[Resolved]  Fullerton India — Complaint against Fullerton India credit company limited

Address:

Hyderabad, Andhra Pradesh

I am Manajit Das and has complaint against FULLERTON INDIA CREDIT COMPANY LIMITED.

I have 2 accounts with FULLERTON INDIA CREDIT COMPANY LIMITED.

Mentioned are the accounts along with the issue:

1. [protected] – the last EMI for the said account was debited on 5th April 2012. I was under assumption that the account is closed, however today when I call the Customer Care to my surprise they inform the account is active and there is an outstanding of 1013. No information till date and unnecessary account being maintained.
2. [protected] –
a. Issues:
i. The interest rate charged in the account is too high. For a principal of 260, 323.78 the institute is collecting interest of 160, 325.22, tenure being 4 years. If we calculate the interest is coming to around 16% flat per annum. The interest rate is much higher than the permitted rate.
ii. I was informed that the forclosure charges are 5% if closed before 12 months and 3% post one year. Now when I wish to close it after one year they are demanding for 7% as charges, claiming that the process is changed and now if the loan is closed before 18 months client is liable to pay 7% on the outstanding.

Please intervene and help:
• Too high interest rate collected from clients,
• Organization is looting client money.
• Rules changed without intimation.
• No proper service from the customer care.
• The interest component is collected in advance where the initial EMIS have more component of Interest compared to the Principal. Which is not the case with other NBFC’s or Banks. I have loans from other organizations but they are not practicing such looting policies.
• Please enquire with the organization and save many lives – people who are in such traps and might not have highlighted such issues.