? Company is under obligation to provide you the certified copy of loan application, loan approval letter, loan agreement which you should obtain. If company has not supplied these in writing you may agitate and demand these in writing under acknowledgment preferably by redg post. This shall help you.

You may submit your representation in writing under acknowledgment, narrating all incidences, representations, discussions mentioning date, time, phone numbers, names and address of the persons and your calculation and ask to charge only the stated rate of interest. You may mention that company is at fault and company shall not include your name in list of bad customers of company, shall not share your details with any of collection, recovery agencies, credit bureaus, CIBIL etc, third parties agencies and demand a n acknowledgment and confirmation at once. Escalate with a copy to MD, Company Secretary of the company.

The companies do not usually agree and adopt tactics and coercion. Act immediately. If no relief is provided you may issue a legal notice and/or approach Lok Adalat, DCDRF.

Valuable advice of learned experts/members is sought.