Aditya Birla Capital Finance — Unclear Foreclosure Charges, Changing Information and Unnecessary Delay

Address: Tower C, Embassy Heights, No. 45, 2nd Flr, Magrath Rd, Ashok Nagar, Bengaluru, Karnataka 560025

Website: www.adityabirlacapital.com

I am filing this complaint regarding my extremely stressful and disappointing experience with Aditya Birla Finance while attempting to foreclose my personal loan.

I wanted to close my loan responsibly and arranged funds for the foreclosure process. However, instead of receiving a clear, transparent and consistent foreclosure process, I was repeatedly required to follow up and was given changing information regarding the applicable foreclosure charges.

My understanding from my loan agreement was that the foreclosure charge was up to 4%. During the course of my foreclosure request, I was subsequently given information regarding 5% after completion of 12 EMIs. Later, I was informed that a 6% foreclosure charge would apply.

This sudden change in the information and charges caused serious confusion and financial difficulty. I raised a grievance and requested a proper written explanation regarding:

Why the loan agreement indicated a foreclosure charge o[censored]p to 4%.
Why I was subsequently informed about 5% after 12 EMIs.
On what basis a 6% foreclosure charge was later claimed.
The alleged communication dated 19 May that was referred to during the dispute.
Why my earlier foreclosure request was closed under circumstances that I believe were incorrect.
Why I was required to continue following up and effectively initiate the foreclosure process again.

The grievance regarding the disputed foreclosure charges was kept separate from the actual foreclosure process. However, this created an extremely difficult situation because I was trying to close the loan urgently while the dispute and delays continued.

I had already arranged funds for closure through Tata Capital, including a DD issued on 20 August. Any unnecessary delay in issuing the foreclosure statement or completing the closure process could result in additional interest, financial loss and complications with the funds arranged for closure.

A customer trying to repay and close a loan should not have to repeatedly run around for clear information about the final settlement amount. Foreclosure charges and conditions should be transparent, consistent and supported by the loan agreement and proper written communication.

This entire experience has caused me significant financial stress, repeated follow-ups and unnecessary disturbance to my personal and family life. My main concern is the lack of clarity and consistency in the information provided to me during such an important financial transaction.

I am not making allegations beyond what I can support with my documents and communications. However, based on my personal experience, I believe the handling of my foreclosure request raises serious concerns regarding transparency, consistency and customer service.

I request Aditya Birla Finance to:

Immediately provide the final foreclosure statement and complete calculation in writing.
Clearly explain the difference between the 4%, 5% and 6% foreclosure information provided or claimed.
Provide documentary support for the alleged 19 May communication.
Explain why my earlier foreclosure request was closed and whether it was handled correctly.
Ensure that avoidable delays do not result in additional financial loss to me.
Resolve the disputed foreclosure charges fairly and transparently.
Complete the loan foreclosure process without further unnecessary delay.

I have preserved the relevant loan agreement, emails, communications, foreclosure-related requests and other supporting documents. I am prepared to provide them to support this complaint.

I request a proper written resolution and a transparent explanation of the entire foreclosure calculation and process.