[Resolved]  Magma Fincorp — Non issuing NOC for the Completed Loan

Address:

Chennai, Tamil Nadu

I took a 5 nos. various dated CV loans in Magma Fincorp, Chennai for my vehicles, in that 3 accounts was completed by paying all EMIs and Over dues in balance 2 nos running CV loans as on date all the EMIs are paid and only Late Charges are in due from my side Now the Magma officials are not releasing my NOC for the first 3 nos loan which is completed. They strictly insisted me and sent a mail Dated 08th July 2014 stating that Once after paying the 50 percentage of the Late Charges for the running accounts then only we can able to release the NOC for the 3 nos completed CV accounts and this is our company policy If required I will forward that E Mail. Now I need to know that this is the right procedure and this is advisable by Honble RBI I took many CV loans from many NBFC but they are all following like the above rules Kindly advise me in this above issue. Finally due to the Pressure Urgency and Un written magmas policy and I dont have no other way so I paid the 50 percentage ODC Charges to Magma by NEFT on 09th July 2014 and they issued the NOC on 15th July 2014 for the 3 nos Completed CV Loans mentioning the Issuance Date 01st July 2014 Printed On NOC from this I clearly understood that the NOC is got ready on 01st July 2014 for collecting the ODC from me the NOCs was intentionally stopped by the officials. I hope you that my prayer is genuine and Kindly give me your advise and guidance on the above issue