Magma Fincorp Ltd Complaints & Reviews

I would like to inform that i had all due clear 4 month before but not provide noc and four closure letter my profile and cibil also not update I am check my profile but not update close my loan all due are clear but not update my profile since before 4 month please update my profile as soon as possible.

Dear Sir,
My name is Ashok Kumar. Here i want to tell you that yesterday i came to know that i have taken auto loan from Magna Fincop Ltd while i did not take any loan from this bank but it is showing on my name. I have cibil score report. Magma bank given auto loan to a unknown person with below details:-

Bank-Magma
Account No-PG/0179/C/12/000357
Loan Amount-368447
Loan Open Date-31/07/2013
Loan Close Date-30/06/2018

It is very unethical and illegal. It is spoiling my image and reputation. Its totally cheating with common people and no security and confidential for common man's documents. Bank can do anything with your documents. I don't know how Magma collect my documents which i never given. Kindly look into the matter and resolve it asap.

We have taken loan from magma fincorp ltd. Loan account no. Hl0039/hlhe00000545. It was home loan and company has been charged 22.5 % roi which are very huge roi against normal home loan roi. They has been charged overdue rate of interest as 2.5% per day. Which are also very huge. They have written 2.5% per month on day wise calculation but has been charged 2.5% per day. I has been complain many time on their customer care number and send written letter also on their company address but not provided any solution.
Complaint no 29.07.2017 – [protected]
Conplaint no 04.09.2017 –[protected]
Contact no - [protected]

Inspite of application for withdrawal of my pf after 2 months of my last working day, now after receiving the form they are saying i have to wait for another 2/3 months.

They have not submitted the pf withdrawal form to epfo till date.

Firstly they are saying they don't have the pf trust and subsequently their senior manager saying they have the pf trust.

Everything they are giving new excuses.

Now a days everything in epf become online and it only takes 6/7 days for processing the pf.

So request you to please look into the matter.

Customer name: alex k a ( kadeparambil antony alex)
Magma fincorp ltd, kochi

Contact number : [protected]

Loan number/ proposal number: pg/0119/c/13/000400

Dear sir,

Here is my vehicle account details:
Registration number: kl 43 g 8083
Vehicle: eon dlite +

I had taken a loan from magma fincorp ltd, kochi, kerala and i was unable to pay the last few installments due to my poor financial condition. I had then surrendered my vehicle kl 43 g 8083 to magma fincorp ltd, kochi, kerala. The vehicle was then sold to another person and i was informed by magma that i would receive my cheques to my address in post. I still have not received my cheques.I only have received my finance termination letter.

After a very long time, i have received a letter asking me to pay the balance amount for kl 43 g 8083.

I have attached documents alongwith this mail as reference . Please reply urgently. You may contact me at anytime on [protected] or mail me for any further queries.

Magma fincorp has cheated me by not sending me my cheques and then submitting my cheques to the bank without my authorization for a vehicle which is not even in my name now . That vehicle has been sold off to another person by magma afteri had surrendered .

Regards,
Alex

Respective authority,

We already sent detailed mail on Date: Thu, 19 Jun 2014 22:07:19 +0530 covering issue subject to the higher rate of interest than committed in the housing loan proposal.

Again same mail for your ready reference mentioned below kindly look and revert as soon as possible.

Regards,

Harnarayan soni


Dear Magma Fincorp. / GE country wide team,

Pursuant to your mail, firstly we wish to draw you kind attention for failed commitment from your side not arranging even a single call or meeting with client in last ten years. We are here completely and strongly deny the company's claim of having rate of interest of 23.3095 % with tenure of 158 installments received today via email attachment as called amortization schedule
Even how magma did had power/authority to take any decision regarding increase of the tenure and rate of interest, despite intimating us as we made loan agreement with the GE countrywide and real borrower with the GE countrywide.
Couple of times issued raise by us in black and white but all in vain for the proper, reasonable and satisfactory answer from your company.
Firstly showing lucrative and rosy picture by your marketing experts to take the loan by comparing lower rate of interest with other companies at the reducing rate of interest which were later smartly converted in to floating rate of interest and increase at very high rate of interest now and then, and played number cruncher game with common innocent people.
It is very surprise for us to receive mail dated 18th june 2014 from MAGMA regarding the loan tenure and the rate of interest mentioned in the email attachment for the housing loan, there are lots of discrepancies regarding issues on the loan, rate of interest, type of interest - reducing or floating, tenure and consent of the parties for increase of the huge high interest rate etc. previously GE country wide was in the picture and now magma here to throw cold water on our enquiries by having fair role to play negatively.
Table showing variable in the calculation and commitments by two separate NBFCs
Sr no.
Particulars
GE countrywide
Magma Fincap
1
Rate of Interest
11.62 %
23.3095 %
2
Tenure
120 months
158 months (current mail dt 18/06/2014)

3
Loan Amount
Rs. 6, 05, 000/-
Rs. 6, 05, 000/-
4
Total repayment
Rs. 13, 08, 240/-
Rs. 17, 22, 516/-
5
Interest Amount
Rs. 7, 03, 240/-
Rs. 11, 17, 516 /-

From the above table it is clear that with the short span of period the loan amount with the interest derived differently in the amortization schedule chart delivered by both companies GE country wide and Magma and did not hesitate to increase rate of interest without consulting or informing to us.
At the time of disbursement of the loan, Rate of interest was 11.62 % which was increase up to 23.3095 % in present amortization schedule emailed by the MAGMA FINCORP. it is serious doubt over the integrity of the company, what is the cap / limit of the interest rate ?
For what the reason a common man has to pay the additional interest of Rs. 4, 14, 276/- (Rs. 11, 17, 516 /- Less Rs. 7, 03, 240/- ) for no reason .
In fact We made the agreement of the 120 months with the installment of Rs. 10, 902/- then how it comes to 158 months, Is there any limit or SKY IS THE LIMIT ?


We already fulfill our commitments by paying regularly without defaulting 119 installments till today what about GE countrywide and MAGMA.

Sorry to comment but we would kindly request you to explain what is the Rule/Formula/Mechanism/Principle for the floating rate of interest if interest rate is counted on the basis of floating rate of interest and what is the Rule/formula/Mechanism/Principle for reducing rate of interest if interest rate is counted on the basis of reducing rate of interest ?

Would the GE countrywide or Magma mind to explain that in a year period how many times rate or interest can be increase?
We never thought for pre-closure of the loan before, we were prompted by the company for the loan and company was neither gave proper explanation to our letters mails and communications means nor provide explanation of our all hard efforts in making the correction in interest rate which remained futile during last couple of years .
When current calculation for the interest and principal crossed far beyond the original calculation, our patience has been drowning in red ink. Due to not received proper reply we have no choice but to regret for the decision to stop to making further payment as our role is finished at 120 installments as committed to the GE country wide.
Initially it was GE Countrywide which actually trapped us with its sweetheart deal, even though never approached for the loan but company executive who were running after us to avail the loan and now adversely GE countrywide and Magma violating terms and conditions by charging not affordable higher rate of interest.
The company is wrongly charging us for rate of interest as per amortization schedule which were never promised to pay from our side, company itself breaking the laws of fair practices code for NBFCs introduced by BANKING OMBUDSMAN under the ministry of Government of India.
If company is thinking that client once took the loan and come in tight spot to accept your unnecessary terms and condition then it is complete wrong thinking adopted by company and nothing but had caused mental agony, harassment, and questioning about integrity and commitment of GE countrywide /Magma Fincorp towards fair practices codes guidelines issued by RBI.
Followings are the few questions raised by us, humbly apply the knowledge and do genuinely little efforts to provide authentic answers, failing which we shall be constrained to take appropriate legal action against you both companies GE countrywide and Magma Fincorp at your entire risk and cost including filing complaint before the banking Ombudsman, NBFC department under Reserve bank of India, consumer forum, writ petition at the legal judiciary with ahmedabad jurisdiction.
1. Do your teams are trained and aware with the guidelines released by RBI on fair practices code which to be followed by all non banking finance companies in their dealings with customers?

2. Did all this guidelines published and disseminate the revise code on the company’s websites, for the information of the public?

3. Rates of interest beyond a certain level may seen to be excessive and can neither be sustainable nor be conforming to normal financial practice GE country wide is agree with this ?

4. Does your interest rates are regulated and controlled by any finance department or authorised by the government of India?

5. How many times the terms and conditions are change by GE countrywide/ Magma without informing us?

6. How many letters for communication send by GE country wide in Hindi language? As per guidelines all communication with the customer have to be in a language understandable by the customer.

7. How many times acknowledgment to be given to us for the loan applications?

8. Time frame for repayment tenure is already mentioning for 120 months then why it is increase again and again without the consent of the us?

9. What are the terms and conditions for the PENAL INTEREST decided by the company ?

10. It is compulsory for company to give notice for any change in terms and condition, when rate of interest are increased is there such type of the letter issued from the company?

11. Is there any grievance redressal mechanism to sort out such type of issues?

12. Would GE countrywide / Magma mind to lay down appropriate internal principles for determining interest rates and charges, and transparently disclose it in the loan contract?

13. What is rationale for charging different rates to different periods without informing and taking consent of the client?

14. Reserve Bank of India (RBI) had vide its Circular DNBS / PD / CC No. 95/ 03.05.002/ 2006-07 dated May 24, 2007 advised that Boards of Non Banking Finance Companies (NBFC's) lay out appropriate internal principles and procedures in determining interest rates, processing and other charges did the GE countrywide / Magma fail to achieve it ?

15. Is there any committee set up by the company to decide the interest rate for the housing / housing equity Loan?

16. If rate of interest for loan is decided and increased time to time, kindly let us know which factors are considered in this regards?

17. Is it so that the company shall adopt a separate interest rate policy which means that the rate of interest for same loan and tenure availed during the same period by separate customers would not be standardised ?

In prevent hope that we will get proper solution for the current issued as discussed.


Yours Sincerely,

Harnarayan Soni
Contact number: [protected]
Loan account number: HADH00000736
Unpaid upfront charges: 18650/-
Sanctioned Amount: 6, 05, 000/-
EMI: 10, 902/-
Total No. ENIs: 120
Date of Disbursement: 21/07/2004
Branch: Ahmedabad (GUAJRAT)

MY SELF IS TARSEM SINGH S/O JAGGA SINGH R/O VPO MEHTA DISTT: BATHINDA STATE PUNJAB I WAS WORKING IN MAGMA CONVERGE SOLUTION LTD(A PART OF MAGMA FINCORP LTD) IN PERSONAL LOAN BRANCH BATHINDA FROM 08/11/2005 I LEFT THE JOB BUT MY PF PENDING IN COMPANY I SUBMIT ALL DOCS REGARDING PF LAST SEVEN MONTH IN MAGMA OFFICE BUT MY PF PAYMENT NOT RECIEVE ME OR NOT ANY RESPONCE FROM MAGMA EMP


TARSEM SINGH
EMP NO-M00287
PF NO-WB/CA/42155/208

TO , Date 20/09/11
MAGMA FINCORP LTD
RAM NAGAR , NAGPUR M.H
SUBJECT :- NOC REQUEST LETTER OF VEHCLE NO MH31CR-5101 NAME JASPREET KAUR ANAND
CONTRACT NO PG/0103/C/07/000276

RESP SIR/MADAM ,
THIS IS INFORN YOU THAT I HAVE PAID FULL INSTALLMENTS OF ABOVE MENTION SUBJECT BUT SIR I HAVE STILL NOT RECIVED NOC FROM YOUR END .TODAY I HAVE TAKEN LEGER STAEMENT OF MY A/C BY PAYING TWO HUNDRED RUPESS IN THAT RS 29581 IS OUTSTANING IS SHOWN .I HAVE TOLD THAT THE AMOUNT WHICH IS SHOWN IS OF LATEPAYMENT INTEREST 3% WHICH COMPANY IS CHARGING PER MONTH FROM STARTING AND THEY CHARGING INTEREST ON INTEREST SO SIR THAT IS WRONG I HAVE JUST CLEAR ONE CONTRACT IN HDFC THEY DON’T TAKE INTEREST ON INTEREST I HAVE PROOF OF THAT .ALSO SIR I HAVE PAID LAST 3 EMI THREE MONTHS BEFORE LAST EMI SO SIR I AM A WOMEN SO SIR SEE TO IT THAT I AM NO IT IN A CONDITION TO PAY THAT AMOUNT AND U ALSO KNOW INDIAN GOVERNMENT IS HELPING WOMEN IN SEVERAL WAYS SO SIR I WANT FULL COOPERATION FROM YOUR SIDE AND LET ME KNOW YOUR DECISION AS SOON AS POSSIBLE IF YOU DON’T REPLY WITH IN 7DAYS I WILL TREAT THAT YOU CANNOT CONSIDER MY CASE AND I HAVE GO TO CONSUMER COURT TO SORT OUT MY PROBLEM .

THANKIN YOU ,
YOURS SINCRELY.

JASPREET KAUR ANAND
2,SADODAY TOWER CLARK TOWN
NAGPURM.H.

Respected sir,

iam sheminson jack emp code-5084,iam joined in 18 dec 2006,resigned in this firm-25 dec 2008 pf a/c no-wb/ca/27120/4141,location-cochin.All pf withdrawal foam are submitted in cochin hr executive merlin in same month.but the foams complaince indicated in after 2 month,then i submitted in new foam in again.After the resigning iam under the ayurveda medical treatment,finanicaly very weak.iam...

After our loan being transfered ICICI to Magma Fincorp the staff were very threatning and unprofessional so we decided to pay our loan off as the hassle of the company were not worth the stress,(Our bank manager was even verbally abused by them). After paying of the remainder of the loan they have not sent us conformation that now the vehicle belongs to us ,after asking for the second key to the vehicle we have been refused as we have no conformation from Magma this has been going on since the 30/11/2009.We have phoned on the 2 numbers they have and there is never any answer if there is it automaticaly turns of charging us Rs1.20 every time I have send 5 emails to there email address and each time they are returned by Magmas email service not windows, so the emails are getting to the address but the company have set up a system where they wont get through, it is a joke and I carnt belive that companys like this are allowed to trade now we are stuck as all avenues to make contact are exsausted.

Dear Sir,
Pls give me detail of my EPF amount .

Thanks & regards,
Vipendra Kumar Mishra