[Resolved]  Tata Nano — Wrong Interest Rate Charged on Car Loan

Address:

Kolar, Karnataka

Hi,
I have purchased a TATA Nano on loan from Tata Motors Finance in October 2011. During the time of purchase it was said that the loan agreement will be done for an annual rate of interest of 13.5 percent per ann.
As per that we have signed an agreement with TMF (Details mentioned below).
After booking of contract we came to know that the interest rate was 17 percent per ann. When enquired with the Sales executive Mr.Ajay (Concorde Motors, Kolar) we were told that since they used only 8 security cheques out of 18 provided hence the rate of interest was revised.
How can rate of interest change without any notice. There were several round of communications with the officials of Concorde & TMF, No one is helping me out. Because of this on my loan amount of 1.5 lacs I loose more than 20 thousand INR. Requesting for Help.

Vehicle Number - KA 08 M 2402
Contract Number: [protected]
Manager - Concorde Motors
Chethan. BV
[protected]
chethan.[protected]@concordemotors.com
TMF Issue
Case Id : 238486

Regards
Amar.CS
[protected]