Hidden Terms and condition in loan summary Private Financiers
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Online Signatures: 2
To
Banking Ombudsman
bothiruvananthapuram@rbi.org.in
I Have took a Personal Loan of amount 50000(Fifty Thousand Rupees) 6 Months from Home Credit India Finance Private Limited . While Applying the loan i have said to the customer care executive that I need this loan for only 6 Months , After 6 Months period i will close this loan. I also inquired that weather i need to pay interest rate for this 6 months. At that time the executive said that you can close the loan after 6 months by paying 6 months interest rate. After 6 months of paying Emi amount of Rs 2383 Rupees per month, While I tried to close the loan they have said i Need to pay amount of Rs 48900 more to close the loan. As i enquire about this issue, They have said the loan is in Reducing Balance rate. But this Terms didn't tell by the customer care executive while I applying for this loan, They have said that this terms is in loan summary. But when I check My mail, They didn't sent any Loan summary , nor terms and conditions to my mail. Also I didn't Sign Any document accepting this terms and conditions. Only they saying that it was there in their site while applying loan. But I need to know how valid is the online terms and condition? infact anybody can apply loan on behalf of me if he / she have documents of me. I am ready to close loan by paying interest Rate of 28% for 6 months. This issue is not only for me , maily all NBFC company hide this policy, They didnt reveal what is " Reducing balance rate " . respected authorities please make sure that customer should be aware about this interest rate rather hiding it in terms and condition.
Connected ConsumersFeb 14
Fir aapne aage kya kiya plese tell me more