State Bank of India — EXCESS INTEREST ON CAR LOAN

Grrk9913

from Noida, Uttar Pradesh

Address:

Visakhapatnam, Andhra Pradesh

Sir, I took a car loan of Rs. 5, 00, 000.00 from SBI. When i signed the documents the rate of interest offered to me was 9.5%. I paid the monthly installments regularly for 26 months. They changed the interest rate from 9.5% to 11% from February 2012 onwards which was not informed to me. I requested a statement of my A/C and now the outstanding is showing Rs. 4, 21, 902. I would like to inform your kind forum that i was unemployed for about 6 months and was not able to make regular payments. I sincerely believe they are adding excess interest in ways best known to them. I request the forum to kindly look into the matter and help. My Car loan A/C : [protected]. Name: George Emmanuel Howell, Mobile: [protected] / [protected]

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Jul 21, 2014

Updated by Grrk9913 Respected Sir,

Reference my complaint dated 19 October 2013. Till date no action has been taken to resolve my request. I received a letter from SBI asking me to attend the LOK ADALAT which was conducted on 07th Jan 2014 in Visakhapatnam but to my surprise the banker did not turn up with the necessary documents and neither did the forum take any action even though I approached them. Please guide me as to what should I do. I am in a position to payoff my car loan but they have added abnormal interest and not willing to reduce it.

I wish to settle the loan and request your good forum to kindly look into the matter and help me payoff my loan without paying the abnormal interest being charged on my account.

Regards,

George